BreitBurn Energy Partners announced it has signed a definitive agreement with Whiting Oil and Gas Corporation, a wholly-owned subsidiary of Whiting Petroleum Corporation to acquire Whiting’s interests in the Postle and North East Hardesty oil fields, along with associated midstream assets, located primarily in the Oklahoma Panhandle, for approximately $860M.
In connection with the execution of the definitive agreement, the Partnership deposited approximately $86M with Whiting, which will be credited toward the purchase price due at closing.
The acquisition is subject to customary closing conditions and purchase price adjustments and is expected to close by July 31.
The Partnership is acquiring additional interests in certain of the acquired assets from other sellers for an additional $30.2M.
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