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Black Hills Corp. Sells Williston Basin Oil And Gas Assets For $243 Million

Stocks in this article: BKH

ABOUT BLACK HILLS EXPLORATION AND PRODUCTION, INC.Black Hills Exploration and Production, Inc., a subsidiary of Black Hills Corp., operates oil and natural gas producing properties in Colorado, New Mexico and Wyoming, and has non-operated interests in properties producing in California, Montana, North Dakota, Oklahoma, Texas and Wyoming.

ABOUT BLACK HILLS CORP.Black Hills Corp. (NYSE: BKH), a diversified energy company with a tradition of exemplary service and a vision to be the energy partner of choice, is based in Rapid City, S.D., and has corporate offices in Denver and Papillion, Neb. The company serves 765,000 natural gas and electric utility customers in Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. The company’s non-regulated businesses generate wholesale electricity and produce natural gas, oil and coal. Black Hills’ 2,000 employees partner to produce results that are improving life with energy. More information is available at www.blackhillscorp.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTSThis news release includes “forward-looking statements” as defined by the Securities and Exchange Commission, or SEC. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that we project, expect, believe or anticipate will or may occur in the future are forward-looking statements. These include, without limitation, our 2012 earnings guidance. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and projections is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, the risk factors described in Item 1A of Part I of our 2011 Annual Report on Form 10-K filed with the SEC, other reports that we file with the SEC from time to time, and the following:

  • Our ability to close the transaction to sell our interests in the assets owned jointly with Helis for net cash proceeds of approximately $230 to $240 million, subject to pre-closing and post-closing purchase price adjustments. These adjustments will include operating income and capital spending associated with the divested assets between the effective date and closing;
  • Completion of the sale of Helis’s interest in the properties to QEP, a condition to close the transaction for the sale of our interests in the assets to QEP;
  • The tax and accounting treatment for the transaction including the amount of gain on sale related to the transaction and future depletion rates;
  • Our ability to use the cash proceeds to reduce debt and internally fund growth projects, and delay any new equity financing for several years;
  • The value of our remaining oil and gas assets;
  • Our ability to identify and develop quality oil and gas assets and prove up the value of the Mancos shale gas potential;
  • The accuracy of our assumptions on which our earnings guidance is based; and
  • Other factors discussed from time to time in our filings with the SEC.

New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.

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