Today, Whiting Petroleum Corporation announced they had signed a purchase and sale agreement to a private party. The said agreement was on the acquisition of certain producing oil and gas wells. It also included the acreage development in Williston Basin of North Dakota and Roosevelt of Montana.
The purchase price for the deal was valued USD260 million. The acquisition would be effective August 1, 2013. The deal was expected by Whiting to close by the end of September 2013, subject to customary conditions.
The acquisition would be financed through borrowings under its existing credit facility. The acquisition for the properties had set its target in the Middle Bakken and Three Fork zones. This included the 17,282 net acres situated in and around Whiting's land.
The properties had included 13 operated 1,280-acree drilling spacing units. The average working space of said acreage was at 58% and net revenue of 48%. The 92% of the land is held by oil and gas production.
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