United States : NRP inks deal to acquire additional Williston Basin Assets.
Natural Resource Partners (NRP) has inked a definitive deal to acquire non-operated working stake in oil and gas assets sited in the Bakken/Three Forks play of the Williston Basin from an associate of Kaiser-Francis Oil Company.
The deal is worth $340 million, subject to customary purchase price adjustments.
Sited in the Sanish Field in Mountrail County, North Dakota, the properties, are all held by production and run by Whiting Petroleum Corporation.
The deal, will have an effective date of 1st October, 2014 and would be closed in the next month, subject to customary closing terms.
The acquisition would be immediately accretive to NRP's distributable cash flow and would produce $58 million to $60 million of EBITDA in 2015.
President of Natural Resource Partners, Wyatt Hogan, said : "Together with our existing interests in the Williston Basin, these assets give NRP extensive exposure to one of the premier oil plays in the United States. This acquisition represents another significant step in our efforts to diversify NRP, and we anticipate that we will derive approximately 25% of our 2015 EBITDA from oil and gas. Further, we believe that the combination of our oil and gas interests, soda ash business, our recently acquired VantaCore aggregates operations and our other non-coal assets will contribute approximately 50% of our EBITDA in 2015 and position NRP as a truly diversified natural resource company."
2014 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Oct 10, 2014|
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