The Houston-based Oasis Petroleum Inc. is buying about 161,000 net acres in the Williston Basin for more than $1.5 billion, a massive expansion in North Dakota's oil patch.
The Williston Herald reports that with the purchase, Oasis ups its total coverage to approximately 492,000 acres, producing more than 43,000 barrels of oil a day.
Oasis chairman and CEO Thomas Nusz says the purchase is on high-quality land and provides the company with an opportunity to incrementally boost its position in the basin.
The Associated Press reports that there were no sellers were named in the Oasis report, which was made in four unrelated agreements and works out to a price of about $7,000 per acre.
As North America’s third largest oil producer, North Dakota has become the most prolific production state during the U.S. energy revolution, surpassing the output in Alaska and trailing only Texas and Alberta opines the Williston paper.
Internationally, NoDak is now producing more oil a day than Great Britain and OPEC member Ecuador.