Natural Resource Partners LP (NYSE:NRP) has completed the acquisition of non-operated working interests in the Bakken/Three Forks play from Abraxas Petroleum Corp. for $38.3 million in cash after purchase price adjustments.
The acquisition consists of approximately 13,500 net acres that are held by production with an estimated average working interest of 11% in the Bakken/Three Forks play. The acquisition includes approximately 134 producing wells in addition to interests in 18 wells that are in various stages of development. Natural Resources Partners expects the acquisition to be immediately accretive to Natural Resource Partners’ unit holders.
In conjunction with the purchase of this interest, NRP Oil and Gas LLC, the wholly owned subsidiary of Natural Resource Partners that acquired the Bakken/Three Forks assets, has entered into a senior secured, reserve-based revolving credit facility to fund capital expenditure requirements related to the development of these assets.