Page 14 - NorthAmOil Week 26

NorthAmOil
NEWS IN BRIEF
NorthAmOil
MOVES
Northern Oil and Gas announces closing of VEN Bakken acquisition, acquired assets outperforming prior expectations
Northern Oil and Gas announced today that it has closed on the previously announced acquisition of properties owned by VEN Bakken, a wholly owned subsidiary of Flywheel Bakken, in the core of the Williston Basin. e acquired assets are outperforming Northern’s initial estimates with an increase in both current producing wells and wells in process.
NORTHERN OIL AND GAS, July 02, 2019
Foothills Exploration
announces strategic bolt-
on acquisition of additional
natural gas wells and
development acreage in
Montana
Foothills Exploration, an independent oil and gas exploration company engaged in
acquiring and developing oil and natural gas properties in the Rockies, today announced that it plans to acquire natural gas wells and acreage for production and development
in Stillwater and Golden Valley counties, Montana. e transaction, which represents Foothills’ second acquisition in Montana, is expected to close in the third quarter of 2019, subject to customary closing conditions, and governmental approvals.
On June 26, the company entered into a letter agreement with an unrelated third-party to acquire approximately 5,769 acres and 12 shut-in natural gas wells.
Additional assets consist of associated pipelines, gathering systems, compression and processing facilities, and related yards and equipment.
e company intends to bring online the 12 shut-in wells to generate revenue in the near term and increase reserves. e company’s technical team will continue to assess the optimum in- eld development program and advise on how to best exploit behind pipe potential.
Executive chairman Kevin Sylla commented: “ is strategic bolt-on acquisition is a great example of our strategy of targeting adjacent oil and gas properties to build a geographically-concentrated portfolio of producing or underdeveloped properties to grow scale and take advantage of optimisation and operational e ciencies. is acquisition will complement a previously announced proposed acquisition under agreement, which is expected to close around the end of August, as the two target properties will have synergies from a gathering system connecting the two elds. Furthermore, both acquisitions are
shallow gas properties with depths of less than 2,500 feet, with relatively low development costs, which will allows us to create value for our shareholders,” continued Sylla.
“Our technical and business development teams have been tasked with nding properties that t our investment criteria
in Montana – those with behind pipe potential, in eld drilling opportunities, low operating costs, long lived reserves and upside development potential,” said Sylla.
FOOTHILLS EXPLORATION, July 02, 2019
Pacific Drilling joins the Russell 2000 Index
Paci c Drilling, one of the world’s leading deepwater drilling contractors, announced today that it has been added to the Russell 2000® Index, a subset of the Russell 3000® Index.
e company’s inclusion became e ective at the end of the Russell US Indexes annual reconstitution on June 28, 2019.
“Paci c Drilling is pleased with the inclusion in the Russell 2000 Index and the increased visibility among the investment community that comes with this distinction,” said Bernie Wolford, CEO of Paci c Drilling.
e Russell 2000 Index is a stock market index measuring the performance of approximately 2,000 small-cap US equity companies in the Russell 3000 Index, a larger index made up of 3,000 of the largest publicly traded companies representing nearly 98 percent of the investable US stock market. PACIFIC DRILLING, July 01, 2019
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Week 26 04•July•2019