Whiting Petroleum Corp (NYSE:WLL) signs an agreement for the acquisition of certain oil and gas wells in Montana


Dallas, Texas 09/04/2013 (Financialstrend) – Whiting Petroleum Corp (NYSE:WLL) had recently signed a purchase and sale agreement for the acquisition of certain oil and gas wells under production and for the development acreage located in the Williston basin in Montana. This agreement which was signed up with undisclosed private party provides for the acquisition of this basin for an aggregate value of $260 million. This deal is subject to all the customary closing conditions and is effective from the date of August 1, 2013. It is further expected that all the procedures related to the deal would be completed and closed by September 30, 2013.

The exploration firm in the energy sector had reported strong production growth in the properties at Tarpon, Hidden Bench and Missouri and had attributed this increase in production capacity to the efficiency of the drilling results. It is expected that the net oil and gas production from the properties of Whiting Petroleum Corp (NYSE:WLL) would be at an average level of 2420 boe per day in August 2013. It is further expected that around 17.1 million boe would be from the proved reserves of the company, of which 85% would be reserves of oil production.

Whiting Petroleum Corp (NYSE:WLL) presented gain in share prices on Tuesday to close at $51.01 per share which was an increase of 1.07% over previous close. The intraday prices of the stock moved in the range of $50.69 to $51.66 per share and the 52 week prices are at low of $40.19 and high of $54.86 per share. The stock on Tuesday reported trading volume of 1.02 million shares and the average level is at 1.33 million shares per day. Presently the company has 118.65 million shares traded in the market with institutional ownership at 92%.