American Standard announced the acquisition of approximately 2,780 acres located in Mountrail County of North Dakota's Williston Basin, "the Bakken". The Company paid an average of $669 per acre for a total transaction price of $1,860,858.
The acreage is located within twenty separate mostly contiguous sections of the Parshall and Stanley Fields in the Williston Basin. This location offers the potential for rapid development due to current drilling operations to the north, south and west by EOG, Hunt, Brigham, Marathon and Sinclair among others. The acquisition also expands ASEN's footprint in the historically successful Bakken play, specifically within Mountrail County.
Scott Feldhacker, CEO of American Standard Energy Corp., stated, "We are excited to announce the expansion of our Bakken holdings, specifically in Mountrail County. These acres are well situated among acres held by leading Bakken exploration companies in an area of the play that is thought to be the most prolific and developed to date. This not only expands our holdings in the Bakken but demonstrates to the market and our shareholders the continued implementation of our growth strategy."
The Company's President, Richard MacQueen, also commented, "This transaction once again demonstrates our ability to make quick and successive acquisitions of quality acreage in the Bakken. Not only have we acquired highly desirable Mountrail acreage, we have acquired it at a highly desirable price."
Upon close of this transaction, the Company's Williston Basin, Bakken holdings total approximately 18,900 acres.
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