Citation Oil & Gas Corp.

Transaction Type
Sellers
Marketers
Basin
Williston
Post Date
Estimated Price
MM
Description

Citation Oil & Gas Corp. has retained Tudor, Pickering, Holt & Co. to sell certain Bakken and Three Forks oil assets primarily in Williams, McKenzie, Dunn and Billings counties, North Dakota, and Richland County, Montana.

The package includes approximately 46,000 net mineral acres, more than 99% of which is held by production, with an average net revenue interest of 84%. In addition to its undeveloped acreage, Citation is offering its interests in 68 producing Bakken/Three Forks wells that have current net production of approximately 700 barrels of oil equivalent per day.

Nonoperated acreage is operated by Brigham Exploration Co., Austin, Texas, (Nasdaq: BEXP) EOG Resources Inc., Houston, (NYSE: EOG), Continental ResourcesInc., Enid, Okla., (NYSE: CLR), Hess Corp., New York, (NYSE: HES) and Denver-based Whiting Petroleum Corp. (NYSE: WLL). Citation's most recent Bakken and Three Forks wells have average initial production of more thant 2,000 and 900 barrels equivalent per day, respectively.

Contact Tim Sulser, 713-333-7133, tsulser@tudorpickering.com.