Whiting Petroleum acquires Permian basin producing properties

Sept. 2, 2004
Whiting Petroleum Corp. agreed to buy interest in 17 fields in the Permian basin of West Texas and southeast New Mexico for a total price of $345 million from private companies whose identities were not disclosed.

By OGJ editors

HOUSTON, Sept. 2 -- Whiting Petroleum Corp. agreed to buy interest in 17 fields in the Permian basin of West Texas and southeast New Mexico for a total price of $345 million from private companies whose identities were not disclosed.

Closing is expected Sept. 23. Whiting estimates that current net production from the properties is 37.8 MMcfd equivalent and that net proved reserves being purchased are 251.1 bcfe.

Whiting plans to operate 72% of the net daily production from these properties. The acquisitions involve Parkway field in Eddy County, NM, Would Have and Signal Peak fields in Howard County, Tex., Keystone field in Winkler County, Tex., and the DEB Field in Gaines County, Tex.

Coupled with the three other recently announced property acquisitions, this brings Whiting's total 2004 capital committed to cash acquisitions to $443.5 million for proved reserves of 333.7 bcfe.