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Earthstone Exits Bakken; Unloads Non-Op Property for $27mm

Announced Date
November 20,2017
Deal Value $
27,000,000
Net Acres
5,900
Location Count
155
Transaction Type
Property
Buyer
Not Disclosed
Seller
Earthstone Energy Inc.
Price Per BOE $
20,000
Source Documents:
   Source Link
   Source Link
Location
Region
Williston Basin

Country
United States

State
North Dakota

County
McKenzie ,Dunn ,Williams ,Billings

Play
Bakken Shale & Three Forks


Production & Reserves
Production
1,021 Boe/d

Production Mix
63 % Oil

Reserves
3.6 MMboe (1P)


Multiples
Production ($/boe/d)
26,445

$Price/Net Acre
4,576

$Price/Adj. Net Acre
1,115

$1P Boe
8

$/Location
42,452

Adj. $/acre is based on production @20,000 Boe/d

Transaction Details: 

Earthstone announced that it entered into a deal to sell its mostly non-operated Bakken assets to an undisclosed party for $27 million. The deal closed on December 21, 2017.

Transaction Summary/Details

  • Leasehold / Land : 5,900 Net Acres
  • Producing Wells : 299 (Gross)
  • Drilling Locations : 155
  • Production (Q3-17) : 1021 (63% Oil)
  • Reserves : 1P 3.6 MMBOE

 

With this sale, the company is exiting the Bakken and shifting its capital and human focus to its 27,000 acres in the Midland Basin.

Williston Basin Deal Activity In Last 12 Months



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Jan-31-2024 - - Click here North Dakota  E&P
Aug-24-2023 - - Click here North Dakota  E&P
Sep-06-2022 - - Click here   E&P
Jul-11-2022 - - Click here Texas  E&P
Jul-06-2022 - - Click here Montana  E&P

Price History


Date Deal Headline Price$/acre
Apr-03-2023 Grayson Mill Adds More Bakken, Acquires Ovintiv's Assets For $825 Million - -
Sep-06-2022 Sitio Royalties, Brigham to Merge in All-Stock Deal Worth $4.8 Billion - -
Jun-08-2022 Devon Acquires Williston Assets from PE-Backed E&P in $865 Million Cash Deal - -

Announced DateBuyerSellerDeal Value($mm)LocationCategory
Aug-21-2023 - - Click here New Mexico  E&P
Jun-28-2022 - - Click here New Mexico  E&P
May-04-2022 - - Click here Texas  E&P
Jan-31-2022 - - Click here Texas  E&P
Oct-04-2021 - - Click here Texas  E&P