Kodiak Oil and Gas has recently increased their lease hold in the Bakken area by 23,133 gross acres (14,494 net). The Company bought the acreage from an undisclosed private oil and gas company for considerations of approximately $110 million, $99 million in cash and $11 million in common stock. The acquisition is expected to close before year-end 2010 and will increase Kodiak’s land position to over 72,000 net acres in the Williston Basin.
The acreage is broken out into 2 areas in North Dakota, 11,742 net acres are in McKenzie Co. and 2,752 net acres are in northern Williams Co. and southern Divide Co. Four producing well bores are included in the acreage in McKenzie Co. and Kodiak will operate 3 of those at closing. Currently the 4 wells are producing around 500 BOE/d net. The acquisition also includes other asset such as surface facilities and equipment and pipeline infrastructure. The following is a map of Kodiak’s permits in the last 365 days along with a general location of the purchased acreage.
Now here are 2 maps of the DrillingInfo LandTracs for the Williams/Divide Co. area and McKenzie Co. areas. The general possible area for the new Kodiak acreage is outlined for each area similar to the above map.
To get more information visit the Bakken Acquisition and Divestitures folder in DI’s DNA.
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