Texas-based Peregrine Petroleum is building on its oil and gas exploration and development activities in the West Texas Permian Basin following the company's 2012 acquisition of producing wells from Macquarie Americas Corp.
In March of last year, Peregrine acquired a non-operating interest in 111 wells and approximately 48,000 gross/9,600 net acres in the West Texas Permian Basin from Macquarie Americas in a deal valued at $111 million.
Peregrine's Permian Basin investment has helped the company continue to expand its pursuit of additional acquisitions and joint ventures in some of the country's top areas for oil and gas development. In addition to its current work in the Permian Basin, Peregrine also is conducting operations in the Bakken and Three Forks Shale in North Dakota's Williston Basin.
Peregrine currently maintains a non-operated position with Colorado-based Kodiak Oil and Gas Corp. in the Fort Berthold Indian Reservation in Dunn County, North Dakota. Kodiak and Peregrine completed their first horizontal well in the Bakken shale play in early 2009, and continue to drill and complete successful wells in Dunn County.