Whiting Petroleum Corporation Buys Kodiak Oil - KFYRTV.COM - Bismarck, ND - News, Weather, Sports

Whiting Petroleum Corporation Buys Kodiak Oil

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One of the largest producers in the Bakken just got a bit bigger. Whiting Petroleum Corporation is now the largest producer in the state's Bakken formation. The company stole that title from Continental Resources after purchasing Kodiak Oil and Gas for $3.8 billion over the weekend. And while the merger will increase Whiting's acreage and wells in the state, it could also impact the company's record on the amount of natural gas flared.

"And that's going to change their gas capture number because Whiting was well about 74 percent and Kodiak was well below so, they've got to get their pencils sharp and figure out how to deal with the acquisition," says Lynn Helms of the North Dakota Department of Mineral Resources.

Companies have until Oct. 1 to reach the capture 74 percent of their natural gas instead of flaring it. That goal was set by an order passed by the Industrial Commission earlier this month.

 

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