Kodiak Oil & Gas has entered definitive purchase and sale agreements with a private oil and gas firm and its financial partners to acquire additional acreages in Williston Basin in North Dakota, US, for $590m.
The acreages have a net oil and gas production of 3,500 barrels of oil equivalent per day and production is expected to increase before the close of the transaction.
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The acquisition also includes 19.7 million barrels of oil equivalent per day in proved reserves, 81% of which are crude oil and 28% are categorised as proved developed.
Kodiak Oil & Gas will pay $540m in cash and $50m in common shares for the acreages.
On completion of the transaction, the firm will acquire two blocks of contiguous acreage totalling 202km² in Williams and McKenzie counties.
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By GlobalData
