Whiting Petroleum Corporation expands in Bakken
BISMARCK, N.D. (KFYR) - The past year has been a turbulent one for oil and gas producers. After prices plummeted below zero in April 2020, West Texas Intermediate crude prices are now nearing $80 per barrel – and as those prices are recovering, so are producers.
Whiting Petroleum Corporation had a tough go of it during last spring’s downturn but has fought back and is now expanding in the Bakken.
The company announced plans in July to purchase drillable acres in Mountrail County. On Monday, it confirmed the acquisition totaling an estimated $271 million, which will translate into about 61 new drillable locations.
Whiting leaders say they sold off assets in the Denver-Julesberg Basin in Colorado to cover a portion of this acquisition, demonstrating the high revenue prospects in the Bakken.
In a release, Whiting President and CEO Lynn A. Peterson said, ”These two transactions result in a significantly deeper drilling inventory in our key Sanish operating area, while divesting of properties in Colorado that were not going to compete internally for capital.”
In response to our request for comment, a company spokesperson did not disclose from whom the acreage was purchased nor the exact location.
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