Natural Resource Partners L.P. Announces Agreement to Purchase Bakken Oil and
HOUSTON, June 17, 2013
HOUSTON, June 17, 2013 /PRNewswire/ --Natural Resource Partners L.P. (NYSE:
NRP)announced today that that it has entered into a definitive agreement to
purchase non-operated working interests in producing oil and gas properties
located in the Bakken/Three Forks play, located in the Williston Basin of
North Dakota and Montana from Abraxas Petroleum Corporation for approximately
$35.3 million in cash. The acquisition will have an effective date of March
1, 2013 and is subject to customary closing conditions and purchase price
The acquisition consists of approximately 13,500 net acres that are held by
production with an estimated average working interest of 11% in the
Bakken/Three Forks play. The acquisition includes approximately 120 producing
wells in addition to interests in 22 wells that are in various stages of
development. NRP anticipates funding $8.1 million in additional capital
expendituresassociated with these new wells in 2013, a portion of which will
be paid at closing. NRP expects the acquisition to close in the third quarter
of 2013 and to be immediately accretive to NRP's unitholders.
"This acquisition marks NRP's strategic entry into the Bakken play and into
owning non-operated working interests in oil and gas assets," said Nick
Carter, President and Chief Operating Officer. "This adds further diversity
to NRP's revenue going forward."
Natural Resource Partners L.P. is a master limited partnership headquartered
in Houston, TX, with its operations headquarters in Huntington, WV. NRP is
principally engaged in the business of owning and managing mineral reserve
properties. NRP primarily owns coal, aggregate and oil and gas reserves
across the United States that generate royalty income for the partnership.
This press release may include "forward-looking statements" as defined by
theSecurities and Exchange Commission. All statements, other than statements
of historical facts, included in this press release that address activities,
events or developments that the partnership expects, believes or anticipates
will or may occur in the future are forward-looking statements. These
statements include the accretive nature of the acquisition and the closing
date of the transaction. These statements are based on certain assumptions
made by the partnership based on its experience and perception of historical
trends, current conditions, expected future developments and other factors it
believes are appropriate in the circumstances. Such statements are subject to
a number of assumptions, risks and uncertainties, many of which are beyond the
control of the partnership. These risks include, but are not limited to,
decreases in demand for coal; changes in operating conditions and costs;
production cuts by our lessees; commodity prices; unanticipated geologic
problems; changes in the legislative or regulatory environment and other
factors detailed inNatural Resource Partners'Securities and Exchange
Commissionfilings.Natural Resource Partners L.P.has no obligation to
publicly update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
For additional information, please contact Kathy H. Roberts at 713-751-7555 or
SOURCE Natural Resource Partners L.P.
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