Resource Energy Can-Am LLC is adding to its inventory in North Dakota’s Bakken Shale, buying up 2.2 million boe of proved producing net reserves from an undisclosed seller, management for the producer announced Tuesday.
The assets, located in Divide County, ND, include 19 wells and consist of 750 net boe/d of production, management said. This marks the company’s fifth acquisition in Divide County. It also follows previous deals Resource has struck to acquire interests from American Eagle Energy Corp., Samson Resources Co. and Blue Ridge Mountain Resources.
Management did not disclose a purchase price for the transaction, which closed on May 23.
“Resource relied on its leading-edge knowledge of Bakken geology, valuation and opportunities in pursuing this acquisition,” Resource CEO Paul Favret said. “The transaction further expands the company’s operating footprint in the Williston Basin and is highly complementary to our existing position in the play.
“Resource Energy expects to further improve margins and operating efficiencies by reducing” lease operating expenses, transportation costs and overhead per produced barrel. “We are aggressively growing in the Bakken and look forward to integrating these assets into our expanding portfolio.”
Resource plans to drill and complete seven new wells from its inventory in 2019. After its latest acquisition, the company now holds over 120,000 net acres in the Williston. This includes proven reserves of about 33 million boe, 14.2 million boe of which are proved-producing, and an interest in 416 wells, including 205 operated.
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