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Whiting Petroleum Sells Fort Berthold Area Assets for $500m

Source: www.gulfoilandgas.com 8/15/2017, Location: North America

Whiting Petroleum Corporation has an agreement to sell its Fort Berthold Indian Reservation area assets located in Dunn and McLean Counties, North Dakota to RimRock Oil & Gas Williston, LLC. The cash purchase price is $500 million, subject to customary adjustments. Whiting will use the net proceeds from the sale to repay $500 million of its current $550 million bank debt. The effective and closing date of the sale is September 1, 2017.

James J. Volker, Whiting's Chairman, President and CEO, commented, "The price received for these properties, which are largely non-operated, highlights the quality of Whiting’s Bakken/Three Forks assets. The Fort Berthold properties represent only approximately 7% of Whiting’s second quarter total production. The sale provides Whiting additional liquidity to develop its industry-leading properties across the Williston Basin, where the Company estimates it has 4,850 future gross drilling locations.”

The properties span 29,637 net acres, 29 non-operated drilling spacing units and 17 operated. Net daily production from the properties averaged 7,785 BOE/d in the second quarter of 2017. Lease operating expense (LOE) for the properties averaged approximately $12.60 per BOE for the 12 months endingJune 30, 2017. Whiting’s other operated Bakken production averaged $7.50 per BOE.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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