Bruin E&P Partners, a portfolio company of ArcLight Capital Partners, announced that its affiliate has signed a definitive agreement to acquire Halcón Resources’ operated oil and gas properties in the Williston Basin for $1.4 billion.
The transaction is expected to close within 60 days, subject to customary regulatory and other approvals.
Halcón’s Williston Basin portfolio represents approximately 104,000 net acres of oil and gas properties in McKenzie, Williams, Mountrail, and Dunn counties in North Dakota, with the acreage 100 percent held by production. The portfolio is currently producing approximately 29,000 barrels of oil equivalent per day.
“We are excited to acquire this highly attractive portfolio from Halcón,” said Matt Steele, Bruin’s Chief Executive Officer. “The acquisition provides an opportunity to add significant scale, acreage, inventory, and production that is exceptionally complementary to Bruin’s existing asset base.”
And Dan Revers, ArcLight’s managing partner, adds, “The Bakken and Three Forks formations represent one of the most attractive value propositions in North America. Core well results in this region now compete with other premier basins thanks to steadily improving completion techniques, but with a significantly more attractive entry price.”