Murphy Oil (MUR) reported that the company has signed an agreement to acquire properties in the Southern Alberta basin that is prospective for the Bakken Shale.
Murphy Oil acquired 202 sections, or 129,280 acres from Kainaiwa Resources Inc., an entity associated with the Blood Tribe First Nation in Canada. The acreage is located on the tribe’s reserve in Alberta. The agreement is for a term of five years and requires Murphy Oil to drill a minimum of sixteen wells during that time.
