Whiting Petroleum (NYSE:WLL) is now $150.1 million richer. The company announced that it has closed the sale of acreage in the Big Tex prospect area in Texas' Delaware Basin. The buyer, who was not identified, now owns 32,182 net acres that produces roughly 200 net barrels of oil equivalent per day. The great bulk of the acreage is located in Pecos County, while 1,361 net acres sit in neighboring Reeves County.
In the press release announcing the news, the company said it would direct its take from the sale to its other plays. It quoted its CEO, James Volker, as saying that the deal "will further increase our liquidity to accelerate development of our high rate of return Williston Basin and DJ Basin Niobrara assets."
Whiting remains active in Big Tex, with 41,173 net acres in the area. A little more than 30,000 of those acres are located in Pecos County.
At the end of its most recently reported quarter, Whiting had slightly more than $1 billion in cash and short-term investments.
Fool contributor Eric Volkman has no position in Whiting Petroleum. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.