In the Bakkens of North Dakota where some Oklahoma energy companies have invested heavily, one Texas based firm is unloading its assets for $27 million in cash.
Earthstone Energy Inc. based in Houston announced the sale “to an unaffiliated party” and the closing should be completed by the end of the year.
“The sale of our Bakken assets, which are non-operated, represents a further step in Earthstone’s continued shift in emphasis to being primarily a Midland Basin focused operator,” said Robert J. Anderson, Executive Vice President of Corporate Development and Engineering.
The sale involves 27,000 net acres with production of 7,000 Boepd.
“The divestiture of our Bakken assets allows us to continue focusing our human and capital resources on our highly economic assets in the Midland Basin,” added Anderson.
The company’s primary assets are in the Midland Basin of west Texas and the Eagle Ford trend of south Texas.