Northern Oil and Gas, Inc. reported the company has increased its acreage position in the Mountrail County, ND Bakken resource play to 50,000 gross / 16,000 net acres. This additional acquisition increases Northern's total North Dakota Bakken position to approximately 65,000 gross / 25,000 net acres.
The leasehold assets recently acquired are directly north of the Parshall Field, home to North Dakota's highest producing Bakken wells.
Approximately 3,000 net acres of Northern's position in Mountrail County are included in a joint-venture with Brigham Exploration (Nasdaq: BEXP - News). Northern and Brigham are currently completing the second Bakken well in the joint-venture. As of today, the balance of Northern's Mountrail County acreage has been included in six Parshall Field drilling units with EOG Resources, six Parshall Field drilling units with Slawson Exploration and four Parshall Field drilling units with BEHM Energy. In addition to these permitted drilling units in Mountrail County, Northern acreage has been included in three Continental Resources drilling units in Divide County, North Dakota and two Marathon Oil drilling units in Dunn County, North Dakota.
"We are excited to announce the expansion of our Mountrail County acreage position," said Michael Reger, Chief Executive Officer of Northern Oil & Gas. "Our position in this productive resource play is well situated among acreage held by leading Bakken exploration companies. Assuming full development of our Mountrail County leasehold on 640-acre drilling units, Northern acreage would result in approximately twenty-five net wells. Pending downspacing in the Parshall Field would result in a significantly higher net well count."
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