Whiting Petroleum Corp., Denver, (NYSE: WLL) has completed the acquisition of the operated interest in the North Ward Estes field in Ward and Winkler counties, Texas, for $442 million in cash and 441,500 shares of Whiting common stock, from Midland, Texas-based Celero Energy LP, a privately held Quantum Energy Partners portfolio company. Whiting paid $1.09 per thousand cubic feet equivalent of estimated proved reserves. The North Ward Estes Field includes six base leases with 100% working interests in approximately 58,000 gross and net acres in Ward and Winkler counties, Texas. Whiting will operate all of these properties, which currently contain 523 producing wells and 149 injection wells. Including production from the interests in certain other fields, these properties were producing at an average net daily rate of approximately 3,160 barrels of oil and 2.4 million cubic feet of gas during the first quarter of 2005. Interests in certain other fields encompassing approximately 30,000 net acres were also included in the purchase. These additional fields encompass 650 additional wells throughout the Permian Basin. Merrill Lynch & Co. provided a fairness opinion to Whiting, and the company received a commitment from JPMorgan Chase Bank NA to increase the borrowing base under its credit facility from $550 million to $850 million. Whiting intends to finance the cash portion of the purchase price with bank debt from this credit facility and expects to have a debt-to- total-capitalization ratio of 63% following the second closing. Whiting has hedged approximately 55% of the current proved developed producing oil production from the Celero properties through 2008, using costless collars with floors of $48 to $50 per barrel and ceilings of approximately $70 to $77 per barrel.