New O&G company lays foundation in Weld County – BizWest
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Fundare Resources Closes the Acquisition of the Redtail Assets from Whiting Petroleum Company
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Fundare Resources closes the acquisition of the Redtail Assets from Whiting Petroleum Company
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WELD COUNTY Whiting Petroleum Corp. (NYSE: WLL) will sell its Redtail development in northeast Weld County and buy additional assets in the Williston Basin of North Dakota, where it has other investments.
The company announced that it will sell Redtail to a private company for $187 million in cash. The deal includes both production and midstream assets located over 67,278 acres, with daily production of approximately 7,100 barrels of oil equivalent, 51% of it oil.
The Williston Basin purchase totaled $271 million in cash and includes 8,752 net acres with net daily production of approximately 4,200 barrels of oil equivalent, 80% of it in oil. The properties adjoin existing Whiting operations.