American Standard has executed a Purchase Agreement to acquire additional Bakken and Three Forks acreage including partial interest in 26 additional gross wells, of which 15 are currently producing, 10 completing and one drilling. The additional 367 plus net mineral acres acquired in the transaction are located within the Williston Basin of North Dakota. This acreage is located in the heart of the established area known as the Bakken.
The newly acquired wells have a current production sum of nearly 2,900 barrels of oil equivalent per day. This acquisition enhances American Standard's growth strategy by strengthening its production, reserves, and leases held by production as well as numerous sites to be developed (PUD locations).
Scott Feldhacker, American Standard Energy's CEO stated, "This type of transaction is instrumental to our short and long-term goals. We are able to expand our current production, as well as secure our long term focus with multiple leases being held by production. Our ability to purchase leasehold acreage that is held by production and wells currently in development is a testament to our industry relationships."
The completed acquisition brings American Standard's Bakken footprint to over 6,000 net acres. American Standard participates in close to 50 gross wells within this acreage in addition to its holdings in Texas.
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