Whiting Petroleum To Buy Kodiak Oil For $3.8 Billion In Stock

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Whiting Petroleum To Buy Kodiak Oil For $3.8 Billion In Stock

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Whiting Petroleum To Buy Kodiak Oil For $3.8 Billion In Stock

by Wochit 0:43 mins

Whiting Petroleum To Buy Kodiak Oil For $3.8 Billion In Stock

by Wochit 0:43 mins

Whiting Petroleum Corp said on Sunday it would acquire Kodiak Oil & Gas Corp for $3.8 billion in stock, to become the largest producer in the Bakken/Three Forks oil formations. Whiting said the deal, valued at $6 billion when Kodiak's net debt of $2.2 billion is included, is expected to close in the fourth quarter. The companies' combined output from the Bakken/Three Forks formations in the first quarter of 2014 was more than 107,000 barrels of oil equivalent per day, with 855,000 combined net acres and almost 3,500 net future drilling locations.

Wochit

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