Whiting Petroleum Signs Purchase and Sale Agreement With Chicago Energy
Posted on: Tuesday, 6 May 2008, 09:01 CDT
Whiting Petroleum has signed a purchase and sale agreement with Chicago Energy Associates to purchase interests in producing gas wells and development acreage in the Flat Rock Natural Gas Field in Uintah County, Utah.
The acquisition also includes gas gathering facilities. The purchase price is $365 million with an effective date of January 1, 2008.
The acquisition includes interest in seven wells producing from the Entrada sandstone formation at a depth of 11,500 feet, as well as 24 wells producing from shallower Wasatch and Dakota formations.
The closing is expected to occur on May 30, 2008, subject to standard conditions to closing and approval by Chicago Energy's members. Whiting will finance the acquisition with borrowings under its existing bank credit facility.
James Volker, chairman, president and CEO of Whiting, said: "We are pleased to be adding this exceptional Rockies gas field in the Uinta Basin of northeastern Utah to our Rockies Region where we are also developing existing gas fields in the Piceance Basin of Colorado and the Greater Green River Basin of southwestern Wyoming."
Source: Datamonitor
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