X-Change to Buy Bakken Acreage
X-Change Corporation announced through its subsidiary Cress Oil, Inc. that it is purchasing 16,000 acres in Roosevelt County, NE Montana Bakken formation area. The Bakken shale play continues to expand deeper into the northeast where Bakken oil reserve estimates continue to rise.
The company will enter into a Purchase and Sale Agreement, and acquire all of Bakken's legal and beneficial right, title and interest in and to certain oil and gas properties in Roosevelt County including all oil and gas leases, all geological data (including all seismic data) and copies of all records with respect to such oil and gas properties (collectively, the "Properties").
Cress Oil’s lease position is surrounded by land leased and operated by current oil operators such as Marathon, Statoil, Conoco, Whiting, EOG, Hess and other independent oil and gas operators. Due to the drilling success in Roosevelt County from these current operators, the new acreage position will prove to be a long term resource play for the company.
Cress has financial and operational partners to aggressively acquire acreage position in the Bakken area of NE Montana, and continue to expand its drilling program.