Natural Resource Partners LP, Houston, agreed to acquire an 11% working interest in producing assets in the Bakken and Three Forks formations in North Dakota and Montana from Abraxas Petroleum Corp. for $35.3 million, marking NRP’s entry into the Bakken formation.
The transaction cover 13,500 net acres with 120 producing wells and 22 wells in various stages of development, said NRP, a master limited partnership. Closing is expected during the third quarter.
NRP also expects to invest $8.1 million this year on wells obtained through this transaction. That is in addition to the $35.3 million payment.
Abraxas, San Antonio, said it plans to pay down debt and concentrate spending on its core operated assets in the Bakken and the South Texas Eagle Ford shale.