Black Ridge Oil & Gas, Inc. (formerly known as Ante5, Inc.) owned, as of June 1, 2012, over 11,000 net mineral acres in the Bakken / Three Forks trends in North Dakota. The Company did not close on the asset purchase agreement dated March 21, 2012 for the acquisition of over 8,655 net mineral acres.
Kenneth T. DeCubellis, Chief Executive Officer of Black Ridge Oil & Gas, commented, "Given current equity financing market conditions, we did not close on the 8,655 net acre asset purchase agreement. We will continue to focus on developing our existing acreage. As of May 31, 2012, Black Ridge had 1.6 net wells in production, more than a 40% increase over the 1.12 net wells that the Company previously reported in production as of March 31, 2012."