SOURCE: Emerald Oil, Inc.
DENVER, CO--(Marketwired - September 04, 2014) - Emerald Oil, Inc. (NYSE MKT: EOX) ("Emerald" or the "Company") today announced that it has closed the previously announced acquisition of core Williston Basin properties. The total consideration paid for the acreage was approximately $109 million, subject to customary closing adjustments, consisting of approximately $70.2 million in cash and the assignment of approximately 4,250 net acres located in Williams County, North Dakota.
Increase to Senior Credit Facility
In conjunction with the closing of the transaction, Emerald and its lending syndicate entered into an amendment to the Company's credit facility to increase the borrowing base under the credit facility from $100 million to $200 million. This redetermination reflects both Emerald's completion activities through the second quarter of 2014 and the transaction. The facility is currently undrawn. Emerald expects the next borrowing base redetermination to take place in October 2014.
Emerald is an independent exploration and production operator that is focused on acquiring acreage and developing wells in the Williston Basin of North Dakota and Montana, targeting the Bakken and Three Forks shale oil formations and Pronghorn sand oil formation. Emerald is based in Denver, Colorado. More information about Emerald can be found at www.emeraldoil.com.