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News Breaks | | | | June 10, 2011 | | 12:59 EDT |  | HNRG | Hallador Energy to sell interest in North Dakota leases for $13.5M
Hallador Energy Company signed a letter of intent with an undisclosed independent oil and gas company to sell its undeveloped leases in North Dakota covering approximately 10,000 acres in the Bakken-Three Forks oil play. The buyer will be purchasing 90% of the company's interest, or approximately 9,000 net acres, at a price of $1,500 per acre or $13.5M. Hallador will retain a 10% working interest and an approximate 3% average overriding royalty interest in the play. The company expects to have a signed purchase and sale agreement in the next two week and expect closing to occur on or before July 29. | |
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