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Hess to sell Bakken acreage to Enerplus Corp.

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Oilfield Technology,


Hess has entered into an agreement to sell its Little Knife and Murphy Creek acreage interests in the Bakken in North Dakota, US, to Enerplus Corp. for a total consideration of US$312 million, effective 1 March 2021.

The sale consists of approximately 78 700 net acres, which are located in the southernmost portion of Hess’ Bakken position and not connected to Hess Midstream infrastructure. Net production from this acreage averaged 4500 boe/d net to Hess in 1Q21.

“The Bakken is a core asset in our company’s portfolio,” CEO John Hess said. “Sale of the Little Knife and Murphy Creek acreage – the majority of which we were not planning to drill before 2026 – brings material value forward and further strengthens our cash and liquidity position.”

The sale is expected to close in May 2021, subject to customary closing conditions.


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Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/09042021/hess-to-sell-bakken-acreage-to-enerplus-corp/

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Upstream news Bakken news US upstream news Oil & gas news