Goldman Sachs to market sale of Fidelity Exploration & Production

By The Bakken Magazine Staff | July 15, 2015

Opportunities in its utility, pipeline and construction business units are too great to ignore for MDU Resources. After several months of indication during investor calls, the company has officially put its oil production segment, Fidelity Exploration & Production Co., up for sale.

Fidelity has producing assets and acreage in the areas of North Dakota, Montana, Wyoming, Utah, Texas and Louisiana. Although a company spokesperson has said Fidelity does not intend to provide comment or updates of the potential sale, MDU has set-up a data room for prospective clients to view.

Goldman Sachs will assist in marketing Fidelity. “We have a broad base of oil and natural gas assets in the Rocky Mountains and Mid-Continent/Gulf states regions of the U.S. along with a solid base of high-quality reserves,” the spokesperson said.

While the sale is in progress, Fidelity will continue to operate. According to the spokesperson, Fidelity’s greatest accomplishment to date is managing a successful transition from being a natural gas operator to successful oil operator all from a grassroots project. The company had previously said it would use the proceeds of the sale to boost its utility, pipeline and construction strategies.