Whiting Petroleum Corporation has announced the closing of the previously announced acquisition of operated interest in five producing gas fields in the Green River Basin of Wyoming for $65 million. The estimated proved reserves total 50.5 billion cubic feet equivalent, which equates to a purchase price of $1.29 per thousand cubic feet equivalent. Whiting will operate approximately 95% of the net daily production from the properties which is currently 6.3 million cubic feet per day. Whiting plans to invest approximately $14 million over the next 36 months in the further development of these fields.
Whiting funded the purchase by borrowing under its existing bank credit facility. After this purchase, Whiting has approximately $265 million available under its $480 million credit facility.
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