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February 12, 2014
08:33 EDTMDUMDU Resources unit to purchase Powder River Basin production assets
MDU Resources Group announced that its indirect wholly owned subsidiary, Fidelity Exploration & Production Company, agreed to purchase working interests and leasehold positions in oil and natural gas production assets in the southern Powder River Basin of Wyoming from undisclosed private sellers. The oil and natural gas properties, located in Converse County, Wyo., consist of primarily undeveloped mineral leasehold positions of approximately 41,000 gross acres and 23,700 net acres. The acquisition is expected to be accretive to 2014 EPS. The purchase also includes working interests in a number of producing wells and an ongoing two rig development drilling program targeting the heart of the prolific Frontier play. Current net production is more than 1,100 barrels of oil equivalent per day, 80% of which is oil, with additional production expected to be on line before closing. In addition to the Frontier, the acreage is prospective in multiple other zones that may significantly enhance its value. The effective date of the acquisition is Oct. 1, 2013, with the expected closing date to occur on or before April 1, 2014, conditioned upon completing a due diligence process, including environmental reviews, and satisfying other standard closing conditions.
News For MDU From The Last 14 Days
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February 4, 2016
05:13 EDTMDUMDU Resources sees FY16 adjusted EPS $1.00-$1.15, consensus $1.19
05:11 EDTMDUMDU Resources reports Q4 EPS 27c, consensus 27c
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