Intrepid Potash Inc. on Dec. 12 said it expects to pull in some $100 million or more for an amendment to its Designated Potash Area (DPA) that will allow XTO Holdings and XTO Delaware Basin, subsidiaries of ExxonMobil, to pursue drilling activities within the DPA.
Between Dec. 12, 2023, and Jan. 2, 2024, Intrepid will receive $50 million and another $50 million as an “access fee” at a later date. XTO would also pay up to a maximum amount of $100 million as an “access realization fee” in the event of certain additional drilling activities.