Whiting Petroleum Acquires Bakken Acreage In MT & ND - $260 Million

Whiting Petroleum Bakken Acquisition Acreage Map - August 2013
Whiting Petroleum Bakken Acquisition Acreage Map - August 2013

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.
— James J. Volker, Whiting`s CEO
Whiting Petroleum Bakken Acreage Breakout - August 2013
Whiting Petroleum Bakken Acreage Breakout - August 2013

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

Bakken Production Sets Record - Surpasses 700,000 b/d

Bakken Production and Oil Price
Bakken Production and Oil Price

Bakken oil production hit a new record in December of 2012, after declining in November for the first time in almost two years. Weather related delays kept operators from pushing through old records in November, but production surged to more than 700,000 b/d in December.

The state reported Bakken production of 21,835,148 barrels or 704,360 barrels per day in December. The region also eclipsed the 5,000 producing well mark during the month. 5,044 wells produced an average of almost 140 b/d.