Whiting Petroleum Closes $150 Million Sale Of Big Tex Assets

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$150.1MM
Description

Bought 32,182 net acres and 200 net BOE/d in the Delaware Basin of the Big Tex Prospect

Whiting Petroleum Corp. (NYSE: WLL) closed its sale to a private buyer acreage in the company's Big Tex prospect for $150.1 million.

The sale included 32,182 net acres and 200 net barrels of oil equivalent per day in the Delaware Basin. 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.

“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,” James J. Volker, chairman and CEO, said in the release.

Whiting Petroleum Corp. is an independent energy company engaged in the acquisition, exploration, exploitation, development, and production of crude oil, NGLs, and natural gas in the U.S. The company is based in Denver.