Looks like E&P Enerplus has a sweet tooth for the Bakken with a billion-dollar investment there. Reese Energy Consulting today is following news from Calgary-based Enerplus, which this year has nearly quintupled its footprint in the Williston Basin to nearly 300,000 acres. The company in January acquired the assets of Houston-based Bruin E&P Operating for $465 million in cash that added 155,000 net acres and 459 producing wells to its then existing 66,440 acres. The latest bolt-on deal with N.Y.-based Hess Corporation for a minty $312 million includes 78,700 acres with limited exposure to federal land, 230 net undrilled locations, 6,000 BPD of production, and proved-plus-probable reserves of 62.7 MMBbls. As one of the largest operators in the Bakken with close to 800,000 acres, Hess says it’s focused on strengthening the company’s cash and financial liquidity and hadn’t planned to drill on the majority of the divested acres until 2026.
Enerplus Corporation is one of Canada’s largest independent oil and gas producers. The company holds oil and natural gas property interest in the United States and in western Canada, in the provinces of Alberta, British Columbia and Saskatchewan.