Natural Resource Partners LP (NRP) has agreed to pay Kaiser-Francis Oil Co. $340 million to increase its oil and gas holdings in the Bakken/Three Forks formation of the Williston Basin.

The 5,700 net-acre leasehold in Mountrail County, ND, is held by production and operated by Whiting Petroleum Corp. Among other things, the assets would build the diversified resources operator’s oil business.

“Together with our existing interests in the Williston Basin, these assets give NRP extensive exposure to one of the premier oil plays in the United States,” said President Wyatt Hogan. “This acquisition represents another significant step in our efforts to diversify NRP.”

Estimated average production from the leasehold is about 3,100 boe/d. Average working interest is 15% and includes 186 producing wells and 10 wells “in various stages of development,” according to NRP.

The transaction is to be financed with debt and should be completed in November, NRP said. The Houston-based partnership plans to hedge around 80% of the current output through 2016, with some production hedged through 2018 as market conditions allow.

The master limited partnership owns stakes in oil and gas, as well as coal, aggregates and industrial minerals across the United States that generate royalty income. It doesn’t actively mine any of of its holdings.

Privately held Kaiser-Francis, based in Tulsa, has oil and gas operations across in the U.S. onshore. It is a subsidiary of GBK Corp., run by Oklahoma billionaire George B. Kaiser.