US-based Hess plans to strengthen its position in the oil-rich Williston Basin with an all-stock purchase of Denver independent American Oil & Gas worth $445 million. The deal expands Hess’ holdings in the Bakken oil formation in North Dakota by 85,000 net acres to around 655,000 net acres, and includes properties near existing Hess operations. “This acquisition builds on our strong land position in the Bakken, leverages our nearby infrastructure and offers operational synergies,” said Greg Hill, president of Hess’ exploration and production business.
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