DENVER BUSINESS JOURNAL - A Colorado energy company said it's selling some of its North Dakota assets in a deal worth $500 million.
Whiting Petroleum Corp. (NYSE: WLL) said it's selling its Fort Berthold Indian Reservation area assets located in Dunn and McLean Counties, North Dakota to RimRock Oil & Gas Williston, LLC.
With the proceeds, Whiting executives said they'll repay $500 million of its current $550 million bank debt.
"The Fort Berthold properties represent only approximately 7 percent of Whiting’s second-quarter total production. The sale provides Whiting additional liquidity to develop its industry-leading properties across the Williston Basin, where the company estimates it has 4,850 future gross drilling locations," said James Volker, Whiting CEO, president and chairman, said in a statement.
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