Whiting Petroleum announced the acquisition of 39,310 gross (17,282 net) acres targeting the Bakken in North Dakota and Montana for $260 million. The acreage is located in McKenzie and Williams counties in North Dakota, and Roosevelt and Richland counties in Montana.
The properties had produced 2,420 boe/d through the month of August and Whiting estimates proved reserves at 17.1 million boe (85% oil and only 24% proved and producing). The deal includes 13 operated wells on 1,280 acre units, with an average working interest of 58% (48% NRI). 92% of the acreage is held by production.
“This acreage expands our presence in our Western Williston Basin area where we have seen recent strong production growth primarily as a result of positive drilling results at our Hidden Bench, Tarpon and Missouri Breaks prospects.”
Whiting has now assembled a 714,541 net acreage position in the region at a cost of $643 million or less than $900/acre.
In the second quarter of 2013, Whiting produced 93,380 boe/d company-wide. Williston Basin production was broken out as follows:
- Western Williston Basin - 8,385 boe/d
- Southern Williston Basin - 13,325 boe/d
- Sanish Field Area - 36,315 boe/d
Read more at Whiting.com