Forestar Group Inc. today announced that it has entered into two separate agreements with the same buyer to sell the Company’s oil and gas assets in the Bakken/Three Forks formation in North Dakota for nearly $60 million.
In first quarter 2016, Forestar sold 9 producing wells and over 900 net acres in North Dakota for $9.5 million.
The second transaction, expected to close in second quarter 2016 and subject to customary closing conditions, includes over 130 producing wells and nearly 8,100 net acres of leasehold interests for $50 million.
Upon closing the transaction announced today, the Company will have completely exited its oil and gas working interest assets in North Dakota.Over at the "NDIC well search" site I see no mention of Forestar as an operator in North Dakota.
BOTE:
- $9.5 million / 900 net acres: $11,000 / acre
- $50 million / 8,100 net acres: $6,000 / acre
Forestar is a residential and mixed-use real estate development company. We own directly or through ventures interests in 58 residential and mixed-use projects comprised of approximately 7,000 acres of real estate located in 11 states and 15 markets. We also own approximately 590,000 net acres of oil and gas fee minerals located in Texas, Louisiana, Georgia and Alabama.
In addition, we own interests in various other assets that have been identified as non-core that the company will exit opportunistically over time. Our non-core assets include our investment in oil and gas working interests, about 89,000 acres of undeveloped land, and commercial and income producing properties which consist of one hotel, seven multifamily projects and two multifamily sites. Forestar operates in three business segments: real estate, oil and gas and other natural resources.
No comments:
Post a Comment