Fidelity E&P Adds To Bakken, Niobrara Acreage

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
0MM
Description

Bought 40,000 acres in ND Three Forks-Bakken play & 27,000 acres in WY & CO Niobrara play.

Fidelity Exploration & Production Co., the E&P subsidiary of MDU Resources Group, Bismark, N.D., (NYSE: MDU) has acquired additional interests in the Bakken area of western North Dakota and in the emerging oil shale play in the Niobrara formation in southeastern Wyoming and north-central Colorado from an undisclosed seller for an undisclosed price.

The Bakken lease purchase includes approximately 40,000 net acres with the Three Forks play as the primary target. The acquired leases have three- to five-year primary terms and increase the company's acreage position in the Bakken to approximately 56,000 net acres.

In the Niobrara oil shale play, the company has signed an agreement to acquire approximately 27,000 net acres with five-year primary lease terms.

MDU Resources president and chief executive Terry D. Hildestad says, "These lease purchases broaden our position in the Rocky Mountain region and provide long-term growth potential in two exciting oil plays."