Close 

Enerplus acquires acreage in Bakken, Marcellus shale plays

Eric Watkins
OGJ Oil Diplomacy Editor

LOS ANGELES, Sept. 28 -- Enerplus Resources Fund, Calgary, said it bought several Bakken and Marcellus assets and sold its Kirby oil sands lease.

The company signed a deal to acquire 72 sections of land in the Fort Berthold area of Dunn and McKenzie counties in North Dakota for $456 million.

The agreement includes 800 b/d of light crude production and proved plus probable reserves of 10 million boe.

The company also closed acquisition of acreage in the Marcellus shale natural gas play in Preston County in West Virginia and Garret County in Maryland.

Enerplus said it sold several properties, among them its Kirby steam-assisted gravity drainage oil sands lease for gross proceeds of $405 million and noncore conventional assets for $158.5 million.

“Enerplus’ latest deals underscore strong interest in liquids-rich shale but also suggest that producers with a longer-term view are willing to bear low gas prices to secure a piece of the shale gas story,” said analyst BMI.

Contact Eric Watkins at hippalus@yahoo.com.


To access this Article, go to:
http://www.ogj.com/content/ogj/en/articles/2010/09/enerplus-acquires.html