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Whiting Petroleum closes sale of a portion of its Big Tex assets in the Delaware Basin


Published Nov 4, 2013
Whiting Petroleum Corporation

Whiting Petroleum Corporation 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.'

Tags: Whiting Petroleum Corporation




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