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Wednesday, December 3, 2014

Whiting shareholders approve buyout of Kodiak Oil, (NYSE: WLL)

Whiting Petroleum Corp shareholders approved the company's all-stock takeover of Kodiak Oil and Gas Corp on Wednesday, a deal that will make Whiting the largest oil producer in North Dakota. Votes representing about 79 percent of Whiting's shares were cast, and of that, roughly 99 percent approved the deal, Whiting said in a statement.Separately, Kodiak shareholders met and approved the sale, with votes representing about 78 percent of the company's shares cast, with about 97 percent of that voting in favor.The deal still requires approval from the Supreme Court of British Columbia, which Whiting expects to receive on Thursday.The deal between the companies, both based in Denver, is expected to close by Monday.

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 traded higher by 3.51% or $1.38/share to $40.66. In the past year, the shares have traded as low as $37.96 and as high as $92.92. On average, 3112970 shares of WLL exchange hands on a given day and today's volume is recorded at 5776743.