Triangle Petroleum Corp. (NYSE: TPLM) is buying two oil and gas properties in the Williston Basin for $120 million.

The properties are in Williams County, North Dakota, and Sheridan County, Montana. 

Simmons & Co. International acted as Triangle's financial adviser on the deal.

Triangle, headquartered in Denver, Colorado, focuses on developing oil and gas properties in the Bakken Shale and Three Forks formations in the Williston Basin.

Companies have been scooping up oil and gas assets for the past few years as U.S. oil production ramps up. Recent deals include Southcross Energy Partners LP's (NYSE: SXE) March purchase of natural gas pipelinesin Texas for $40 million, and Memorial Production Partners LP's (Nasdaq: MEMP) acquisition of oil and gas properties in Texas for $35 million. 

Private equity firms have also been getting in on the action, closing energy-specific funds. In April, Energy Capital Partners closed a $5 billion energy fund, and in February, Intervale Capital closed a $495 million energy-focused fund. For more, see 3Qs With … Craig Jarchow, managing director, Pine Brook Partners.

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