Kodiak Oil and Gas (KOG) reported that the company has closed on a previously announced acquisition of properties in the Williston Basin. The property includes both producing and undeveloped acreage.
Kodiak Oil and Gas acquired 13,400 net acres in Williams County, North Dakota, for $245 million. The company used cash and borrowings to pay for the acreage, and now has a total of 110,000 net acres.
Kodiak Oil and Gas obtained fifteen drilling units and seven gross, or 5.1 net wells that are currently producing. The properties also contain four gross, or 2.2 net wells that are waiting on completion or drilling. The company expects two of these wells to be completed in November 2011.