WLL Acquires Additional Acreage

Whiting Petroleum Corporation (NYSE: WLL) has acquired an additional 90k acres for the Bakken/Three Forks from undisclosed groups for undisclosed amounts, Morgan Keegan reports, but is suspected to be in the range of $400-500/acre, as suggested at a recent conference.

WLL is continuing to move westward from North Dakota, and investors are awaiting results from what has the potential to be four more wells, hoping to prove the validity of the acreage, according to Morgan Keegan.

Morgan Keegan reiterates its Outperform rating and $103 price target.

Whiting Petroleum Corporation closed yesterday at $91.28.