Noble Royalties, Inc. has closed on the acquisition of producing oil and natural gas royalties in seven North Dakota counties from an undisclosed seller. The $37.75 million Bakken Shale acquisition consists of 81% oil, 15% natural gas and 4% natural gas liquids production. The acquisition includes not only the currently producing wells in the Bakken Shale, but other target formations that are being developed in the area. These include the Three Forks, Mission Canyon, Duperow and Red River formations.
"We have been looking for the right asset to establish a strong initial position in the Bakken Shale,” said Noble Royalties President and CEO Scott Noble. “This acquisition provides current production as well as potential growth through the hundreds of PUD Bakken locations as operators continue to develop the asset."
Founded in 1997 by Noble, the company has since acquired more than $1.3 billion in mineral, royalty and overriding royalty interests in 30 states across hundreds of millions of acres. Noble Royalties maintains its corporate headquarters in Addison, Texas; an engineering and evaluation office in Houston, Texas; and acquisition offices in Denver, Colo., and San Antonio and Cuero, Texas.