Full Speed Ahead in the Bakken

Full Speed Ahead in the Bakken

Denver-based Whiting Petroleum last April earned the dubious distinction as the first major U.S. oil producer to file for bankruptcy after crude prices fell into an abyss. But with new leadership at the wheel, Whiting has re-emerged, crafting strategic moves to reclaim its place as N.D.’s biggest producer. Reese Energy Consulting today is following the latest news from Whiting, which is waving goodbye to its sizeable assets in Colo.’s DJ Basin and going full throttle in the Bakken. The E&P has just announced duo deals totaling $458 million, putting the Rocky Mountains in the rearview and revving up in the Williston Basin. Whiting has sold its entire position in the DJ for $187 million to an undisclosed buyer with assets that include 67,278 net acres and 7,100 BOEPD in production. In a second transaction, the company has acquired 8,752 net acres in the Williston with production of 4,200 BOEPD for $271 million, this also from an undisclosed buyer. The acquisition adds to Whiting’s current portfolio of 478,000 net acres in the Bakken and Three Forks shale plays, making it the third-largest producer.

What do you think? Learn more about REC and our range of oil and natural gas marketing expertise at www.ReeseEnergyConsulting.com.

Whiting Petroleum

Whiting Petroleum Corporation is an independent exploration and production company with an oil focused asset base. We are a top crude oil producer in North Dakota and operate substantial assets in northern Colorado. Headquartered in Denver, Colorado, we lead the industry with our competitive assets, commitment to safety, dedication to technology and record-setting results. Whiting is a competitive company, with a strong, responsible plan to create long-term value.

whiting.com

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Landing the Eagle

Landing the Eagle

After securing more than $1 billion in financing two years ago to acquire and exploit underdeveloped oil and gas assets, Houston-based newcomer Wildfire Energy has landed its first smokin’ hot deal—this one in the Eagle Ford. Reese Energy Consulting today is following the latest news from Wildfire which will purchase Denver-based Hawkwood Energy in agreements valued at $650 million. Hawkwood shareholders will retain a 50% equity interest in Wildfire with the other 50% held by Wildfire’s management team and capital backer Kayne Anderson. Hawkwood operates 170,000 contiguous net acres in the Eagle Ford, including more than 375 wells, 19 MBOED in production, and 750+ future net locations. Founded in 2012, the company shifted focus two years later to East Texas, accumulating Eagle Ford assets in 30 transactions that also included the 2017 acquisition of Halćon Resources’ EF subsidiaries. That deal gifted Hardwood 81,000 net acres, 170 wells, and 9+ MBOED.

What do you think? Learn more about Reese Energy Consulting and our energy services at www.ReeseEnergyConsulting.com.​

Wildfire Energy

WildFire Energy is an independent energy company focused on the acquisition, exploitation, and production of oil and natural gas properties in the United States through the application of modern technology and production optimization. The company is led by Chief Executive Officer Anthony Bahr, the former President of WildHorse Resource Development, and President & Chief Operating Officer, Steve Habachy, former Chief Operating Officer of WildHorse Resource Development. WildFire Energy is funded by management, Warburg Pincus, and the Kayne Private Energy Income Funds platform.

www.wildfire-energy.com

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When No News Is Probably Bad News

When No News Is Probably Bad News

​One year ago, Berkshire Hathaway stunned the COVID-weary investment world with an energy acquisition no one saw coming. BH’s $8+ billion purchase last July for the lion’s share of Va.-based Dominion Energy’s natural gas transmission and storage assets included three pipelines sprawling 7,700 miles; 50% ownership of a fourth; 20.8 BCFD of transportation capacity; 900 BCF of storage; a 25% stake in Cove Point LNG; and control of 18% of all U.S. interstate gas flows. The transaction achieved antitrust clearance in September, right before Dominion announced a “dual-phase” closing related exclusively to the sale of its Questar Pipeline Group. The two companies in October entered into a second agreement—this one for Questar—and BH plunked down a $1.3 billion deposit on Questar’s Rocky Mountain system comprised of 2,500+ miles of gas pipe and underground storage. Regulatory approvals were expected early this year. Cue the crickets. Reese Energy Consulting today is following the latest news from Dominion and BH, which have terminated that second agreement as crickets continue to chirp from the FTC. Dominion now must secure a loan to refund Berkshire’s deposit while on the hunt for another buyer.

What do you think? Learn more about REC and our natural gas expertise at www.ReeseEnergyConsulting.com.

Berkshire Hathaway

Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States.

www.berkshirehathaway.com

Dominion Energy

Dominion Energy, Inc., commonly referred to as Dominion, is an American power and energy company headquartered in Richmond, Virginia that supplies electricity in parts of Virginia, North Carolina, and South Carolina and supplies natural gas to parts of Utah, West Virginia, Ohio, Pennsylvania, North Carolina, South Carolina, and Georgia. Dominion also has generation facilities in Indiana, Illinois, Connecticut, and Rhode Island.

www.dominionenergy.com

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