Statoil to acquire Brigham Exploration for $4.4bn

Statoil is to acquire all issued and outstanding shares of Brigham Exploration for $36.50 per share for a total value of $4.4bn.

Brigham Exploration’s assets include the Bakken and Three Forks tight oil plays in the Williston Basin in the US states of North Dakota and Montana.

With this acquisition, Statoil will have access to more than 1,517km² in the Williston Basin, which holds potential for oil production from the Bakken and Three Forks formations.

The Bakken and Three Forks formations have estimated recoverable reserves in the range of up to 24 billion barrels of oil equivalent over a 38,000km² area.

Statoil president and CEO Helge Lund said that the US unconventional plays hold a substantial resource base and represent an increasingly important part of future energy supplies.