(Corrects third paragraph to say properties on sale produce
about 7,640 barrels of oil equivalent per day, not 7.64 million)
June 24 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,
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