Whiting increases Michigan basin reserves

By OGJ editors
HOUSTON, Aug. 21 -- Whiting Petroleum Corp., Denver, has boosted its reserves by 1.4 MMboe in its core area in the Michigan basin with a $26 million acquisition from a private seller. The acquisition includes 65 producing properties, a gathering line, a gas processing plant, and 30,437 net acres of leasehold held by production.

The reserves are 99% proved producing, primarily contained in the Silurian Niagaran and Ordovician Prairie du Chien formations.

The net proved reserves include 702,000 bbl of oil and NGLs and 4.2 bcf of gas. Current net production is 355 b/d of oil and NGLs and 1.7 MMcfd of gas.

Whiting will operate 85% of the acquired properties and plans to study the assets to identify additional pay zones, the company said.