Whiting Petroleum Corp to expand in Bakken
Whiting Petroleum Corp announced their plans for the second part of 2016. Their activity is planned to increase in the area of Bakken with new rig and completion of 16 DUCs.
Denver based company announced their quarterly report recently.
New 30-well participation agreement in the Pronghorn area (Williston Basin) and addition of 16 DUC (Drilled But Uncompleted) wells should increase company’s capital expenditures in 2016 by extra $50 million. Whiting believes such direction of their operations will help stabilize production in Q4 2016 and will result in positive momentum, needed for incoming year.
James Volker, Whiting’s chairman, president and CEO:
“During the second quarter, we continued to strengthen our balance sheet. We exchanged an additional $1.1 billion of debt into mandatory convertible debt, bringing our total to $1.6 billion year-to-date. These debt exchanges have effectively reduced Whiting’s debt by $810 million as of July 27, 2016, by conversion into stock.”
Volker also mentioned, that the company reduced their leverage and strengthened their focus on core assets with $300 million sale of North Ward Estes property in Texas. Whiting’s main area of activtites is North Dakota’s Williston Basin and Denver Julesburg Basin, Colorado.
In the last 18 months, Whiting has completed 48 enhanced completion wells in Bakken area – those are located in Billings, Dunn, McKenzie, Mountrail, Stark and Williams counties.
Whiting reported producing 6.72 million barrels of oil in the Q2 of 2016—minus thirty 30% from a year ago—at an avg. price of $35.67 p/B
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