Right here in America there is a modern day oil & gas boom. Using a geology-based assessment methodology, the U.S. Geological Survey estimated mean undiscovered volumes of 3.65 billion barrels of oil, 1.85 trillion cubic feet of associated/dissolved natural gas, and 148 million barrels of natural gas liquids in the Bakken Shale Formation of the Williston Basin Province, Montana and North Dakota.

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Wednesday, December 8, 2010

Williams to Buy Shale-Oil Assets for $925 Million


Williams Cos. said Monday that it will pay $925 million for oil-producing properties in North Dakota, adding to the recent rush for North America's onshore energy resources.

The Tulsa, Okla.-based energy company agreed to buy about 86,000 acres with access to oil in North Dakota's Bakken shale formation. It didn't name the seller but said the acreage is all on the Fort Berthold Indian Reservation. Williams aims to double the number of rigs operating there to six from three by 2012.

The move should be "very good news for other Bakken producers," analysts with energy investment bank Simmons & Co. International said in a research note.

Williams estimated the property has about 185 million total net reserves of barrels of oil equivalent. It expects about 25% of exploration-and-production revenue will come from oil by 2013, up from 7% this year. The company has also accumulated more than 100,000 net acres in Pennsylvania's natural gas-rich Marcellus shale over the past year and a half, and also holds acreage in Colorado's Piceance Basin.
Williams has been seeking to simplify its structure and focus on exploration and production of oil and gas rather than transportation and processing.

Source: Wall Street Journal

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