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Oil bonanza seen in U.S. Plains states

July 25, 2013 at 10:19 AM   |   Comments

DENVER, July 25 (UPI) -- An oil company operating in the Williston Basin in the northern U.S. Plains states said its production grew by more than 200 percent year-on-year.

Whiting Petroleum Corp., which has headquarters in Denver, said its overall production for the second quarter of 2013 was 93,380 barrels of oil equivalent per day, which it said represents a 4.8 increase from the previous quarter.

Whiting focuses on the Williston Basin, spread out over eastern Montana, western North Dakota and South Dakota. Its production areas include the lucrative Three Forks and Bakken formations in North Dakota.

"In the Williston Basin, at our Western Williston area, production grew 231 percent year-over-year," the company said in a statement Wednesday.

The North Dakota government said more than 800,000 barrels of oil per day was produced in the state in May, the last full month for which information is available.

The company sold off some of its assets this year but said it aims to increase its capital budget by 13 percent to $2.5 billion. Whiting Chairman James Volker said his company has "the liquidity to accelerate development of our high rate of return" from the Williston Basin.

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