Companies ramp up Bakken participation
Several companies increased ownership in North Dakota Bakken well and production interests under an existing joint venture with Slawson Exploration Co., private Denver operator.
By OGJ editors
HOUSTON, June 2 -- Several companies increased ownership in North Dakota Bakken well and production interests under an existing joint venture with Slawson Exploration Co., private Denver operator.
Northern Oil & Gas Inc., Wayzata, Minn., acquired certain North Dakota Bakken assets from Windsor Bakken LLC as part of a syndicate led by Slawson. Northern purchased a 5.0% interest in the undeveloped acreage, including 60,000 net acres. Price is $7.3 million.
Northern also acquired 14% of the existing 59 gross Bakken and Three Forks well bores in North Dakota including 1,200 b/d of oil production. It also purchased 300,000 bbl of proved producing reserves and 3,000 net undeveloped acres.
GeoResources Inc., Houston, acquired a 15% interest in 60,000 net acres and 15% of varying working interests in 59 producing and productive wells, adding more than 300,000 boe of proved producing reserves. Cost was $10.4 million.
Lario Oil & Gas Co., private Denver operator, also participated in the revised joint venture on undisclosed terms, GeoResources said.
Slawson, responsible for all operations, is expected to drill as many as 45 gross Bakken wells on the newly acquired acreage through 2010.
The joint venture, running one rig, expects to add two more in July and possibly a fourth by the first quarter of 2010, GeoResources said.