Samson Oil & Gas Ltd. agreed to acquire a net 1,225 acres in two drilling units in the Rainbow Project, Williams County, ND, involving the Bakken and Three Forks formations.
The transaction involves an acreage trade. Samson will transfer 160 net acres from its undeveloped acreage in North Stockyard and provided a $1.2 million carry to an undisclosed party.
More transaction details are to be released before closing, Samson said.
The Rainbow Project is in Sections 17, 18, 19 and 20 in T158N R98W. Other interest holders in the Rainbow Project include Hess Corp., Halcon Resources, and Continental Resources.
Samson believes its acquisition could support 8 wells in the Bakken and 8 wells in the Three Forks. Samson envisions 10,000-ft laterals for all 16 wells.