Hess makes $1.05B deal with TRZ for N.D. shale assets

11/22/2010 | Wall Street Journal, The

Hess struck a deal to acquire 167,000 net acres in the Bakken Shale from TRZ Energy for $1.05 billion. The assets currently produce approximately 4,400 barrels of oil equivalent per day and are close to Hess' existing holdings. The transaction "strengthens our leading land position in the Bakken, leverages our operating capabilities and infrastructure, and will contribute to future reserve and production growth," said Greg Hill, Hess' president of worldwide exploration production.

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