---
schema_version: "secwatch.filing_event.v1"
accession: "0001712543-23-000036"
form_type: "8-K"
ticker: "EQS"
cik: "0000878932"
company_name: "EQUUS TOTAL RETURN, INC."
filed_at: "2023-05-25T23:59:59+00:00"
generated_at: "2026-06-14T15:23:16.471170+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Equus subsidiary Morgan E&P acquires 4,748 net acres in Bakken, commits to drill 6 wells within 18 months

## Summary
- Acquired 4,747.52 net acres in Bakken/Three Forks formation, Williston Basin, North Dakota.
- Payment of $500,000 plus obligation to drill minimum 6 horizontal wells within 18 months of permits (avg cost ~$8M/well).
- Morgan receives average net revenue interest of 80% in production from drilled wells.
- CG&A reserve analysis: PV10 values for proved undeveloped $6.4M, probable $14.8M, possible $37.6M; 48 gross / 15 net drilling locations.
- Estimated ultimate recovery per well: ~811,475 barrels of oil equivalent.

## SEC filing metadata
- accession: 0001712543-23-000036
- form_type: 8-K
- ticker: EQS
- cik: 0000878932
- company_name: EQUUS TOTAL RETURN, INC.
- filed_at: 2023-05-25T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/878932/000171254323000036/0001712543-23-000036-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/878932/000171254323000036/f8k_equus05222023.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001712543-23-000036
- JSON: https://secwatch.observer/filing/0001712543-23-000036.json
- Plain text: https://secwatch.observer/filing/0001712543-23-000036.txt

## Key facts
- Material Agreements
  EQUUS TOTAL RETURN, INC. entered into Purchase and Sale Agreement with Pro Energy I LLC (effective 2023-05-22).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Pro Energy I LLC
  - Effective: 2023-05-22
  source text: On May 22, 2023, Morgan E&P, LLC (“Morgan”), a wholly-owned subsidiary of Equus Total Return, Inc. (“Equus” or the “Fund”) entered into a material definitive Purchase and Sale Agreement (“Purchase Agreement”) with Pro Energy I LLC (“Pro Energy”) to acquire certain oil and gas acreage and mineral rights in the Williston Basin of North Dakota.
  evidence_url: https://www.sec.gov/Archives/edgar/data/878932/000171254323000036/0001712543-23-000036-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.