A wholly owned subsidiary of Chord Energy Corp. has entered into a definitive agreement to acquire assets in the Williston Basin from subsidiaries of Exxon Mobil Corp., for cash consideration of $375 million.
The Williston Basin is a large intracratonic sedimentary basin in eastern Montana, western North Dakota, South Dakota, southern Saskatchewan and southwestern Manitoba, known for its rich deposits of petroleum and potash. The acquisition includes 62,000 net acres within and adjacent to a near-term development program; 123 estimated net 10,000-foot-equivalent locations, including interest in Chord-operated wells and new largely undeveloped oil wells; and a current high-margin production of more than 6 million barrels of oil equivalent per day.
“The acquired assets are an excellent strategic and operational fit to Chord's premier Williston Basin acreage position,” said Danny Brown, president and CEO of Chord. “These low-cost, tier-one assets are highly competit