Denver-based Emerald Oil Inc. (NYSE: EOX) has parted with most of its non-operated Williston Basin acreage in two deals totaling $113 million.
Emerald gave up 26,580 net acres to “industry partners” that produce 850 barrels of oil equivalent per day (BOE/d). No cash income tax obligations are expected from the transaction.
The sale pushes Emerald forward as a Bakken pure-play operator. Since a strong showing in the fourth quarter of 2012, Emerald has been converting its business model to an operator of Bakken wells and away from a non-operator.