We are an independent exploration and production operator that is focused on acquiring acreage and developing wells in the Williston Basin of North Dakota and Montana, targeting the Bakken and Three Forks shale oil formations. Emerald is based in Denver, Colorado. Assets outside of the Williston Basin are being monetized to focus capital deployment to the Williston Basin.
We have identified approximately 279 net potential drilling locations on our acreage prospective for oil in the Bakken and Three Forks formations assuming 4 Bakken wells and 3 Three Forks wells per 1,280-acre spacing unit. The majority of our capital expenditures are expected to be directed toward drilling operated Bakken and Three Forks wells. We are currently operating a continuous 1-rig drilling program on our operated acreage in McKenzie County, North Dakota.