Kodiak to Acquire Oil Assets in Williston Basin

Kodiak Oil & Gas has entered into a definitive purchase and sale agreement with a private oil and gas firm to acquire the Bakken / Three Forks oil leasehold and producing properties in the Williston Basin in North Dakota, US, for a $85.5m.

On completion of the transaction, Kodiak will acquire 25,000 net mineral acres in McKenzie County, which is adjacent to Kodiak’s core Koala, Smokey and Grizzly project areas.

The assets will include working interests in two producing wells, which are currently producing 200 net barrels of oil equivalent per day, and certain surface equipment and pipeline connection facilities that tie into a regional third-party natural gas gathering system.

With this transaction, Kodiak will have over 400 net, largely de-risked, undrilled locations in the Bakken / Three Forks formations across its Williston Basin leasehold.