Fidelity E&P, the wholly owned natural gas and oil production subsidiary of MDU Resources Group, announced the acquisition of additional leasehold interests in the Bakken area of western North Dakota, and in the emerging oil shale play in the Niobrara formation in southeastern Wyoming and north-central Colorado.
The Bakken lease purchase includes approximately 40,000 net acres with the Three Forks play as the primary target. The acquired leases have three to five year primary terms and increase the company’s acreage position in the Bakken to approximately 56,000 net acres. In the Niobrara oil shale play, the company has signed an agreement to acquire approximately 27,000 net acres with five-year primary lease terms.
"These lease purchases broaden our position in the Rocky Mountain region and provide long term growth potential in two exciting oil plays," said Terry D. Hildestad, president and chief executive officer of MDU Resources. Hildestad noted that Fidelity continues to look for other development opportunities throughout the Rocky Mountain Region to augment the company’s reserves and production.
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