Natural Resource Partners L.P. Completes Acquisition of North Dakota Oil and Gas Assets and Announces Election of New Officers
HOUSTON, Dec. 19, 2013 /PRNewswire/ -- Natural Resource Partners L.P. (NYSE: NRP) announced today that it has completed the previously announced acquisition of non-operated working interests in oil and gas properties located in the Williston Basin of North Dakota from Sundance Energy, Inc. for approximately $33.7 million in cash after purchase price adjustments. The acquisition has an effective date of September 1, 2013.
The properties, which are all held by production and currently producing from the Bakken/Three Forks play, are located in McKenzie, Mountrail and Dunn counties and are actively being developed. The acquisition includes an interest in approximately 100 wells producing or in various stages of development as well as the opportunity to participate in future development locations. The acquisition is expected to be immediately accretive to NRP's unitholders.
On December 17, 2013, the board of directors of NRP's general partner elected Wyatt L. Hogan as Executive Vice President. Mr. Hogan previously served as Vice President, General Counsel and Secretary. In addition, David M. Hartz was elected as Vice President, Oil and Gas; Kathryn S. Wilson was elected as Vice President, General Counsel and Secretary; and Gregory F. Wooten was elected as Vice President, Chief Engineer.
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 statements regarding future well development. 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, oil and gas; 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.