Natural Resource Partners L.P. Announces Agreement to Purchase Additional Producing North Dakota Oil and Gas Assets
HOUSTON, Oct. 30, 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 oil and gas properties located in the Williston Basin of North Dakota and currently producing from the Bakken/Three Forks play, from Sundance Energy, Inc. for approximately $35.5 million, subject to customary purchase price adjustments. The acquisition will have an effective date of September 1, 2013 and is expected to close in December of this year.
The properties are located in McKenzie, Mountrail and Dunn counties and are actively being developed. The leases to be acquired are held by production. The acquisition includes an interest in 77 producing wells in addition to the opportunity to participate in future development locations. NRP expects the acquisition to be immediately accretive to NRP's unitholders.
"This is NRP's second acquisition of producing, non-operated working interests in the Bakken/Three Forks play, which will grow and further diversify NRP's revenue going forward," said Nick Carter, President and Chief Operating Officer.
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 the Securities 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 in Natural Resource Partners' Securities and Exchange Commission filings. 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 firstname.lastname@example.org.
SOURCE Natural Resource Partners L.P.