Black Ridge acquires Williston Basin assets for $20.5M

Black Ridge Oil and Gas Inc.

Black Ridge Oil and Gas Inc. (OTCQB: ANFC), an exploration and production company focused on non-operated Bakken and Three Forks properties, has signed a definitive purchase and sale agreement with a private party to acquire certain producing oil and gas wells and development acreage in the Williston Basin for $20.5 million.

Black Ridge will finance the acquisition with availability from its senior secured credit facility with Cadence Bank NA, its second-lien credit facility with Chambers Energy Management LP, and cash on hand. In conjunction with the closing of the transaction, Cadence has agreed to increase the company's borrowing base from $7.0 million to $18.0 million.  

Black Ridge expects the acquisition to close on or before Dec. 13.

 

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