Text Size:
A | A

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

Text Size: A | A
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 ...


Already a subscriber? Log In
Password:
 
Does your company have a site license? Inquire here
Already a print subscriber? Upgrade your magazine subscription