Whiting closes on sale of Big Tex assets

Denver Independent Whiting Petroleum Corp. has completed the sale of its Big Tex prospect area in the Delaware basin for $150 million to an undisclosed private buyer. The area consists of 32,182 net acres that produce 200 net boe/d.

“We believe this sale will further increase our liquidity to accelerate development of our high rate of return Williston basin and DJ basin Niobrara assets,” said James J. Volker, chairman and chief executive officer of Whiting. In August, the company signed a purchase and sale agreement with an undisclosed private buyer to acquire certain producing oil and gas wells and development acreage in the Williston for $260 million (OGJ Online, Aug. 29. 2013).

“In addition, this transaction will bring a new operator to the area whose drilling we expect will help derisk our remaining 41,173 net acres at Big Tex, which is composed of 30,846 net acres in Pecos County, Tex., 6,207 net acres in Reeves County, Tex., and 4,120 net acres in Ward County, Tex.,” he continued.

Whiting’s assets primarily reside in the Rocky Mountain, Permian basin, Michigan, Gulf Coast, and Midcontinent regions of the US, with its largest projects including the Bakken and Three Forks plays in North Dakota and its Enhanced Oil Recovery field in Texas.

Related Articles

EPA leads investigation of crude discharge at BP Whiting refinery

03/26/2014 The US Environmental Protection Agency took formal charge of investigation and cleanup efforts after an undetermined amount of crude oil spilled in...

EIA: China exceeds US as the largest net petroleum importer

03/26/2014 In September 2013, China’s net imports of petroleum and other liquids exceeded those of the US on a monthly basis, making it the world’s largest ne...

EIA: Tight oil production pushes US supply to more than 10% of world’s total

03/26/2014 US tight oil production averaged 3.22 million b/d in the fourth quarter of 2013, pushing overall US crude oil production to more than 10% of the wo...

MARKET WATCH: NYMEX oil futures drop with HSC partially reopened

03/26/2014 Crude oil prices fluctuated but ended the New York trading session down modestly Mar. 25 after the US Coast Guard reopened the Houston Ship Channel...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected