Berry Petroleum Acquires Acreage in North Dakota
Berry Petroleum Company has acquired interests in approximately 20,000 gross acres in the Williston Basin of North Dakota; and is in the process of purchasing additional interests in another 100,000 gross acres in the area. These acquisitions, totaling approximately $9 million, represent another step in diversifying Berry's asset base and provide the Company an entry into the emerging Bakken oil play in the Williston Basin. The acreage covers several contiguous blocks located primarily on the eastern flank of the Nesson Anticline. Development activity in the Middle Bakken play is expanding to the area surrounding the Nesson Anticline, the oil producing heart of North Dakota.
Robert F. Heinemann, president and chief executive officer, stated, "Combined with our existing interests in nearly 750,000 gross acres in Utah and Colorado, this lease acquisition represents another growth opportunity in the Rocky Mountain and Mid-Continent regions for Berry. The early entry into the North Dakota Bakken play provides an excellent acreage position at reasonable acquisition costs. Our goal here is to establish a sizable acreage position in this emerging play and exploit the acreage with an industry partner."
Michael Duginski, senior vice president of corporate development,
added, "Bakken drilling activity is increasing significantly in the
North Dakota Williston Basin, with current successful production in
Montana. We are aware that several companies will commence drilling
adjacent to, or near, our acreage block in the near future. We expect
to close on the additional acreage in the third quarter of this year."
- Linn Energy to Pay $600M More for Berry Petroleum (Nov 04)
- Linn Energy, LinnCo to Buy Berry Petroleum for $2.5B (Feb 21)
- Berry Petroleum Adds Members to Board (Feb 11)