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.
Read the latest issue of Oilfield Technology in full for free: Issue 1 2021
Oilfield Technology’s first issue of 2021 begins with a look at US tight oil’s prospects this year. The issue then moves on to cover completions technology, production forecasting, electric fracturing, sand recovery and more.
Exclusive contributions come from Rystad Energy, Archer, Weatherford, Halliburton, CGG, NOV, TETRA Technologies, Clariant and more.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/09042021/hess-to-sell-bakken-acreage-to-enerplus-corp/
You might also like
PGGS has been awarded a 3D project in the Mediterranean for a major energy company. The Ramform Hyperion is scheduled to start the survey early March and the project has a total duration of approximately 30 days.