Whiting intends to use the proceeds from the deal to repay $500m of its current $550m bank debt.
The purchased assets include 29,637 net acres, 29 non-operated drilling spacing units and 17 operated units in Dunn and McLean Counties, North Dakota.
Net daily production from the assets averaged 7,785 BOE/d in the second quarter of this year.
Lease operating expense (LOE) for the properties averaged around $12.60 per BOE for the year ending 30 June 2017. Whiting’s other operated Bakken production averaged $7.50 per BOE.
According to Whiting, the effective and closing date of the transaction is 1 September.
Whiting Petroleum chairman, president and CEO James Volker said: "The price received for these properties, which are largely non-operated, highlights the quality of Whiting’s Bakken/Three Forks assets.
“The Fort Berthold properties represent only approximately 7% 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.”
Whiting Petroleum is engaged in the development, acquisition and production of crude oil, natural gas and natural gas liquids mainly in the Rocky Mountain region of the US.
The firm’s crucial projects are situated in the Bakken and Three Forks plays in North Dakota and Niobrara play in northeast Colorado.
