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January 10, 2014
09:03 EDTEOXEmerald Oil acquires about 20,900 acres in Williston Basin for $74.6M in cash
Emerald Oil announced that it has entered into two separate definitive purchase and sale agreements with two unrelated sellers to acquire additional core Bakken and Three Forks producing properties and undeveloped leasehold in McKenzie and Williams Counties, North Dakota. The total purchase price for the asset packages is $74.6M in cash. Upon closing, Emerald's total Williston Basin leasehold will increase to approximately 85,000 net acres. McAndrew Rudisill, Emerald's CEO, said, "The two acquisitions follow Emerald's strategy of identifying and acquiring contiguous leasehold in our immediate operating areas. This additional acreage expands Emerald's presence in our Low Rider and Lewis & Clark focus areas of McKenzie County, ND where we have seen strong production growth as a result of our successful operated well program. The proposed acquisitions are immediately accretive on all per share metrics. Emerald remains well positioned to execute on our previously announced 2014 capital spending program and will be giving updated guidance upon close, which currently is scheduled for February 13. On a separate note, although the Williston Basin experienced extreme cold during December 2013, Emerald is comfortable with its previously announced Q4 average daily production guidance of 2,300 BOE/D and exit rate of 2,400 BOE/D."
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