"The opportunity to participate in the early stage development of a prolific North American natural gas play is exciting and transformational for Northern," Michael Reger, Chief Executive Officer of Northern Oil and Gas said in a statement. "This Appalachia Basin prospect presents us with the potential of highly productive gas wells in the Trenton-Black River as well as a multi-year development program in the up-hole resource formations. With companies such as Talisman Energy, Chesapeake Energy and Range Resources active in the region, we believe there are ample opportunities for partnerships to develop our acreage."
Reger continued, "We will carefully evaluate partnerships with experienced operating companies to fully explore and develop the leasehold while mitigating risk by leveraging the operating expertise and scientific infrastructure of our partners."
"The natural gas focus of the Appalachia acquisition is complementary to our Williston Basin Bakken position in Mountrail County, North Dakota, which is adjacent to EOG Resources' recent discoveries in the Parshall Field. Northern is focused on developing a balanced portfolio of oil and natural gas opportunities," Reger concluded.
The transaction is expected to close by the end of August 2007 and is subject to standard due diligence and fairness reviews.
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