One-Page Deal Sheet
Whiting Petroleum Acquires Michigan Property for $26 Million
Whiting Petroleum Corp. Not Disclosed
Announced Date
March 01,2007
Effective Date
May 01,2006
Close Date
August 15,2006
Transaction Type
Property
Enterprise Value (EV)($MM)
26
Asset/Basin:
{"Michigan Basin"}
TargetZones:
{Niagaran,"Prairie d
Net Acres
Proved Reserves
Location
Calculated Metrics( EV/Category)
Region
Northeast
Country
United States
State
Michigan
Production & Reserves Reserves
Calculated Metrics( EV/Category)
$/ Acre
Transaction Details: Subscribe to see
Whiting Petroleum Corporation today announced it acquired 1.4 million barrels of oil equivalent (MMBOE) in Michigan from a privately held seller for $26 million. The reserves are 99% proved producing reserves primarily contained in the Niagaran and Prairie du Chien formations.
The acquisition includes 65 producing properties, a gathering line, gas processing plant and 30,437 net acres of leasehold held by production. The net proved reserves are composed of 702,000 barrels of oil and natural gas liquids (NGL's) and 4.2 billion cubic feet of natural gas. Current net production is 355 barrels…
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