"This acquisition represents another significant step in efforts to diversify our asset base," stated David H. Welch, president and chief executive officer. "Combined with our recent acreage acquisition in Utah, we have created several growth opportunities for exploration and development in the Rocky Mountain region."
The acquisition includes proved reserves and a minimal amount of oil production. Approximately 85% of the purchase price is expected to be allocated to unevaluated acreage. Much of this acreage is located within the Bakken formation fairway with attractive stacked-pay potential. Stone expects to begin exploring the acreage with a multi-well drilling program beginning in 2005.
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