Whiting Petroleum Corporation (NYSE: WLL) today closed the previously announced sale to a private buyer of 32,182 net acres and approximately 200 net BOE per day in the Company’s Big Tex prospect area in the Delaware Basin for total consideration of $150.1 million, subject to normal adjustments. Of the total net acres, 30,821 net acres are located in Pecos County, Texas and 1,361 net acres are located in Reeves County, Texas.
Chairman and CEO James J. Volker commented, “We believe this sale will further increase our liquidity to accelerate development of our high rate of return Williston Basin and DJ Basin Niobrara assets. In addition, this transaction will bring a new operator to the area whose drilling we expect will help de-risk our remaining 41,173 net acres at Big Tex, which is composed of 30,846 net acres in Pecos County, Texas, 6,207 net acres in Reeves County, Texas and 4,120 net acres in Ward County, Texas.”
About Whiting Petroleum Corporation
Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company that explores for, develops, acquires and produces crude oil, natural gas and natural gas liquids primarily in the Rocky Mountain, Permian Basin, Michigan, Gulf Coast and Mid-Continent regions of the United States. The Company’s largest projects are in the Bakken and Three Forks plays in North Dakota and its Enhanced Oil Recovery field in Texas. The Company trades publicly under the symbol WLL on the New York Stock Exchange. For further information, please visit http://www.whiting.com.Forward-Looking Statements This news release contains statements that we believe to be "forward-looking statements" within the meaning of section 21E of the Securities Exchange Act of 1934. All statements other than historical facts, including, without limitation, statements regarding our future financial position, business strategy, projected revenues, earnings, costs, capital expenditures and debt levels, and plans and objectives of management for future operations, are forward-looking statements. When used in this news release, words such as we "expect," "intend," "plan," "estimate," "anticipate," "believe" or "should" or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements.