By OGJ editors
HOUSTON, Feb. 9 -- Whiting Petroleum Corp., Denver, plans to acquire Equity Oil Co., Salt Lake City, for $76 million plus assumption of $29 million of debt.
The companies hope to complete the deal as soon as practicable after approval by Equity's shareholders.
Equity's production was 427,000 bbl of oil and 2.5 bcf of gas in the 9 months ended Sept. 30, 2003. Its 2002 yearend reserves were 9.1 million bbl of oil and condensate and 16.9 bcf of gas.
Whiting completed an initial public offering in November 2003. It posted reserves of 429.7 bcfe, 51.3% gas, as of Oct. 1, 2003. Its production as of Sept. 30, 2003, was 103.5 MMcfe/d. More than two-thirds of the production is in Texas, North Dakota, and Michigan, with smaller amounts in 10 other states.
The companies expect to make public their 2003 yearend results on Feb. 25.
Equity offered itself for sale last year, approaching 73 companies and providing material to 58 which resulted in 21 meetings, 16 data room visits, and eight offers for the company or its assets. The board considered other alternatives.
