Natural Resource Partners Pays $35 Million For Williston Basin Assets

To buy non-operated working interest in oil and gas properties currently producing from the Bakken/Three Forks play.

Natural Resource Partners LP (NYSE: NRP) is making its second purchase in the Williston Basin for $35.5 million, the company announced Oct. 30.

NRP has entered into a definitive agreement with Sundance Energy Inc. to purchase non-operated working interests in oil and gas properties that is currently producing from the Bakken/Three Forks play. In June, the company purchased 13,500 non-operated Bakken acres from Abraxas Petroleum Corp. for $35 million.

The new properties are located in McKenzie, Mountrail and Dunn counties and are actively being developed. The leases to be acquired are held by production. The acquisition includes an interest in 77 producing wells in addition to the opportunity to participate in future development locations. NRP expects the acquisition to be immediately accretive to NRP's unitholders.

“This is NRP's second acquisition of producing, non-operated working interests in the Bakken/Three Forks play, which will grow and further diversify NRP's revenue going forward,” Nick Carter, president and CEO, said in the release.

The acquisition will have an effective date of Sept. 1 and is expected to close in December of this year.

Natural Resource Partners LP engages in the ownership, management, and leasing of mineral properties in the U.S. The company is headquartered in Houston.