One-Page Deal Sheet
Black Hills sells Bakken Oil and Gas Asset
Not Disclosed Black Hills Corporation
Announced Date
July 01,2012
Effective Date
July 01,2012
Close Date
September 28,2012
Transaction Type
Property
Enterprise Value (EV)($MM)
243
Asset/Basin:
{"Williston Basin"}
TargetZones:
{Bakken,"Three Forks
Net Acres
Proved Reserves
Location
Calculated Metrics( EV/Category)
Region
Williston Basin
Country
United States
State
North Dakota
Play
Production & Reserves Reserves
Calculated Metrics( EV/Category)
$/ Acre
Transaction Details: Subscribe to see
Black Hills Exploration & Production, a subsidiary of energy firm Black Hills, has agreed to sell about 85% of its Bakken and Three Forks shale assets in North Dakota’s Williston Basin for about $243m.
The latest sale includes all interests in the Williston Basin assets which include nearly 73 gross wells and 28,000 net lease acres.
At the end of 2011, total proved reserves for these properties were 2.2 million barrels of oil and 3.4 BCF of natural gas.
Black Hills plans to use net sale proceeds, expected in the range of $230m to $240m, for debt reduction and general corporate purposes.
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