Hess Sells Bakken Acreage to Enerplus for $321 Million

Journal of Petroleum Technology 

Hess Corporation announced today it is selling about 78,700 acres of its Bakken Shale position to Enerplus Corporation for $321 million. Oil production from the areas that are part of the deal averaged around 4,500 B/D over the first quarter of the year, Hess said in a statement. Calling the Bakken Shale a "core asset" for the company, CEO John Hess said the majority of the assets being sold off were not going to be drilled on until 2026 which "brings material value forward and further strengthens our cash and liquidity position." Enerplus considers much of the acreage to be Tier 1 and estimates it adds 2 or 3 years to its Bakken development runway, giving it an estimated 10 years' worth of drilling locations in the region. At current oil prices, Enerplus said the Tier 1 acreage and other areas amount to 120 undrilled locations.

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