Under the terms of the agreement, Natural Resource will acquire assets which include 186 producing wells and 10 wells in various stages of development.
Effective from 01 October 2014, the transaction is subject to customary purchase price adjustments and is scheduled to be closed in November 2014.
Operated by Whiting Petroleum, the assets are located in the Sanish Field in Mountrail County, North Dakota.
In addition to generating $58m to $60m of EBITDA in 2015, the acquisition will be immediately accretive to NRP’s distributable cash flow.
Natural Resource Partners president Wyatt Hogan said: "Together with our existing interests in the Williston Basin, these assets give NRP extensive exposure to one of the premier oil plays in the United States.
"This acquisition represents another significant step in our efforts to diversify NRP, and we anticipate that we will derive approximately 25% of our 2015 EBITDA from oil and gas.
"Further, we believe that the combination of our oil and gas interests, soda ash business, our recently acquired VantaCore aggregates operations and our other non-coal assets will contribute approximately 50% of our EBITDA in 2015 and position NRP as a truly diversified natural resource company."
