This excerpt taken from the WLL 8-K filed Aug 10, 2005.
Item 2.01. Completion of Acquisition or Disposition of Assets.
On August 4, 2005, Whiting Oil and Gas Corporation (Whiting Oil and Gas), a wholly-owned subsidiary of Whiting Petroleum Corporation (the Company), completed its purchase of the operated interest contained in producing oil and gas fields located in the Postle field in the Oklahoma Panhandle pursuant to a Purchase and Sale Agreement, dated effective as of July 1, 2005 (the Purchase Agreement), with Celero Energy, LP (the Seller) for a purchase price of $343 million in cash. The purchase was funded by borrowings under the Credit Agreement described in Item 2.03 of this report.
A copy of the Purchase Agreement is filed as Exhibit 2 to this report and is incorporated by reference herein. The foregoing description of the Purchase Agreement and the transactions contemplated therein is qualified in its entirety by reference to such exhibit.
Whiting Oil and Gas has also agreed to purchase from the Seller the operated interest contained in the producing oil and gas fields located in the North Ward Estes field in the Permian Basin of West Texas pursuant to a separate Purchase and Sale Agreement, dated effective as of July 1, 2005. The closing for the North Ward Estes field acquisition is expected to occur on October 4, 2005, subject to standard conditions to closing. At the October closing, Whiting Oil and Gas will pay the Seller $442 million in cash and the Company will issue to the Seller 441,500 shares of the Companys common stock previously registered with the Securities and Exchange Commission pursuant to an effective acquisition shelf registration statement.