Whiting Petroleum sells Weld assets, adds to Williston Basin play

WELD COUNTY — Whiting Petroleum Corp. (NYSE: WLL) will sell its Redtail development in northeast Weld County and buy additional assets in the Williston Basin of North Dakota, where it has other investments.

The company announced that it will sell Redtail to a private company for $187 million in cash. The deal includes both production and midstream assets located over 67,278 acres, with daily production of approximately 7,100 barrels of oil equivalent, 51% of it oil.

The Williston Basin purchase totaled $271 million in cash and includes 8,752 net acres with net daily production of approximately 4,200 barrels of oil equivalent, 80% of it in oil. The properties adjoin existing Whiting operations.

Both transactions are expected to close in the third quarter of 2021.

The Denver Business Journal reported that the buyer of Redtail is Fundare Resources Co. LLC, a new company founded by industry veterans Mike Starzer and Pat Graham. The two previously developed energy resources for Fifth Creek Energy Co. and Bonanza Creek Energy. J. Cody Pruitt will be president of the company, according to the company’s website.

Fundare was recently funded by private equity firm Woodward Diversified Capital of Bakersfield, California. 

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