Whiting Petroleum in Colorado said this week it has wrapped up its previously-announced acquisition of leasehold interests and related assets in the Williston Basin of North Dakota.
The company also stated that it concluded the divestiture of its Redtail leasehold interests including associated midstream assets in the Denver-Julesburg Basin of Colorado.
The transactions had an immaterial effect on current production but resulted in the addition of approximately 60 drillable locations that compete for capital immediately.
As part of the closing of the two transactions, Whiting completed the redetermination of its borrowing base under its revolving credit facility . The borrowing base and aggregate commitments were both reaffirmed at the previous amount of $750 million.
The difference in the acquisition costs and divestiture proceeds of the two transactions of approximately $90 million was funded with the revolver. Whiting continues to expect to have a positive cash balance and no outstanding borrowings on the revolver by the end of the year.
Whiting will host a conference call on Thursday, November 4, 2021 at 11:00 a.m. Eastern time (9:00 a.m. Mountain time) to discuss the third quarter 2021 results.
Source: Business Wire