Nothing but negotiation

The Gap Partnership

Sales negotiations complete between Statoil and Brigham

A deal has been put in place that will see Statoil take over Brigham Exploration.

18 October 2011

Statoil has completed business negotiations with Brigham Exploration over a merger agreement.

The all-cash offer is worth $4.4 billion (£2.8 billion) and as a result of the move the former is now entering in to the Bakken and Three Forks oil plays.

Helge Lund, president and chief executive officer of Statoil, may have taken part in a negotiation seminar ahead of the transaction.

He noted the deal represented a "significant step" for the firm, as it seeks to position itself as a "leading player in the fast growing US onshore oil and gas industry".

Bakken and Three Forks are among the biggest formations in the US and Statoil - which has its headquaters in Norway - can look forward to owning 375,000 net acres thanks to the agreement.

Bud Brigham, Brigham Exploration's chairman, stated Statoil is "better positioned" to take advantage of the drilling locations it has in the Williston Basin.

Posted by Ken Hayes

Source: Statoil press release, October 17th

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