Denver • Whiting Petroleum Corp. said Sunday it is buying Kodiak Oil & Gas Corp. for $6 billion in stock, worth $13.90 per share, in a deal that will make it the largest producer in the booming Bakken region of North Dakota and Montana.
The combined company had more than 107,000 barrels of oil equivalent production per day in the first quarter. The merger is meant to take advantage of cost savings through technological expertise, complementary drilling areas and better access to capital. It also gives it a stronger credit profile.
In 2004, Whiting acquired Salt Lake City-based Equity Oil Co. for $76 million. Equity was one of Utah's oldest oil-exploration companies, dating to 1923.