Replies to post #289 on Whiting Petroleum Corp. (WLL)

[slazenger7]

Yes, however this article was posted today August 17th, and expands a bit in more detail on the original Press Release about some important information about what the company is accomplishing that wasn't included in the original PR..

http://www.businesswire.com/news/home/20170815005546/en/Whiting-Petroleum-Corporation-Announces-500-Million-Sale

The deal is part of the company’s strategy to bolster its balance sheet and increase its liquidity and enable it to exploit the growth opportunities. The company also wants to shift its focus on its top tier assets and unload the non-core properties. In sync with the objective, Whiting Petroleum also sold 50% of its stake in both Robinson Lake natural gas processing plant and Belfield plant last year.

The divestment also provides the company with additional financial flexibility to develop its core properties in Williston Basin, which is expected to have around 4,850 gross drilling locations. Further, the lease operating expense for these properties was $12.60 per barrel of oil equivalent (Boe) during the last 12 months, much higher than lease operating expense of Whiting Petroleum’s other Bakken properties, averaging around $7.50 per Boe. Therefore the divestment is likely to help lower the company’s total lease operating costs and in turn generating positive cash flows.

[slazenger7]

Whiting Petroleum: Management's Big Move

https://seekingalpha.com/article/4099898-whiting-petroleum-managements-big-move

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