Northern ramps up Bakken participation

Northern Oil & Gas Inc., Wayzata, Minn., increased its ownership in North Dakota Bakken well and production interests under a $7.3 million agreement with Slawson Exploration Co., private Denver operator.

By OGJ editors
HOUSTON, May 30 -- Northern Oil & Gas Inc., Wayzata, Minn., increased its ownership in North Dakota Bakken well and production interests under a $7.3 million agreement with Slawson Exploration Co., private Denver operator.

Northern 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.

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.

The acreage includes several high-rate Parshall field wells Northern Oil believes are near important infill drilling opportunities.

Slawson will be responsible for all operations and is expected to drill as many as 45 gross Bakken wells on the newly acquired acreage through 2010. Northern Oil expects drilling to be focused on 23,000 core Bakken acres located in Mountrail County, encompassing a large portion of its existing core Bakken acreage.

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