StockMarketWire.com - Oil company Zephyr Energy said it had acquired two additional non-operated near-term production portfolios in North Dakota's Williston Basin, for $0.97 million.

The company also announced that it had formed a joint venture with Purified Resource Partners related to ongoing non-operated business development efforts.

Zephyr already owned minority working interests in seven non-operated producing wells in the Williston Basin.

For the two new assets, it planned to fund the discretionary net capital expenditure related to the drilling and completion of the 15 wells acquired.

This spend was forecast to be about $3.9 million and due in late 2021 and early 2022.

'The board expects to be able to fund this capex out of its current cash resources and with additional revenues from its current production,' Zephyr said.


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