Kodiak Oil & Gas has signed a purchase and sale agreement with Liberty Resources for 42,000 net acres in the Williston Basin for $660 million.
The acquisition includes acreage prospective for the Bakken and Three Forks formations in McKenzie and Williams counties.
In total, a portion of 35 (1,280-acre) spacing units are included in the deal.
- 14,000 net acres adjacent to the Polar Area
- 25,000 net acres west of the Koala & Smokey areas
Production from the assets averaged 5,700 b/d in May of 2013. Kodiak will also assume a rig contract that has 14 months remaining.
After closing, Kodiak will control 196,000 net acres in the Bakken.