Natural Resource Partners L.P. (NRP) announced Monday that that it has entered into a definitive agreement to purchase non-operated working interests in producing oil and gas properties located in the Bakken/Three Forks play, located in the Williston Basin of North Dakota and Montana from Abraxas Petroleum Corporation for approximately $35.3 million in cash.
The acquisition will have an effective date of March 1, 2013 and is subject to customary closing conditions and purchase price adjustments.
The acquisition consists of approximately 13,500 net acres that are held by production with an estimated average working interest of 11% in the Bakken/Three Forks play.
The acquisition includes approximately 120 producing wells in addition to interests in 22 wells that are in various stages of development. NRP anticipates funding $8.1 million in additional capital expenditures associated with these new wells in 2013, a portion of which will be paid at closing. NRP expects the acquisition to close in the third quarter of 2013 and to be immediately accretive to NRP's unitholders.
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