Whiting Petroleum Corp (WLL), BreitBurn Energy Partners L.P. (BBEP), Statoil ASA (ADR) (STO): A Deeper Look at the Latest Bakken Oil Deal

McKenzie County in particular has really been brimming with oil. Norway’s Statoil ASA (ADR) (NYSE:STO) drilled the top recent well in the Bakken which was located in McKenzie. The well had an initial production rate of more than 3,000 barrels of oil per day. In addition to that, Statoil ASA (ADR) (NYSE:STO) also drilled the top well in Williams County.

Meanwhile, ConocoPhillips (NYSE:COP) has really seen the fruits of its McKenzie County acres. The company drilled four of the best recent wells in the region, with three of those located in McKenzie County. Clearly, its a good spot to be in, which is why Whiting Petroleum Corp (NYSE:WLL) is making the right choice to bulk up on its position in the county.

Final Foolish thoughts
Whiting has been making all the right moves this year. It was able to get a very fair price for a mature asset that really didn’t have a lot of growth prospects. From there it was able to pay down debt, add slightly to its capital plan to replace the production it sold, and finally, add prime acreage in some of the most oil-rich counties in America. That has really positioned the company to profit as oil prices stay well over $100 per barrel.

The article A Deeper Look at the Latest Bakken Oil Deal originally appeared on Fool.com and is written by Matt DiLallo.

Fool contributor Matt DiLallo owns shares of ConocoPhillips. The Motley Fool recommends BreitBurn Energy Partners L.P. (NASDAQ:BBEP) and Statoil (ADR).

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