The move to buy nearly 86,000 acres from private owners will give the company a major position in the booming Bakken shale area.
The area being acquired contains an estimated 185 million barrels of oil and gas and 24 existing wells that produce 3,300 barrels per day. The deal is expected to close by the end of the year.
Williams Companies also has moved into Pennsylvania's Marcellus Shale area, accumulating about 100,000 acres over the past year and a half. By 2013, about 25 percent of the company's exploration and production revenue is expected to come from oil production, up from 7 percent now.
Source: CB Online