Emerald Oil, Inc. and two of its wholly owned subsidiaries entered into a purchase and sale agreement with Angelus Private Equity Group (Angelus) pursuant to which Angelus will acquire a portion of the Company's undeveloped leaseholds in Montana and North Dakota, consisting of approximately 9,750 net acres, as well as certain production from non-operated wells, for approximately $9.75 million.

The purchase price is subject to customary adjustments and other closing conditions typical for a transaction of this type, including downward adjustments for title and environmental defects under certain circumstances. The Company intends to use all proceeds to repay outstanding borrowings under the Company's revolving credit facility.

Tags: Angelus Private Equity Group, Emerald Oil