On Monday, natural resource exploration and development company US Energy Corp. (USE) announced that on Friday it entered into a purchase and sale agreement with an undisclosed seller to acquire interests in producing Bakken and Three Forks formation wells and related acreage in McKenzie, Williams and Mountrail Counties, North Dakota.
Under the agreement, USE acquired working interests in 23 drilling units for $2.5 million with an estimated 307,000 BOE in proved reserves. There are currently 27 gross producing wells in the acreage. Of these wells, 25 are producing from the Bakken formation and two are producing from the Three Forks formation. All acreage (about 400 net acres) is currently held by production and produces approximately 47 BOE/D net to USE.