Resolute Energy Enters Agreement with Marathon Oil to Develop Acreage in Bakken Trend
Resolute Energy Corporation (“Resolute”) (NYSE: REN - News) today announced that it has entered into an agreement with Marathon Oil Company (“Marathon”) (NYSE: MRO - News) to develop approximately 19,000 gross acres (8,425 net to Resolute) in the Bakken trend in McKenzie County, North Dakota. The agreement enables Resolute to increase its net lease holdings in the Bakken trend by almost 35 percent, to more than 33,000 net acres in Williams and McKenzie Counties, North Dakota.
Under the terms of the agreement, Resolute will earn interests in the acreage by drilling and completing two earning wells. The Company expects that both earning wells will be drilled early in the 4th quarter of 2010. Marathon will serve as contract operator of the earning wells and as operator of the contract lands Full Article