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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
174,194

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
Jul-12-2018 Petroshale Inc.  - Click here North Dakota  E&P
Jun-27-2018 Eagle Energy Partners LLC  - Click here North Dakota  E&P
Jun-27-2018 Northern Oil and Gas, Inc.  - Click here North Dakota  E&P
Jun-25-2018 Whiting Petroleum Corp.  - Click here North Dakota  E&P
Jun-19-2018 Not Disclosed  - Click here   E&P

Price History



Date Deal Headline Price$/acre
Jul-12-2018 PetroShale Ups Ante in the Bakken; Acquires Property for $55MM $55.00  Million 18,046
Jun-25-2018 Oasis Sells NonOp Williston Assets in Dual Deals Worth $283MM $283.00  Million 1,985
Apr-27-2018 Northern Oil Bolts On Williston Basin Assets for $50MM $50.00  Million 1,289

Related Earthstone Energy Inc. Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Sep-15-2017 IOG Capital LP  - Click here Texas  E&P
Nov-08-2016 Earthstone Energy Inc.  - Click here Texas  E&P
Dec-17-2015 Earthstone Energy Inc.  - Click here Texas  E&P
Oct-17-2014 Earthstone Energy Inc.,Oak Valley Resources Llc  - Click here Texas  E&P
May-15-2014 Earthstone Energy Inc.  - Click here North Dakota  E&P