Exxon to Buy US Bakken Shale Assets

Exxon to Buy US Bakken Shale Assets

Exxon Mobil on Thursday said it will boost its holdings of Bakken Shale assets in North Dakota and Montana by 50% in a deal with Plano, Texas-based Denbury Resources Inc.

Exxon Mobil Corp. (IW 50/7) on Thursday said it will boost its holdings of Bakken Shale assets in North Dakota and Montana by 50% in a deal with Plano, Texas-based Denbury Resources Inc. (IW 500/338).

Exxon Mobil said it has agreed to pay $1.6 billion in cash and swap interests in oil fields in Wyoming and Texas with Denbury.

Under the deal, Exxon will acquire 100% of Denbury's Bakken Shale assets. Exxon said the assets are expected to produce more than 15,000 oil equivalent barrels per day in the second half of 2012.

The deal increases ExxonMobil's holdings in the Bakken region by about 50% to nearly 600,000 acres.

"This agreement provides a strategic addition to ExxonMobil's North American unconventional resource base," Andrew Swiger, Exxon senior vice president, said in a news release.

Copyright Agence France-Presse, 2012

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