Natural Resource Partners LP (NYSE: NRP) has entered into a definitive agreement to purchase non-operated working interests in oil and gas properties located in the Williston Basin of North Dakota and currently producing from the Bakken/Three Forks play, from Sundance Energy Inc. for approximately $35.5 million, subject to customary purchase price adjustments. The acquisition will have an effective date of September 1, 2013 and is expected to close in December of this year.
The properties are located in McKenzie, Mountrail and Dunn counties and are actively being developed. The leases to be acquired are held by production. The acquisition includes an interest in 77 producing wells in addition to the opportunity to participate in future development locations. NRP expects the acquisition to be immediately accretive to NRP's unitholders.
"This is NRP's second acquisition of producing, non-operated working interests in the Bakken/Three Forks play, which will grow and further diversify NRP's revenue going forward," said Nick Carter, president and COO.
Natural Resource Partners LP is a master limited partnership headquartered in Houston, TX, with its operations headquarters in Huntington, WV.