Emerald Oil, Inc. has entered into two separate definitive purchase and sale agreements with two unrelated sellers to acquire additional core Bakken and Three Forks producing properties and undeveloped leasehold in McKenzie and Williams Counties, North Dakota. The total purchase price for the asset packages is $74.6 million in cash. Upon closing, Emerald's total Williston Basin leasehold will increase to approximately 85,000 net acres.
Acquisition of Williston Basin Properties
◾ Approximately 20,800 net acres, including approximately 19,500 net acres highly contiguous to Emerald's Low Rider operating area in McKenzie County, North Dakota;
◾ Approximately 350 BOE/D of estimated current net production;
◾ 19 operated Drilling Spacing Units (DSUs);17 DSUs in Low Rider and 2 DSUs in Easy Rider;
◾ Approximately 62% of acreage is held by production and;
◾ Upon closing, Emerald's total Williston Basin leasehold will increase to approximately 85,000 net acres (75% operated).