Published: October 07, 2010
Lario Oil & Gas Acquires Interests in the Bakken and Three Forks
DENVER - (BUSINESS WIRE) - Lario Oil & Gas Company announced that it has acquired, in conjunction
with an undisclosed partner, approximately 23,000 net acres of highly
prospective rights targeting the Bakken and Three Forks formations,
primarily in the Little Knife Field in Dunn and Stark Counties, North
Dakota, from Rocky Mountain Exploration, Inc., a privately held
exploration company based in Denver. The acquisition closed on September
23, for an undisclosed sales price, with an effective date of July 1,
2010.
This acquisition brings Lario's total regional holdings to more than
250,000 gross and 49,182 net acres in the Bakken and Three Forks
formations in North Dakota, Montana and Saskatchewan, Canada. The
majority of this acreage is held by production. Lario's Bakken and Three
Forks production is currently estimated to be 3,000 net barrels of oil
per day (BOPD).
The acquisition includes interests in more than 36 Bakken and Three
Forks wells as well as numerous PUDs and offsetting acreage. Current
production from these properties is approximately 100 barrels of oil
equivalent per day (BOEPD). Tracker Resource Development will operate
the properties. Recent discoveries in the immediate vicinity include
Tracker's Wing 15-1H well in the Little Knife Field, with a 24-hour peak
rate of 1,643 BOEPD; and Tracker's Murphy 11-1H well in the Murphy Creek
Field, which had a peak rate of 1,934 BOEPD.
"Lario has made tremendous progress towards our 2010 strategic growth
goals in the first three quarters of the year," noted Mike
O'Shaughnessy, Lario President, based in the Denver office. "We now hold
significant positions in two of the best liquids-rich resource plays in
North America - the Bakken in the U.S. and Canadian Williston Basin and
the Niobrara light oil play in the Colorado DJ Basin. We will leverage
our existing assets to expand our lease and locations portfolio to
ensure continued growth and success, as Lario enters our 84th
year of operations."
About Lario Oil & Gas Company
Lario Oil & Gas Company is a privately owned independent oil and gas
company with interests and operations in the Permian Basin of West Texas
and New Mexico, the Greater Green River Basin of Wyoming, the Williston
Basin of Montana and North Dakota, the Denver Julesburg Basin, the Mid
Continent Region (Oklahoma and Kansas), the Arkoma Basin (Eastern
Oklahoma), South Texas, the Sacramento Basin of California, and
internationally in the Canadian provinces of Alberta and Saskatchewan.
For more information, log on to www.lario.net.
Lario Oil & Gas Company
Mike O'Shaughnessy, 303-595-8030
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