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Saturday, March 14, 2015

REPEAT-Whiting aims to sell assets as alternative to full sale - sources, (NYQ: WLL)

Whiting Petroleum Corp, North Dakota's largest oil producer, has put Texas acreage and pipeline assets up for sale as an alternative to a sale of the full company, according to sources familiar with the matter.This strategy could appease investors outraged by the possibility of any outright sale. It would dispose of assets not central to the core shale operations and generate cash for the company's balance sheet, engulfed by more than $3 billion in debt after December's takeover of smaller rival Kodiak Oil & Gas.JPMorgan has shopped the full company in recent days to select parties, several people said. However, several potential acquirers' interest in buying all of Whiting was tepid due to concerns about Whiting's $5.63 billion debt load, the sources said.One of the people said a bid deadline has been scheduled for next week.

Whiting Petroleum Corporation is an independent oil and gas company. Shares of WLL traded higher by 4.28% or $1.64/share to $40.00. In the past year, the shares have traded as low as $24.13 and as high as $92.92. On average, 8848920 shares of WLL exchange hands on a given day and today's volume is recorded at 14303983.