Black Ridge Oil & Gas Acquires Williston Acreage For $20.6 Million

Purchased producing oil and gas wells and development acreage in the Williston Basin.

Black Ridge Oil & Gas Inc. (OTC: ANFC) closed its Corral Creek acquisition in the Williston Basin on Dec. 13 from an undisclosed company for $20.6 million.

The acquisition includes certain producing oil and gas wells and development acreage in the Williston Basin. The effective date for the acquisition was Oct. 1.

The Minnetonka, Minn.- based Black Ridge funded the Corral Creek acquisition with proceeds from its re-determined senior secured credit facility with Cadence Bank N.A., its second lien credit facility with Chambers Energy Capital LP, and cash on hand. At closing, Cadence increased the company's borrowing base from $7 million to $18 million.

"Closing this transaction marks a key milestone in our company's growth plan. We expect to end 2013 with 4.7 net wells in production, which is approximately 100% growth over the net wells in production at year end 2012. The company also has approximately 1.55 net wells preparing to drill, drilling, or awaiting completion. This robust drilling activity sets the table for continued production growth in 2014," Ken DeCubellis, CEO, said in the release.