Whiting Petroleum Purchases Williston Basin Assets
Whiting Petroleum Corp. (NYSE: WLL) has purchased Williston basin assets in Montana from an undisclosed private party for the price of $260 million. Included in the sale were 39,310 gross (17,282 net) acres in the Hidden Bench and Missouri Breaks prospects, where Whiting has been experiencing production growth in adjacent properties.
Also included in the purchase are a 58 percent working interest and a 48 percent net revenue interest in 13 operated spacing units. Net oil and gas production from the purchase is estimated to average 2,420 boepd, with 17.1 million boe of proved reserves.
Buy on Rumor, Sell on News
With tensions rising over the Syrian civil war, it is becoming increasingly evident that a U.S. military strike is inevitable. No matter our political opinions on this matter, this conflict will undeniably continue to create volatility in the global market – especially in the oil and gas industry – opening a short window of opportunity for investors. For solid strategies on playing this scenario, click here.
