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Enterprise to sell a portion of its Williston Basin Oil & Gas leases


Published Jun 28, 2012
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Enterprise Energy Resources Ltd.

Enterprise Energy Resources Ltd. report that its wholly owned US subsidiary, Evolution Oil Group, LLC (Evolution) has entered into a Lease Acquisition Agreement (LAA) with an arm's length third party (the "Purchaser") for the sale of a portion of Evolution's oil and gas leases in the Williston Basin, Montana.

Evolution currently holds a 100% working interest (80% net revenue interest) in approximately 30,083 net mineral acres of oil and gas leases in Daniels and Sheridan Counties located in North East Montana. Under the LAA, Evolution will sell a 100% working interest (80% net revenue interest) in approximately 15,975 net mineral acres or 53% of Evolution's current holdings to the Purchaser, for approximately US$19,043,000 (subject to adjustments).

Tags: Enterprise Energy Resources Ltd.




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