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Land Resources / News / Montana
Vaalco Completes Purchase of Bakken Acreage at Poplar Dome, Montana
Source: City Biz List, by n/a
HOUSTON -- VAALCO Energy, Inc. (NYSE: EGY) today announced that the Company has entered into a definitive agreement with Magellan Petroleum Corporation (NASDAQ: MPET) to acquire and develop an operating working interest in approximately 23,000 net mineral acres of oil, gas and mineral leases covering the Bakken and deeper formations in the East Poplar Unit and the Northwest Poplar Field in Roosevelt County, Montana. Under the terms of the agreement, VAALCO has paid Magellan $5 million and committed to spend approximately $15 million to drill three wells. September 09, 2011
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