Located in Daniels County, Montana, the net acreage is comprised of 36 leases that have approximately a 24 month life with a net revenue interest of 80% with a right to renew for 3 years.
The Company intends to purchase the undeveloped acreage for a price of $7,000,000 through a combination of cash, debt and equity and expects to close on the purchase in July 2015, subject to satisfactory due diligence.
"We are pleased to expand our oil and gas property portfolio to include properties in the Williston Basin. This opportunity will provide us with not only a foothold in the Bakken, but continues to advance our growth and business strategy," stated Don Walford, CEO.
