The Mountrail County, North Dakota acreage involved in the joint venture will provide potential step out and extensional drilling to the Parshall Field, a recent high producing Bakken discovery by EOG Resources. The Parshall Field contains North Dakota's highest producing Bakken wells, several of which have produced 1,800 barrels per day.
Brigham has committed to drill four wells in 2007. Two horizontal Middle Bakken wells will be drilled in Mountrail County, North Dakota and two conventional wells will be drilled in Sheridan County, Montana utilizing existing 3D seismic owned by Brigham. Brigham will also commence a continuous drilling program in 2008 and beyond under the agreement.
In a statement by Michael Reger, CEO of Northern Oil, "We are very excited to be working with Brigham. This joint venture gives Northern the ability to expeditiously develop our extensive leaseholds, while mitigating capital expenditure and leveraging our acreage into substantial working interest."
"Brigham, as well as being a very experienced operator, brings an enormous amount of scientific horsepower to Northern Oil's Williston Basin project. Their work with 3D seismic data has proven effective and profitable in the immediate area," he concluded.
Northern Oil and Gas, Inc. is a Nevada corporation focused on drilling exploratory and developmental wells in the Rocky Mountain regions of the United States.
The primary focus of Northern Oil is the Middle Bakken formation in the Williston Basin. Northern Oil's secondary target is conventional, 3D driven, oil and gas exploration and development throughout the Rocky Mountain region.
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