Natural Resource Partners Takes On Bakken Assets For $38 Million

Purchased non-operating WI in 13,500 net acres in the Bakken-Three Forks play.

Natural Resource Partners LP (NYSE: NRP) completed a previously announced acquisition of non-operated working interests in the Bakken-Three Forks play from Abraxas Petroleum Corp. (NASDAQ: AXAS) for $38.3 million.

The acquisition consists of approximately 13,500 net acres that are held by production with an estimated average working interest of 11% in the Bakken-Three Forks, NRP announced Aug. 12.

The deal includes approximately 134 producing wells in addition to interests in 18 wells that are in various stages of development. NRP expects the acquisition to be immediately accretive to NRP’s unit holders.

The acquisition has an effective date of March 1, 2013.

In conjunction with the purchase, NRP Oil and Gas LLC, the wholly owned subsidiary of Natural Resource Partners LP that acquired the Bakken/Three Forks assets, has entered into a senior secured, reserve-based revolving credit facility to fund capital expenditure requirements related to the development of these assets.

Natural Resource Partners LP is a master limited partnership headquartered in Houston, with its operations headquarters in Huntington, W.V. NRP is principally engaged in the business of owning and managing mineral reserve properties. NRP primarily owns coal, aggregate and oil and gas reserves across the United States that generate royalty income for the partnership.