Whiting buying Bakken land in $260 million deal

Tue Aug 27, 2013 9:35am EDT

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(Reuters) - Whiting Petroleum Corp (WLL.N) said on Tuesday it is buying nearly 40,000 acres of land in the Bakken shale formation for $260 million.

The seller was not disclosed. The 39,310 gross acres in North Dakota and Montana have estimated proved reserves of 17.1 million barrels of oil equivalent.

Whiting is paying for the deal, which is expected to close by September 30, with borrowings under its existing bank credit.

(Reporting by Ernest Scheyder; Editing by Gerald E. McCormick)