Whiting Petroleum Corporation (NYSE: WLL) announced last Friday the closing of the previously announced $260 million acquisition from a private party of certain producing oil and gas wells and development acreage in the Williston Basin. The purchase price is subject to customary post-effective date closing adjustments for revenues and expenses.
The acquired properties consist of approximately 17,282 net (39,310 gross) acres located in Williams and McKenzie counties of North Dakota and Roosevelt and Richland counties of Montana that target the Middle Bakken and Three Forks zones. The properties include 13 operated 1,280-acre Bakken/Three Forks drilling spacing units with an average working interest of 58 per cent and net revenue interest of 48 per cent. 92 per cent of the acreage is held by production.
Net oil and gas production from the properties was estimated to average 2,420 barrels of oil equivalent (BOE) per day in August 2013. Whiting estimates proved reserves to be acquired at 17.1 million BOE (MMBOE) as of the August 1, 2013 effective date of the acquisition, of which 85 per cent is oil and of which 24 per cent is proved developed producing and 76 per cent is proved undeveloped.
About Whiting Petroleum Corporation
Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company that explores for, develops, acquires and produces crude oil, natural gas and natural gas liquids primarily in the Rocky Mountain, Permian Basin, Mid-Continent, Michigan and Gulf Coast regions of the United States. The Company’s largest projects are in the Bakken and Three Forks plays in North Dakota and its Enhanced Oil Recovery field in Texas. The Company trades publicly under the symbol WLL on the New York Stock Exchange. For further information, please visit http://www.whiting.com.by