Natural Resource Partners to expand Williston assets

Natural Resource Partners LP (NRP), Houston, has agreed to acquire nonoperated working interests in oil and gas properties in the Williston basin’s Bakken-Three Forks play from an affiliate of Kaiser-Francis Oil Co., Tulsa, for $340 million. The deal, effective Oct. 1, is expected to close in November.

The assets, which lie in Sanish field in Mountrail County, ND, encompass 5,700 net acres and 186 producing wells, including 10 wells in various stages of development. Average production is currently estimated at 3,100 boe/d.

All assets are held by production and 100% operated by Whiting Petroleum Corp. Average working interest is 15%. NRP in 2013 entered Bakken-Three Forks by acquiring 11% working interest in producing assets over 13,500 net acres from Abraxas Petroleum Corp. for $35.3 million (OGJ Online, June 17, 2013).