NRP To Acquire Working Interests In Williston Basin Oil & Gas Properties

(RTTNews) - Natural Resource Partners L.P. (NRP) reported that it has signed a definitive agreement to acquire non-operated working interests in oil and gas properties located in the Bakken/Three Forks play of the Williston Basin from an affiliate of Kaiser-Francis Oil Company for $340 million. The assets, located in the Sanish Field in Mountrail County, North Dakota, are all held by production and operated by Whiting Petroleum Corporation. Natural Resource Partners expects the acquisition to be immediately accretive to its distributable cash flow.

As a result of the transaction and the acquisition of VantaCore Partners, the company updated its guidance for 2014 to $370 million to $390 million in total revenues and distributable cash flow of $205 million to $230 million. Analysts polled by Thomson Reuters expect the company to report fiscal 2014 revenue of $339.39 million.

The company also announced it plans to offer 8.5 million common units representing limited partner interests in Natural Resource Partners L.P. through an offering. NRP intends to use the net proceeds to fund a portion of the purchase price of the pending acquisition of the non-operated working interests in oil and gas assets located in the Williston Basin in North Dakota.