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Emerald Oil Inc. has signed a term sheet to form a midstream joint venture with two multi-billion dollar public midstream companies, which it expects to finalize by year end.
The JV is being formed to build out a multi-commodity gathering system on Emerald's currently undedicated acreage in southern McKenzie County, in the Bakken and Three Forks formations. It is expected that Emerald will contribute several existing infrastructure assets into the JV and dedicate approximately 74,712 net acres in McKenzie County. Emerald's JV partners have significant experience in managing sizeable systems of multi-commodity capabilities, and Emerald believes they will provide operational excellence and superior time to completion. It is contemplated that Emerald will own a meaningful percentage of the JV.
Emerald will not be required to make a capital contribution at inception and is not obligated to make future capital investments in the entity.
McAndrew Rudisill, CEO of Emerald Oil, said: "The announcement of this potential midstream JV opportunity is a major milestone in the development of Emerald's southern McKenzie County acreage. After successfully testing two prolific Middle Bakken wells in the JV area, this midstream system will now allow for environmentally compliant long term development planning to begin for the entire JV area. Emerald is excited about this JV opportunity, and looks forward to a formal announcement by year end."
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