Natural Resource Partners L.P. Completes Acquisition of Bakken Oil and Gas
HOUSTON, Aug. 12, 2013
HOUSTON, Aug. 12, 2013 /PRNewswire/ --Natural Resource Partners L.P.
(NYSE:NRP) announced that it has completed the previously announced
acquisition of non-operated working interests in the Bakken/Three Forks play
from Abraxas Petroleum Corporation for $38.3 million in cash after purchase
price adjustments. The acquisition has an effective date of March 1, 2013.
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 134 producing
wells in addition to interests in 18 wells that are in various stages of
development. NRP expects the acquisition to be immediately accretive to NRP's
In conjunction with the purchase of this interest, NRP Oil and Gas LLC, the
wholly owned subsidiary of Natural Resource Partners L.P. that acquired the
Bakken/Three Forks assets, has entered into a senior secured, reserve-based
revolving credit facility to fund capital expenditure requirements related to
the development of these assets.
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. 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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