History in North Dakota and the Bakken
Written by Fort Union from the public sources listed below; bracketed numbers refer to that list.
Formation and early growth
Kraken Resources describes itself as an exploration and production company formed in 2012 to focus on drilling and development in the Williston Basin of Montana and North Dakota, primarily the Bakken formation [1]. Kraken's 2026 release says the company has drilled over 500 wells since inception and currently operates more than 1,200 wells [2].
The Crescent Point North Dakota acquisition
On August 24, 2023, Crescent Point Energy announced in an SEC-filed news release that it had agreed to sell its North Dakota assets to 'a private operator' for US$500 million in cash. The release said the assets had gross production of about 23,500 barrels of oil equivalent a day (89% oil and liquids) in the second quarter of 2023, and that production was expected to fall to 18,000 a day by 2027 given a limited drilling inventory [3]. The release did not name the buyer. A Reuters headline reported Kraken Resources as the buyer [4].
The Department of Mineral Resources' 2026 slide lists the operator as 'Kraken Operating, LLC (Kraken, Neptune)' and splits its 12.64 million barrels through August 2026 into 8.1 million barrels for Kraken and 4.6 million for Neptune (4.5% of North Dakota production, seventh overall) [5].
Zavanna and 2026 expansion
On March 31, 2026, Kraken acquired the membership interests of Zavanna Energy Operating, LLC. Kraken's May 14, 2026 release says the assets include about 35,000 net leasehold acres, 175 operated wells and more than 100 drilling locations in core areas of Williams and McKenzie counties, net production of about 14 thousand barrels of oil equivalent a day at closing, and gathering systems and 11 saltwater disposal wells [2]. The company funded the deal with its revolving credit facility, partly repaid with the proceeds of a $400 million offering of 7.125% senior notes due 2031, and a $200 million equity contribution [2]. The DMR's active-rig list, as read on October 25, 2026, shows one rig under Kraken Operating, LLC (Williams County) and one under Zavanna Energy Operating, LLC (Williams County) [6].
Current footprint
The same release reports 2025 net production of 85 thousand barrels of oil equivalent a day, 68% of it crude oil, and describes Kraken as the sixth-largest producer in the Williston Basin, with about 404,000 net acres in North Dakota and Montana and roughly 18 rig-years of remaining inventory at an average lateral length near 16,000 feet [2]. Its office is in Houston, Texas, and its owner relations page lists a Houston mailing address and phone and fax numbers [1][2].
For owners
Because Kraken grew largely through acquisitions of other companies' wells, owners may have been paid by more than one entity. After a sale like Crescent Point's, a buyer typically re-runs title and sends new division orders, which can take months; forum participants recommended certified mail to the new operator's division order department to create a paper trail [7]. Kraken publishes an Owner Relations page; no separate division order email appears on its official site.
Relevant news and sources
The sources this history was drawn from, in the order they are first cited. Links were checked when this page was built.
- About Kraken — Kraken Resources, read Oct 25, 2026.
- Kraken Resources Announces Closing of $400 Million of Senior Notes, Zavanna Acquisition, and Select 2025 Financial and Operating Results — Kraken Resources / Business Wire, May 14, 2026. Item appears on Kraken's company news page.
- Crescent Point Announces Sale of its North Dakota Assets (Form 6-K exhibit 99.1) — Crescent Point Energy / SEC, Aug 24, 2023.
- Crescent Energy to sell North Dakota assets to Kraken Resources — Reuters, Aug 24, 2023.
- Director's Cut, October 2026: Top 10 oil producers in ND (slide 18) — ND Department of Mineral Resources, Oct 20, 2026. Year-to-date oil production through August 2026.
- Active Drilling Rig List — ND Department of Mineral Resources, read Oct 25, 2026. Live page that changes daily; counts quoted here are as read on Oct 25, 2026.
- Crescent Point/Kraken (royalty owner discussion thread) — Mineral Rights Forum, Feb 2024.
Logos are trademarks of their respective owners and are used here only to identify each company; their use does not imply affiliation with or endorsement by Fort Union Minerals. Ranking basis: 2026 year-to-date oil production through August, million barrels; source: North Dakota Department of Mineral Resources, Director's Cut (October 20, 2026), slide 18.
