Chord Energy Corp. has agreed to acquire fellow Williston Basin producer Enerplus Corp. in a stock and cash transaction that would create a company with a combined enterprise value of about $11 billion.

The purchase price equates to almost $4 billion, based on closing share prices Wednesday when the deal was announced, noted Enverus Intelligence Research Senior Vice President Andrew Dittmar.

The two Bakken Shale heavyweights produced a combined 287,000 boe/d in the fourth quarter. They expect oil to account for 56% of the combined production after the deal is finalized.

The oily Bakken produces vast amounts of liquids-rich associated natural gas, with gas-to-oil ratios on the rise as operators move from depleted core areas into gassier second and third-tier acreage.