Abraxas selling Bakken assets to NRP

dan_s · Post by **dan_s** » Mon Jun 17, 2013 7:12 am

7:04AM Natural Resource announces agreement to purchase Bakken oil and gas assets for ~$35.3 mln in cash (NRP) 22.50 : Co announced that that it has entered into a definitive agreement to purchase non-operated working interests in producing oil and gas properties located in the Bakken/Three Forks play, located in the Williston Basin of North Dakota and Montana from Abraxas Petroleum Corporation for ~$35.3 million in cash. The acquisition will have an effective date of March 1, 2013 and is subject to customary closing conditions and purchase price adjustments.

The acquisition consists of ~13,500 net acres that are held by production with an estimated average working interest of 11% in the Bakken/Three Forks play. The acquisition includes ~120 producing wells in addition to interests in 22 wells that are in various stages of development. NRP anticipates funding $8.1 million in additional capital expenditures associated with these new wells in 2013, a portion of which will be paid at closing. NRP expects the acquisition to close in Q3 of 2013 and to be immediately accretive to NRP's unitholders.