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Hess Corporation (NYSE: HES) has entered into an agreement to sell its Little Knife and Murphy Creek acreage interests in the Bakken.
Hess Corporation (NYSE: HES) has announced that it has entered into an agreement to sell its Little Knife and Murphy Creek acreage interests in the Bakken, in North Dakota, to Enerplus Corporation for a total consideration of $312 million.
The sale consists of approximately 78,700 net acres, which are located in the southernmost portion of Hess’ Bakken position and not connected to Hess Midstream infrastructure, the company highlighted. Net production from the acreage averaged 4,500 barrels of oil equivalent per day net to Hess in the first quarter of this year. The sale is expected to close in May, subject to customary closing conditions.
Enerplus signs deal to buy Hess’ assets in Williston Basin, US
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Canadian firm Enerplus has agreed to acquire Hess’ assets in the Williston Basin, US, for $312m in cash.
Under the definitive agreement, Hess will sell its non-strategic interests in the Little Knife and Murphy Creek acreage in the Bakken Formation in North Dakota.
The acreage considered for the sale spans nearly 78,700 net acres in Dunn County, and are located adjacent to Enerplus’ core Bakken position.
Hess CEO John Hess said: “The Bakken is a core asset in our company’s portfolio.
Hess Announces Sale of Non Strategic Interests in Bakken Acreage
édité le 09/04/2021 - Plus de news de HESS - Voir la fiche entreprise de HESS
Hess announced that it has entered into an agreement to sell its Little Knife and Murphy Creek acreage interests in the Bakken in North Dakota to Enerplus Corporation for a total consideration of $312 million, effective March 1, 2021.
The sale consists of approximately 78,700 net acres, which are located in the southernmost portion of Hess Bakken position and not connected to Hess Midstream infrastructure. Net production from this acreage averaged 4,500 barrels of oil equivalent per day net to Hess in the first quarter of 2021.
US: Hess announces sale of non strategic interests in Bakken acreage
08 Apr 2021
Little Knife and Murphy Creek acreage interests in the Bakken in North Dakota to
Enerplus Corporation for a total consideration of
$312 million, effective March 1, 2021.
The sale consists of approx. 78,700 net acres, which are located in the southernmost portion of Hess’ Bakken position and not connected to Hess Midstream infrastructure. Net production from this acreage averaged 4,500 barrels of oil equivalent per day net to Hess in the first quarter of 2021. The Bakken is a core asset in our company’s portfolio, CEO John Hess said. Sale of the Little Knife and Murphy Creek acreage – the majority of which we were not planning to drill before 2026 – brings material value forward and further strengthens our cash and liquidity position.