RimRock Oil and Gas gains a foothold in the Bakken with purchase of Williston assets from Whiting.
Continental Touts Bakken Innovation
Whiting Petroleum has announced it closed last week on the sale of Bakken Shale assets in Dunn and McLean Counties for $500 million. Details of the sale include:
- 29,637 net acres
- 29 non-operated drilling spacing units
- 17 operated units
- Net daily production from the properties averaged 7,785 BOE/d for 2017 Q2
- Lease operating expense averaged approximately $12.60 per BOE for the 12 months ending June 30, 2017
Whiting's CEO, James K. Volker said the company will use to proceeds of the sale to pay down $500 million in debt.
“The Fort Berthold properties represent only approximately 7% of Whiting’s second quarter total production. The sale provides Whiting additional liquidity to develop its industry-leading properties across the Williston Basin, where the Company estimates it has 4,850 future gross drilling locations.”