On August 23, 2012, QEP Resources, Inc. (ticker: QEP) announced it increased its operations in the Williston Basin to approximately 118,000 net acres with the acquisition of 27,600 net acres from multiple sellers in a new core area targeting the Bakken and Three Forks formations. Details of the transaction: Total consideration of approximately $1.38 billion in cash, subject to customary
In only six months, Magnum Hunter Resources (ticker: MHR) increased its estimated total proved reserves by 51%, or 22.8 MMBOE. The company now estimates owning 67.7 MMBOE of proved reserves, 64% oil. What caused the increase? A combination of organic drilling extensions, as well as acquisitions (Magnum Hunter’s Chief Executive Officer Gary Evans’ effective and proven strategy to build, develop
BP (NYSE: BP) announced an agreement to lease approximately 84,000 acres in northeast Ohio targeting the Utica/Point Pleasant shale formation from the Associated Landowners of the Ohio Valley (ALOV). The ALOV is a local Ohio group representing area mineral owners. The 84,000 acres are located in Trumbull County, Ohio. BP reported in the news release terms of the agreement, to
