|Right now, we are depending on the judgment of Evans and Glenn Dawson as to what their Williston properties are worth.|
Mr. R. Glenn Dawson has been President of Williston Hunter Inc. since May 2011. Mr. Dawson has been the Chief Executive Officer and President of NuLoch Resources Inc. since October 2007 and August 23, 2007 respectively. Mr. Dawson was a co-founder of TriLoch in 2001, which ultimately became NuLoch Resources, Inc. Mr. Dawson served as an Executive Vice President of Nuloch Resources Inc. until August 23, 2007. Mr. Dawson is a geologist with 20 years of experience in oil and gas exploration in North America. He served as a Vice President of Exploration at Panatlas Energy, Inc., since 1999. He served as an Executive Vice President of Triloch Resources Inc. His principal responsibilities involved the generation and evaluation of drilling prospects and production acquisition opportunities on behalf of TriLoch. From December 1985 to September 1998, he held a variety of managerial and technical positions with Summit, including served as its Vice President of Exploration, Exploration Manager and Chief Geologist. Mr. Dawson served as an Exploration Geologist of Sundance Oil and Gas Inc. Mr. Dawson has been a Director of Nuloch Resources Inc. since June 2005. He served as a Director of Triloch Resources Inc. He holds a Bachelor of Science Degree in Geology from Weber State University of Utah in 1980 and an Masters of Science Program in Geology from University of Calgary from 1980 to 1982.
In a Reuters article about the transaction, BMO Capital Markets-Canada analyst Gordon Tait was quoted as saying Baytex got good price for the assets: “They got $327,000 per flowing barrel of oil equivalent and Baytex is currently trading at $144,000 per flowing boe.”
A flowing barrel of oil equivalent, Reuters explained, corresponds to a production rate of one barrel of boe per day.
Significant growth platform
“This strategic ‘bolt-on’ acquisition in North Dakota increases our technically focused acreage position to a 125,000 net mineral acreage blocks located in the Williston basin. We will be transitioning from a previously minor working interest position into a significant growth platform targeting the prolific Sanish-Three Forks Reservoir and emerging middle Bakken trends in this region,” Glenn Dawson, president of Williston Hunter Inc., the Magnum Hunter subsidiary that operates in the Bakken, said in a prepared statement. “Increased capital allocation combined with advancing drilling and completion technology will propel oil production growth for the remainder of 2012 any many years to come for our division. Williston Hunter’s recently executed third party midstream contract to gather and process natural gas liquids will also create current hidden value through material production, reserve and cash-flow additions in 2013,” he said.