Whiting Announces Reserves Increase | Russell T. Rudy Energy LLC
According to a recent article in “Rigzone”, Whiting Petroleum Corp. reports that its proven reserves increased by approximately one third to 780 million barrels of oil equivalent. This increase is largely the result of the company’s recent buy out of Kodiak Oil & Gas which had proven reserves of 167 million barrels. The purchase makes Whiting the largest oil producer in North Dakota.
Not only did the acquisition significantly increase Whiting’s reserves, it was financially advantageous as well. Kodiak’s assets were purchased at an average of $23.77 per barrel, less than half of the current price.
Whiting will not issue their 2015 capital budget until February citing “volatile oil prices”.
To read the article in its entirety, please go to www.rigzone.com/news/oil_gas/a/136476/Whitings.
