facebook
twitter
rss
account
search
search
 

Rosy outlook for Williston Basin

Sept. 6, 2013 at 8:01 AM   |   Comments

HOUSTON, Sept. 6 (UPI) -- The outlook for reserve basins spread out over the U.S. Northern Plains states is "extremely compelling," the chief executive at Oasis Petroleum said.

Oasis announced it signed four separate deals with a variety of sellers to acquire 161,000 acres of land in the Williston Basin for $1.5 billion. The company already holds more than 330,000 acres in the region and said its production should increase more than 25 percent to 43,000 barrels of oil equivalent with the new acreage.

Chief Executive Officer Thomas Nusz said his company is already operating 11 rigs in the quality acreage at the heart of the Bakken and Three Forks reserve areas in the Northern Plains.

The U.S. Geological Survey estimates the area contains as much as 7.4 billion barrels of oil and 6.7 trillion cubic feet of natural gas.

"We are not only excited about the near-term value of this deal, but the outlook over the long-term is extremely compelling," Nusz said in a statement Thursday. "We expect to accelerate development across our overall combined position next year, increasing to 15 to 16 operated rigs by the end of 2014."

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
New Navy sub ready for outfitting, testing New Navy sub ready for outfitting, testing
2
Apple to authorities: No iPhone user data, even with a warrant Apple to authorities: No iPhone user data, even with a warrant
3
New F-35 sustainment system undergoing flight testing New F-35 sustainment system undergoing flight testing
4
Scrap South Stream, Europe says Scrap South Stream, Europe says
5
Home Depot says 56M credit, debit cards compromised Home Depot says 56M credit, debit cards compromised
Trending News
Video
x
Feedback