Whiting Petroleum acquires oil and gas assets in Williston Basin, US

US-based oil and gas company Whiting Petroleum has completed the acquisition of Williston Basin oil and gas assets for approximately $260m.

The company has acquired certain oil and gas wells and development acreage in the Williams and McKenzie counties of North Dakota and Roosevelt and Richland counties of Montana.

The acquired properties include around 17,282 net acres located near the company’s acreage in the Missouri Breaks and Hidden Bench prospects of the Western Williston Basin area. They will primarily target the Middle Bakken and Three Forks zones.

The properties also comprise 13 operated 1,280 acre Bakken and Three Forks drilling spacing units, which include an average working interest of 58% and net revenue interest of 48%.

The acquired oil and gas assets produced around 2,420 barrels of oil equivalent (boe) a day in August. The proved reserves are expected to hold around 17.1 million boe with 85% of reserves being oil.

Whiting primarily produces crude oil, natural gas and natural gas liquids in the Rocky Mountain, Permian Basin, Mid-Continent, Michigan and Gulf Coast regions in the US.

In July, BreitBurn Energy acquired oil properties from Whiting Oil and Gas in the Postle and North East Hardesty oil fields for approximately $846m.

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Image: The acquired assets include around 17,282 net acres, located near acreages in the Missouri Breaks and Hidden Bench prospects. Photo: courtesy of freedigitalphotos.