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.

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