Natural Resource Partners LP, Houston, agreed to acquire an 11% working interest in producing assets in the Bakken and Three Forks formations in North Dakota and Montana.
The deal was made with Abraxas Petroleum Corp, for $35.3 million, marking NRP’s entry into the Bakken formation.
The transaction covers 13,500 net acres with 120 producing wells and 22 wells in various stages of development, said NRP, a master limited partnership. The NRP also expects to invest $8.1 million this year on wells obtained through this transaction, in addition to the $35.3 million payment.
Abraxas, San Antonio, said it plans to pay down debt and concentrate spending on its core operated assets in the Bakken and the South Texas Eagle Ford shale.
Closing is expected during the third quarter.