Whiting Petroleum Corp. (WLL)

[Atlanta1]

09:03

WLL

Whiting Petroleum to sell its Fort Berthold Indian Reservation area assets located in Dunn and McLean Counties, North Dakota to RimRock Oil & Gas Williston, LLC for $500 mln (4.59)
Whiting will use the net proceeds from the sale to repay $500 million of its current $550 million bank debt. The effective and closing date of the sale is September 1, 2017. The properties span 29,637 net acres, 29 non-operated drilling spacing units and 17 operated. Net daily production from the properties averaged 7,785 BOE/d in the second quarter of 2017. Lease operating expense (LOE) for the properties averaged approximately $12.60 per BOE for the 12 months ending June 30, 2017. Whiting's other operated Bakken production averaged $7.50 per BOE.