Black Ridge acquires Williston Basin assets for $20.5M

Black Ridge Oil and Gas Inc.

Black Ridge Oil and Gas Inc. (OTCQB: ANFC), an exploration and production company focused on non-operated Bakken and Three Forks properties, has signed a definitive purchase and sale agreement with a private party to acquire certain producing oil and gas wells and development acreage in the Williston Basin for $20.5 million.

Black Ridge will finance the acquisition with availability from its senior secured credit facility with Cadence Bank NA, its second-lien credit facility with Chambers Energy Management LP, and cash on hand. In conjunction with the closing of the transaction, Cadence has agreed to increase the company's borrowing base from $7.0 million to $18.0 million.  

Black Ridge expects the acquisition to close on or before Dec. 13.

 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...