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Regal Group International: Williams Companies Inc. buys its chunk of Brakken shale.
Oklahoma based natural gas firm secures 86,000 acres in North Dakota in $925 million deal.
Williams Cos has changed its exploration focus to acreage which contains crude oil or natural gas with high liquids content after natural gas prices dropped by over a third so far this year while oil has gained more than 6%.
Regal Group International has been informed that a number of other producers, including Devon, Chesapeake and SandRidge have given indications that they are to move away from natural gas.
Williams Cos’s purchase of the North Dakota fields values the play at just under $11,000 an acre, nearly double the $5,300 per acre paid by Hess Corp. for Brakken operation American Oil & Gas Inc, earlier in the year.
The latest acquisition is believed to hold an estimated reserve of 185 million barrels of oil and gas and also includes 24 existing wells which Regal Group International has learned currently produce 3,300 barrels a day.
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