Hess Corporation has agreed to acquire 167,000 net acres in the Bakken oil shale play in North Dakota from TRZ Energy, LLC for $1,050 million in cash.

The properties being acquired are located near Hess' existing acreage and have current net production of approximately 4,400 boe/d.

"This acquisition strengthens our leading land position in the Bakken, leverages our operating capabilities and infrastructure and will contribute to future reserve and production growth," said Greg Hill, President of Worldwide Exploration and Production at Hess.

The transaction has an effective date of October 1, 2010 and is expected to close by December 28, 2010.

Tags: Hess Corporation