Riverstone Energy – Liberty II Bakken Asset Deal
Liberty II Resources, one of the handful of companies that Riverstone Energy has invested in, is exchanging 31,500 acres of its holdings in North Dakota’s Williston Basin for an additional 4,175 acres in Williston Basin (located in Williams County) and $78.4m in cash. The deal adds another 30 drilling locations.
The counterparty is Emerald Oil inc.
The land Liberty II is selling (located in Mackenzie County, north Dakota) currently produces about 450 boe per day and is described as “non-core” by Liberty II.
The land Liberty II is buying is adjacent to land it already holds where Liberty has identified “approximately 100 high-quality Bakken and Three Forks drilling locations”
Bakken and Three Forks are the names given to the shale formations that hold the oil. Henry Bakken was the farmer that owned the land where the oil was found in 1951.