Whiting Petroleum completes acquisition of Kodiak Oil & Gas

whiting-home-image3Whiting Petroleum Corporation (NYSE:WLL) (“Whiting”) today announced that it has completed its previously announced acquisition of Kodiak Oil & Gas Corp. (“Kodiak”), creating the largest Bakken/Three Forks producer. The closing of the transaction follows the issuance of a final order by the Supreme Court of British Columbia approving the Arrangement on December 5, 2014. The all-stock transaction was previously approved by Whiting stockholders and Kodiak securityholders at special meetings held on December 3, 2014.

“We are excited to move forward as one company that is even better positioned to deliver value to our stockholders, customers and employees”

The transaction enhances Whiting’s leading oil-weighted platform and is expected to drive production, reserve growth and operational efficiencies. Based on the closing price of Whiting stock on December 5, 2014, the combined company has a market capitalization of approximately $6.2 billion.

“We are excited to move forward as one company that is even better positioned to deliver value to our stockholders, customers and employees,” said James Volker, Whiting’s chairman, president and chief executive officer. “Uniting our complementary acreage positions and substantial inventory of high return drilling locations provides Whiting with an expanded platform for growth. I am pleased to welcome Lynn Peterson and Jim Catlin to the Whiting Board of Directors and look forward to continuing to work closely with them and all of our employees, including our new team members from Kodiak, to ensure a seamless transition as we continue to drive production and significant value growth.”

As a result of the completion of the merger, the common stock of Kodiak Oil & Gas Corp. is no longer listed for trading on the New York Stock Exchange. Pursuant to the terms of the Arrangement, each share of common stock of Kodiak Oil & Gas Corp. will be exchanged for 0.177 of a share of Whiting common stock.

In connection with closing, Whiting, Whiting US Holding Company, a wholly-owned subsidiary of Whiting, and Kodiak applied to applicable Canadian securities authorities for a decision that each of them are not a reporting issuer in Canada and that, if such decision is made, (i) Kodiak will no longer be a reporting issuer in any jurisdiction of Canada and (ii) Whiting will provide its oil and gas disclosures in accordance with the filing obligations of the United States Securities Act of 1933 and the United States Securities Exchange Act of 1934 rather than in accordance with Part 8 of National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.

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