Black Ridge completes Williston Basin acquisition

Black Ridge Oil & Gas Inc.

Black Ridge Oil & Gas Inc. (OTCQB: ANFC), an exploration and production company focused on non-operated Bakken and Three Forks properties, has closed its Corral Creek acquisition in the Williston Basin.

On Dec. 13, the company completed the acquisition of certain producing oil and gas wells and development acreage in the Williston Basin for $20.6 million, including net purchase price adjustments of $0.1 million. The effective date for the Corral Creek acquisition was Oct. 1.

Black Ridge Oil & Gas funded the Corral Creek acquisition with proceeds from its re-determined senior secured credit facility with Cadence Bank NA, its second lien credit facility with Chambers Energy Capital LP, and cash on hand. At closing, Cadence increased the company's borrowing base from $7.0 million to $18.0 million.

Ken DeCubellis, Black Ridge's CEO, reported that the company expected to end 2013 with 4.7 net wells in production, which is approximately 100% growth over the net wells in production at year end 2012. The company also has approximately 1.55 net wells preparing to drill, drilling, or awaiting completion. 

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

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...