Shareholders of Whiting Petroleum Corp. (NYSE: WLL) approved the issuance of Whiting common stock required for Whiting to acquire Kodiak Oil & Gas Corp. (NASDAQ: KOG), the company said Dec. 3. The all-stock transaction was approved during a special stockholders’ meeting, Whiting added.
About 78.5% of the outstanding Whiting common shares voted; of that group, 98.8% voted to approve the issuance of common stock.
Separately, the shareholders and securityholders of Kodiak also approved proposals related to the transaction at a special meeting of securityholders, Whiting noted.
Kodiak will apply for a final order of the Supreme Court of British Columbia for approval of the arrangement on Dec. 4, the company said. The arrangement is scheduled to close Dec. 8.
“We are pleased with the outcome of today’s special meetings, and I thank Whiting stockholders for their strong support,” said James Volker, Whiting’s chairman, president and CEO. “The board firmly believes that the combination of Whiting and Kodiak is in the best interests of both companies and our respective stakeholders, and we look forward to completing the transaction expeditiously.”
Denver-based Whiting Petroleum Corp. develops and produces domestic oil, natural gas and NGL.
Kodiak Oil & Gas Corp., also based in Denver, develops and produces domestic oil and natural gas.
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