Resource Energy Can-Am LLC has closed its previously announced agreement to acquire assets in the Bakken Shale in North Dakota and Montana from Chapter 11 bankruptcy reorganized Tulsa-based Samson Resources Co. for $75 million.
With the purchase, Denver-based Resource Energy said it has accumulated 110,000 net acres in the Williston Basin, pushing its proven reserves to nearly 28 million boe. The company holds an interest in more than 350 wells, about of which half it operates, and its current gross operated production is nearly 6,500 boe/d.
"The transaction further expands our operating footprint in the Williston Basin, and is highly complementary to our existing position in the play," said CEO Pail Favret.
In September, Resource Energy announced it had entered a stalking horse asset purchase agreement with Samson to acquire some of its Bakken assets, with the sale subject to approval of the U.S. Bankruptcy Court in Delaware.
In September 2015, Samson began implementing its financial restructuring under Chapter 11 bankruptcy provisions, saying its plan had the support of 68% of its second lien lenders. The proposed restructuring called for significant reduction of the company's debt and an infusion of $450 million of new capital.
Samson Resources is a privately held onshore oil/gas exploration and production company with operations in at least a half-dozen states.
Resource Energy is backed by funds advised by New York City-based Apollo Global Management LLC, a publicly held investment manager.