Whiting Petroleum To Buy Certain Properties In Williston Basin - Quick Facts

(RTTNews) - Whiting Petroleum Corp. (WLL) Tuesday said it signed a purchase and sale agreement with a private party to buy certain producing oil and gas wells and development acreage in the Williston Basin in Williams and McKenzie counties of North Dakota and Roosevelt and Richland counties of Montana for $260 million. The deal, which has an effective date of August 1, is expected to close by September 30. Whiting plans to finance the acquisition with borrowings under its existing bank credit facility.

Net oil and gas production from the properties is estimated to average 2,420 barrels of oil equivalent or BOE per day in August, and Whiting's estimates proved reserves at 17.1 million BOE with 85 percent of reserves being oil. Whiting also estimates that 24 percent of the reserves are proved developed producing and 76 percent are proved undeveloped.

James Volker, Whiting's Chairman and CEO, commented, "This acreage expands our presence in our Western Williston Basin area where we have seen recent strong production growth primarily as a result of positive drilling results at our Hidden Bench, Tarpon and Missouri Breaks prospects."