Whiting Petroleum Corp. (NYSE: WLL) closed 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 company announced on Sept. 20.
The purchase price is subject to customary post effective date closing adjustments for revenues and expenses.
The acquired properties consist of 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% and net revenue interest of 48%. Ninety two percent 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. Whiting estimates proved reserves to be acquired at 17.1 million BOE (MMBOE) as of the Aug. 1 effective date of the acquisition, of which 85% is oil and of which 24% is proved developed producing and 76% is proved undeveloped.
Whiting Petroleum Corp. is an independent energy company engaged in the acquisition, exploration, exploitation, development, and production of crude oil, NGLs, and natural gas in the U.S. The company is based in Denver.