Whiting Completes Sale Of Postle Assets For About $860 Mln - Quick Facts

(RTTNews) - Whiting Petroleum Corp. (WLL) Monday said it has completed sale of its enhanced oil recovery projects in the Postle and NE Hardesty Fields, located in Texas County, Oklahoma, to BreitBurn Energy Partners L.P. (BBEP) for an all-cash consideration of $859.8 million.

The sale also includes Whitning's dry trail plant gathering and processing facilities, oil delivery pipeline, 60 percent interest in the 120-mile Transpetco CO2 pipeline, CO2 supply contracts and certain crude oil swaps.

After estimated expenses and adjustments, net proceeds from the sale is expected to be around $850 million. Whiting will operate the properties under a transition services agreement until October 31.