Ante5 acquires 8,655 net acres targeting North Dakota's Bakken and Three Forks trend
Ante5, Inc. has entered into a contract for the acquisition of 8,655 net mineral acres in North Dakota's Williston Basin for an
Ante5, Inc. has entered into a contract for the acquisition of 8,655 net mineral acres in North Dakota's Williston Basin for an average price per acre of $2,850. Upon close of this transaction, the Company will have increased its acreage position by approximately 90% since November 2011, and will control more than 20,000 net acres targeting the Bakken and Three Forks trend. Closing of the transaction is subject to several conditions, including obtaining necessary financing.
Kenneth T. DeCubellis, Chief Executive Officer of Ante5 Oil & Gas, commented, "This acquisition is a significant milestone for Ante5 Oil & Gas. Over 70% of the acquired acres are in the counties of Mountrail, Williams, McKenzie, Dunn and Burke. Moreover, 85% of the leases in these core counties boast long primary terms, expiring between 2015 and 2022. Upon completion of this acquisition, we will have nearly doubled the size of Ante5's Bakken and Three Forks exposure."