SM Energy Company (the “Company”) (NYSE: SM) today announced that it has entered into two definitive agreements, one for the sale of the Company’s remaining assets in the Williston Basin located in Divide County, North Dakota, and one for the sale of its third-party operated assets known as Halff East located in Upton County, Texas for combined proceeds of $292.3 million (subject to certain agreed upon closing price adjustments). The
LINN Energy, Inc. (OTCQB:LNGG) (“LINN” or the “Company”) announced today that it has signed a definitive agreement to sell its interest in properties located in the Williston Basin to an undisclosed buyer for a contract price of $285 million, subject to closing adjustments. The properties to be sold consist of approximately 20,000 net acres in North Dakota, South Dakota and Montana with second quarter net production of approximately 8,000 BOE/d,
DENVER–(BUSINESS WIRE)–Sep. 1, 2017– Whiting Petroleum Corporation (NYSE: WLL) announced today that it closed the previously announced sale of its Fort Berthold Indian Reservation area assets located in Dunn and McLean Counties, North Dakota. The purchase price was $500 million, subject to closing and post-closing adjustments. The Company used the proceeds from the sale to pay $500 million down on its revolver.
Whiting Petroleum Corporation (the “Company”) (NYSE:WLL) has an agreement to sell its Fort Berthold Indian Reservation area assets located in Dunn and McLean Counties, North Dakota to RimRock Oil & Gas Williston, LLC. The cash purchase price is $500 million, subject to customary adjustments. Whiting will use the net proceeds from the sale to repay $500 million of its current $550 million bank debt. The effective and closing date of the sale is September 1, 2017. James J. Volker, Whiting’s Chairman, President and CEO, commented, “The
TITLE: North Dakota’s “Statutory JOA” SYNOPSIS: When asked why a joint operating agreement does not exist between many North Dakota oil and gas operators and non-operators, a common response is that the same is unnecessary, due to North Dakota’s “statutory JOA.” However, the operation of bare North Dakota statutory and case law on the relationship between operators and non-operators may often have surprising results, and in most cases, does not
WPX Energy (NYSE: WPX) announced today that it has agreed to acquire assets that would increase its Permian operations to more than 120,000 net acres and deepen its drilling inventory of top-tier Delaware locations while enhancing key financial metrics and margin expansion. The acquisition includes approximately 6,500 Boe/d (55% oil) of existing production from 23 producing wells (17 horizontals), two drilled but uncompleted horizontal laterals, 18,100 net acres in Reeves,
SM Energy Company (NYSE: SM) today announced that it has engaged Tudor, Pickering, Holt & Co. to run a formal bid process for sale of the Company’s Divide County area assets in the Williston Basin. Assuming an acceptable offer is received, the Company expects to close the sale transaction around mid-year of 2017. Associated December 2016 production for the Divide County assets was 10,700 Boe/d. President and Chief Executive Officer Jay
Today, Abraxas closed on the sale of the Company’s Brooks Draw assets in the Powder River Basin for $11.1 million in gross proceeds. Abraxas continues to market the Company’s remaining assets in the Powder River Basin. Abraxas recently received a termination notice from the potential buyer of the Company’s Hudgins Ranch property in Pecos County, Texas. Abraxas did retain 50% of the survey fees associated with the terminated sale. Abraxas
Enerplus Corporation (“Enerplus” or the “Company”) (TSX & NYSE: ERF) announces that its wholly-owned subsidiary, Enerplus Resources (USA) Corporation, has entered into a definitive agreement to sell non-operated assets in North Dakota (the “Assets”) for total cash consideration of US$292 million (approximately C$385 million), subject to estimated cash tax of US$12 million and customary closing adjustments. The divestment includes approximately 5,800 net acres primarily located on the Fort Berthold Indian
Continental announced today that it has signed a definitive purchase and sale agreement with an undisclosed buyer to sell non-strategic properties in North Dakota and Montana for $222 million. The sale includes 68,000 net acres of leasehold primarily in western Williams County, North Dakota, and 12,000 net acres of leasehold in Roosevelt County, Montana. The sale also includes net production of approximately 2,800 barrels of oil equivalent (Boe) per day.