Denver-based announced Tuesday that it has signed a purchase and sale agreement to acquire producing oil and gas wells in the Williston Basin of North Dakota for $260 million.
The seller was described as a “private party.”
Whiting said that it expects the acquisition to close on Sept. 30. The company said it plans to finance the acquisition with borrowings under its existing bank credit facility.
The properties are primarily in the Middle Bakken and Three Forks zones and include 17,282 net acres located in and around Whiting’s acreage in the Missouri Breaks and Hidden Beach areas in the Western Williston Basin area.
Net oil and gas production from the properties is estimated to average 2,420 barrels of oil equivalent per day in August 2013.
“This acreage expands our presence in our Western Williston Basin area where we have seen recent strong production growth primarily as a result of positive drilling results at our Hidden Beach, Tarpon and Missouri Breaks prospects,” said James J. Volker, Whiting’s chairman and CEO in a statement.
Howard Pankratz: 303-954-1939, hpankratz@denverpost.com or twitter.com/howardpankratz
