Published: October 5, 2021 |

[Click image to enlarge]

Whiting Petroleum Corporation has completed its acquisition of the leasehold interests and related assets in the Williston Basin of North Dakota. The company also closed the divestiture of its Redtail leasehold interests and related assets, including associated midstream assets, located in the Denver-Julesburg Basin of Colorado. The transactions had an immaterial effect on current production but resulted in the addition of approximately 60 drillable locations that compete for capital immediately.

Commensurate with the closing of the two transactions, the company completed the redetermination of its borrowing base under its revolving credit facility. The borrowing base and aggregate commitments were both reaffirmed at the previous amount of $750 million. The difference in the acquisition costs and divestiture proceeds of the two transactions of approximately $90 million was funded with the revolver. Whiting continues to expect to have a positive cash balance and no outstanding borrowings on the revolver by the end of the year.

About Whiting Petroleum Corporation
Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company engaged in the development, production and acquisition of crude oil, NGLs and natural gas primarily in the Rocky Mountains region of the United States. The Company’s largest projects are in the Bakken and Three Forks plays in North Dakota and Montana.

To stop by Whiting’s website, CLICK HERE

Be in-the-know when you’re on-the-go!

CLICK HERE to register your email address.s

Copyright © 2021 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.

For licensing permission, .(JavaScript must be enabled to view this email address)