Natural Resource Partners L.P. Completes Acquisition of Bakken Oil and Gas Assets
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 unitholders.
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 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. 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.