Lario Oil & Gas acquires interest in Bakken, Three Forks acreage

Lario and an undisclosed venture partner to hold interest in 36 wells

DENVER – Privately held Lario Oil & Gas Co. has acquired, in conjunction with an undisclosed partner, approximately 23,000 net acres of rights targeting the Bakken and Three Forks formations, primarily in the Little Knife Field in Dunn and Stark Counties, North Dakota, from Rocky Mountain Exploration Inc., a privately held exploration company based in Denver.

This acquisition brings Wichita, KS-based Lario’s total regional holdings to more than 250,000 gross and 49,182 net acres in the Bakken and Three Forks formations in North Dakota, Montana and Saskatchewan, Canada. The majority of this acreage is held by production. Lario’s Bakken and Three Forks production is currently estimated to be 3,000 net barrels of oil per day (b/d). 

According to the company website, Lario has participated in 47 gross/4 net wells in 2010 through May 10, 2010.

The acquisition includes interests in more than 36 Bakken and Three Forks wells as well as numerous PUDs and offsetting acreage. Current production from these properties is approximately 100 barrels of oil equivalent per day (boe/d). Tracker Resource Development will operate the properties. Recent discoveries in the immediate vicinity include Tracker’s Wing 15-1H well in the Little Knife Field, with a 24-hour peak rate of 1,643 boe/d; and Tracker’s Murphy 11-1H well in the Murphy Creek Field, which had a peak rate of 1,934 boe/d.

“Lario has made tremendous progress towards our 2010 strategic growth goals in the first three quarters of the year,” noted Mike O’Shaughnessy, Lario president, based in the Denver office. “We now hold significant positions in two of the best liquids-rich resource plays in North America – the Bakken in the US and Canadian Williston Basin and the Niobrara light oil play in the Colorado DJ Basin.”

Lario Oil & Gas Company is a privately owned independent oil and gas company with interests and operations in the Permian Basin of West Texas and New Mexico, the Greater Green River Basin of Wyoming, the Williston Basin of Montana and North Dakota, the Denver Julesburg Basin, the Mid Continent Region (Oklahoma and Kansas), the Arkoma Basin (Eastern Oklahoma), South Texas, the Sacramento Basin of California, and internationally in the Canadian provinces of Alberta and Saskatchewan. 

Source:  Lario Oil & Gas

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