Noble purchases Bakken royalties

Noble Royalties Inc. has entered the Williston basin with the acquisition of producing royalties from wells in seven North Dakota counties, the company announced May 25.

The $37.75 million acquisition is 81 percent oil, 15 percent natural gas and 4 percent natural gas liquids production, and includes producing wells in the Bakken, Three Forks, Mission Canyon, Duperow and Red River formations, according to the company.

Noble purchased the royalties from an undisclosed seller.

“We have been looking for the right asset to establish a strong initial position in the Bakken. This acquisition provides current production as well as potential growth through the hundreds of PUD (proven undeveloped) Bakken locations as operators continue to develop the asset,” Noble President and CEO Scott Noble said in a prepared statement.

Noble is one of the largest private purchasers of oil and gas royalties in the country, with more than $1.3 billion in mineral, royalty and overriding royalty interests across hundreds of millions of acres in 30 states. The company was founded in 1997.

—Eric Lidji

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