Grayson Mill Energy LLC, backed by EnCap Investments, acquired Bakken interests in North Dakota and Montana from Equinor ASA for $900 million.
The transaction covers Equinor’s operated and non-operated acreage totaling 242,000 net acres. It also covers associated Bakken midstream assets. Entitlement production from these assets in fourth-quarter 2020 was 48,000 boe/d (net of royalty interests).
In parallel with the transaction, Equinor Marketing and Trading will enter into a term purchase agreement for crude offtake with Grayson Mill Energy.
As part of the agreed transaction, all Equinor field employees and a significant number of the support teams working on the Bakken assets will have the opportunity to transfer to Grayson Mill Energy, Equinor said.
Closing is subject to customary conditions, including authority approvals.
