Emerald Oil & Gas Soaks Up North Dakota Bakken Acreage From North Plains

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
12MM
Description

To acquire 10,500 net lease acres and 7.5% working interest in producing Middle Bakken oil well in Dunn County, ND, gaining 23 net BO/d.

Emerald Oil & Gas USA Inc., a subsidiary of Emerald Oil & Gas NL, Perth, Australia, (Australia: EMR) plans to acquire assets in the North Dakota Bakken from privately held, Denver-based North Plains Energy LLC for US$11.85 million.

The deal includes 10,500 net lease acres and a 7.5% working interest in a producing Middle Bakken oil well on the acreage in Dunn County.

The lease acreage is spread over three areas in Dunn County: central, south-central and southwest. All of these areas are prospective for oil in both Middle Bakken and Three Forks formations. The central and southwest areas are immediately adjacent to proved Middle Bakken and Three Forks fields with immediately offsetting producing wells.

Production from the well is 300 barrels of oil per day (23 barrels net to Emerald).

Rodman & Renshaw LLC is financial advisor to Emerald. PLS Inc. is financial advisor to North Plains.