In the Bakken, the company entered into a joint venture with GeoResources Inc. (Nasdaq: GEOI), a farmout from Marathon Oil (NYSE: MRO) and the acquisition of additional undeveloped acreage in the play. As of December 31, 2012, Resolute owns approximately 32,000 net acres in the Bakken trend.
Resolute’s Bakken properties are in Williams and McKenzie counties, North Dakota. These leaseholds are located within the Bakken shale trend of the Williston Basin. Although the middle Bakken formation is the primary objective, secondary objectives include the Three Forks, Madison and Red River formations. During the three months ended December 31, 2012, the Company participated in the drilling of nine gross (1.9 net) wells. At December 31, 2012, the Company had an interest in four gross (1.1 net) wells awaiting completion operations.