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Emerald Oil Completes Williston Basin Acquisitions

Source: www.gulfoilandgas.com 2/13/2014, Location: North America

Emerald Oil, Inc. has closed the previously announced acquisitions of core Bakken and Three Forks producing properties and undeveloped leasehold in McKenzie and Williams Counties, North Dakota. The total purchase price for the asset packages is $75.1 million in cash. Including today's acquisition, Emerald's total Williston Basin leasehold will increase to approximately 85,000 net acres.

Acquisition of Williston Basin Properties
- Approximately 20,800 net acres, including approximately 19,500 net acres highly contiguous to Emerald's Low Rider operating area in McKenzie County, North Dakota;
- Approximately 300 BOE/D of estimated current net production;
- 19 operated Drilling Spacing Units (DSUs); 17 DSUs in Low Rider;
- Approximately 62% of acreage is held by production and;
- Emerald's total Williston Basin leasehold will increase to approximately 85,000 net acres (75% operated).
Financing of the Transactions
The Company will fund approximately 50% of the acquisition costs through borrowings under its undrawn revolving credit facility and the remainder utilizing cash on hand. Emerald ended 2013 with approximately $140 million of cash and $75 million of undrawn borrowing base under its revolving credit facility. Emerald is in the process of working with its bank lending group to complete the Company's semi-annual borrowing base redetermination to reflect both the Company's recent well completion activities and the reserves and production acquired in these transactions. The combined impact of Emerald's operated activity and these acquisitions are expected to result in a significant increase in the Company's borrowing base at the April 2014 redetermination.

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