U.S. Markets closed

Emerald Oil leases 33,851 acres in Williston Basin for $24.7M cash

Emerald Oil announced that it has leased 33,851 operated acres in the Williston Basin for approximately $24.7M in cash. Pro forma for the added leasehold, Emerald will now operate approximately 60,000 net acres in the Williston Basin. Emerald will add a third rig during 2014 to develop the recently leased acreage. The preliminary 2014 drilling budget will be approximately $182M to drill 18.2 net wells. A separate land budget of approximately $25M will be deployed in 2014 for operated acreage acquisitions and leasing in the Williston Basin. The 2013 capital budget of approximately $125M will remain the same.