Whiting Petroleum Corp said on Sunday it would acquire Kodiak Oil & Gas Corp for $3.8 billion in stock, to become the largest producer in North Dakota's Bakken shale oil formations, eclipsing Harold Hamm's Continental Resources Inc.By surpassing Continental, Whiting is signaling its desire to become the preeminent player in what is considered one of North America's most-prolific shale formations, where more than 1 million barrels of oil are extracted daily."It's going to allow our production at the combined company to grow faster than Whiting standalone did before," Whiting Chief Executive James Volker said in an interview.Whiting said the deal, valued at $6 billion when Kodiak's net debt of $2.2 billion is included, is expected to close in the fourth quarter. Kodiak shareholders will receive 0.177 share of Whiting stock for each share of Kodiak common stock they hold, representing a value of $13.90 per share based on the closing price of Whiting shares on July 11.
Continental Resources, Inc. (Continental Resources) is an independent crude oil and natural gas exploration and production company with operations in the North, South and East regions of the United States. Shares of CLR fell by 2.18% or $-3.38/share to $151.53. In the past year, the shares have traded as low as $90.11 and as high as $159.24. On average, 886544 shares of CLR exchange hands on a given day and today's volume is recorded at 788121.
Kodiak Oil & Gas Corp. (Kodiak) is an independent energy company focused on the exploration, exploitation, acquisition and production of crude oil and natural gas in the United States. Shares of KOG fell by 2.33% or $-0.34/share to $14.23. In the past year, the shares have traded as low as $8.34 and as high as $14.89. On average, 5777990 shares of KOG exchange hands on a given day and today's volume is recorded at 4358357.
Whiting Petroleum Corporation (Whiting) is an independent oil and gas company engaged in acquisition, development, exploitation, production and exploration activities primarily in the Rocky Mountains, Permian Basin, Mid-Continent, Michigan and Gulf Coast regions of the United States. Shares of WLL fell by 1.78% or $-1.42/share to $78.54. In the past year, the shares have traded as low as $48.05 and as high as $82.35. On average, 1241710 shares of WLL exchange hands on a given day and today's volume is recorded at 1049769.
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