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WHITING PETROLEUM TO BUY KODIAK OIL & GAS

Whiting Petroleum Corporation on Sunday said it would buy Kodiak Oil & Gas Corporation for $3.8 billion in stock, and assume $2.2 billion of Kodiak’s debt.

The deal will unite two big exploration and production companies, both of which have a strong presence in the Bakken and Three Forks formations, some of the most oil and gas rich areas of the Dakotas and Montana.

Combined, Whiting and Kodiak will be the biggest producer in the region, the companies said, producing more than 107,000 barrels of oil equivalent per day. Read more in The New York Times.