Liberty Resources II LLC has announced the signing of a definitive agreement with Emerald Oil Inc. (NYSE MKT: EOX) to exchange a portion of its holdings in North Dakota's Williston Basin for additional acreage in the Williston Basin and approximately $78.4 million in cash. In addition to the cash received, Liberty will acquire approximately 4,175 net acres in Williams County, N.D. which will add an estimated 30 operated drilling locations to the company's current portfolio. As part of the transaction, Liberty will divest approximately 31,500 non-core acres in McKenzie County, N.D. with current net production of approximately 400 BOE/day. The transaction has an effective date of May 1, 2014 and is expected to close in early September. At closing, the purchase price will be adjusted for customary effective date purchase price adjustments.
Denver-based Liberty had identified a significant inventory of approximately 100 high-quality Bakken and Three Forks drilling locations in Williams County on its acreage position held prior to the transaction.
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