Exxon pays $1.6 billion for Bakken assets
Exxon Mobil is making a $1.6 billion investment in the Bakken oil fields of North Dakota and Montana.
The corporation is buying 196,000 acres of shale assets in the two states, capable of producing more than 15,000 barrels of oil and other hydrocarbons per day in the second half of 2012, according to a news release from the company.
The agreement increases ExxonMobil's holdings in the Bakken region by about 50 percent to nearly 600,000 acres.
Exxon Mobil and its subsidiary, XTO Energy, is making the purchase from Denbury Onshore, LLC, a subsidiary of Denbury Resources Inc. The sale includes all of Denbury's assets in the Bakken region.
Denbury will receive $1.6 billion in cash and acquire ExxonMobil's interests in two oil fields in Wyoming and Texas.
Exxon Mobil Corp. is the world's largest publicly traded international oil and gas company.