Resolute Energy has entered into an agreement with Marathon Oil to develop approximately 19,000 gross acres (8 425 net to Resolute) in the Bakken trend in McKenzie County, North Dakota. The agreement enables Resolute to increase its net lease holdings in the Bakken trend by almost 35 percent, to more than 33,000 net acres in Williams and McKenzie Counties, North Dakota.
Under the terms of the agreement, Resolute will earn interests in the acreage by drilling and completing two earning wells. The Company expects that both earning wells will be drilled early in the 4th quarter of 2010. Marathon will serve as contract operator of the earning wells and as operator of the contract lands.
Resolute first entered the Bakken trend in March 2010 through a joint venture with GeoResources. The first well in the GeoResources joint venture is scheduled to spud in September 2010 and two additional wells are expected to be drilled before year-end.
"We are very excited about what we are seeing in the Bakken in terms of near-term production potential and reserve growth. We are very happy to be able to increase our acreage in one of the most promising areas for oil production in North America and we could have as many as five Bakken wells drilled by year end," said Nicholas J. Sutton, Chairman and CEO of Resolute. "We believe that our Bakken activities will expose Resolute to meaningful near-term growth in both reserves and production as we continue to develop the Aneth area CO2 flood."
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