CORRECTED-Whiting Petroleum to sell assets to BreitBurn for $859.8 mln

Mon Jun 24, 2013 11:48am EDT

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(Corrects third paragraph to say properties on sale produce about 7,640 barrels of oil equivalent per day, not 7.64 million)

June 24 (Reuters) - Whiting Petroleum Corp said it would sell certain oil and gas properties in its enhanced oil recovery projects in Texas County, Oklahoma to BreitBurn Energy Partners LP for $859.8 million to raise money to develop its core assets.

Enhanced recovery methods usually involve injecting steam or carbon dioxide into wells to force up the liquids.

The properties on sale in the Postle and Northeast Hardesty fields produce about 7,640 barrels of oil equivalent per day, Whiting said.

The sale includes gathering and processing facilities, oil delivery pipeline, a 60 percent interest in a 120-mile (193 kilometer) CO2 transportation pipeline, CO2 supply contracts and certain crude oil swaps.

Whiting will use the sale proceeds to invest in its properties in Northern Rockies, Central Rockies and Permian Basin and to repay debt. (Reporting by Swetha Gopinath in Bangalore; Editing by Don Sebastian)

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