Cramer says the deal is unbelievable because he thought Whiting would be the acquisition target, but it went out and bought Kodiak. This deal reminds him of Hillshire (HSH) going after Pinnacle (PF), with Pinnacle in this case being Kodiak, because of Tyson Foods (TSN) going after Hillshire. Cramer questions who was going after Whiting and raises Statoil (STO) as a possibility but says it ultimately does not matter.
Cramer believes this deal makes the new combined company the "King of the Bakken," as it surpasses Continental Resources (CLR). The numbers for the Bakken keep rising but have yet to approach Texas because the numbers on the Permian and Eagle Ford are so strong.
You can view the full analysis from the report here: WLL Ratings Report
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