Whiting (WLL) Closes the Williston Buyout, DJ Basin Sale – Investing.com

Whiting (WLL) Closes the Williston Buyout, DJ Basin Sale – Investing.com

Whiting Petroleum (NYSE:) Corporation WLL recently reported the completion of its formerly announced acquisition of leasehold interests and related properties in North Dakota's Williston Basin.

The company acquired the Williston basin assets from a private company for a total cash consideration of $271 million. The assets involve 8,752 net acres with net daily production of 4,200 barrels of oil equivalent per day (Boe/d), of which 80% comprises oil. It includes five gross/2.3 net drilled and uncompleted wells as well as 61 gross/39.5 net undrilled locations in Mountrail County.

The purchased assets are adjacent to Whiting’s existing operations in the Sanish field. Hence, the company expects minimal additional general and administrative costs to operate the acreage. The assets are expected to enable the company to increase its capital efficiency by extending laterals on certain wells when combined with its existing acreage.