Silver Hill Energy Partners to Buy Liberty Resources' Bakken Assets
(Reuters) — Silver Hill Energy Partners said on Wednesday it would acquire Liberty Resources II's interests in oil and gas properties and all of Liberty Midstream Solutions in North Dakota for an undisclosed amount.
Merger and acquisition activities in the U.S. shale patch hit record levels in 2023, as exploration and production companies sought to boost scale and add premium drilling locations.
"After years of considering various opportunities for entry points into the Bakken, we are thrilled to be acquiring what we believe is an ideal initial upstream and midstream development platform for us in the play," Silver Hill Chief Executive Officer Kyle Miller said in a statement.
Liberty's assets in North Dakota have a net production of nearly 13,000 barrels of oil equivalent per day (boepd), with proved developed producing oil and gas reserves of nearly 16 million barrels of oil equivalent.
The midstream facilities consist of a 30 million cubic feet per day (MMcf/d) gas processing plant and 33 miles of gas gathering lines, among others.
The acquisition is expected to close on March 14.
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