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Norway's Statoil Buys Brigham For Stake In Bakken Oil Play

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Steve Toon
October 17, 2011

Norwegian national oil company Statoil ASA (NYSE: STO; Oslo: STL) is making a move to claim a 375,000-net-acre stake in the Bakken and Three Forks tight oil play in North Dakota and Montana via the acquisition of independent producer Brigham Exploration Co., Austin, Texas, (Nasdaq: BEXP) for a total deal value of $4.7 billion.

Statoil will pay US$36.5 per share in an all-cash deal, a 36% premium over an average of the last 30 trading days and 20% above close of trading Oct. 14. Statoil will also assume approximately $300 ...

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