Whiting Petroleum Corporation closed the previously announced sale to BreitBurn Energy Partners L.P. of its Enhanced Oil Recovery (EOR) projects in the Postle and NE Hardesty Fields, Texas County, Oklahoma.

The sale includes the related Dry Trail plant gathering and processing facilities, oil delivery pipeline, 60% interest in the 120-mile Transpetco CO2 pipeline, CO2 supply contracts and certain crude oil swaps. The all cash purchase price was $859.8 million, subject to closing and post-closing adjustments.

Whiting expects the net proceeds from the sale to be approximately $850 million after estimated expenses and $836 million after adjustment primarily for two months of net revenues received by Whiting between the effective date and the closing date. Whiting will operate the properties under a transition services agreement until October 31, 2013.

Tags: Whiting Petroleum Corporation