Whiting Petroleum Corp. has officially finalized its all-stock deal to purchase Kodiak Oil & Gas Corp., according to the Denver Business Journal.
The merger was first announced on July 13 of this year with shareholders officially approving the merger last week. The merger will make Whiting Petroleum the largest crude-oil producer in the Bakken shale region of the northern Great Plains.
Whiting Petroleum CEO said in a statement:
“We are excited to move forward as one company that is even better positioned to deliver value to our stockholders, customers and employees. Uniting our complementary acreage positions and substantial inventory of high return drilling locations provides Whiting with an expanded platform for growth.”
As part of the merger, each share of Kodiak stock will be exchanged for 0.177 of a share in Whiting Petroleum. At the time of this article, Whiting Petroleum Corp. (WLL) currently sits at $33.20 per share and has dropped 17.25% over the past five days.