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Whiting Petroleum to divest ND assets to Canadian company for $500M

Whiting Petroleum Corp. agreed to sell its production assets in the Fort Berthold Indian Reservation area in North Dakota to the Warburg Pincus LLC-backed Canadian company RimRock Oil & Gas Williston LLC for $500 million.

The assets are composed of 29,637 net acres and 17 operated and 29 non-operated drilling spacing units, with a net daily production average of 7,785 barrels of oil equivalent per day in the second quarter of 2017, according to an Aug. 15 news release.

"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," said James Volker, chairman, president and CEO of Whiting. The company's core assets are in the Bakken and Three Forks plays in North Dakota and Niobrara play in northeast Colorado.

Net proceeds from the sale would be used to repay $500 million of Whiting's $550 million bank debt. The deal is scheduled to close on Sept. 1.