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Whiting, Kodiak Merger To Create Top Bakken Producer

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By Darren Barbee, Hart Energy
July 14, 2014

In a deal that would alter the Williston Basin’s pecking order, Whiting Petroleum Corp. (NYSE: WLL) announced July 13 it will acquire Kodiak Oil & Gas Corp. (NYSE: KOG) in an all-stock transaction valued at $6 billion.

The amount is based on the closing price of Whiting stock July 11 and Kodiak’s net debt of $2.2 billion as of March 31. Kodiak’s market capitalization was $3.79 billion on July 7.

The Denver-based companies would become the largest Bakken/Three Forks producer, with more than 107,000 barrels of oil equivalent per day ...

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