Whiting Petroleum Sells 50% Stake In Belfield Gas Processing Plant

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5/21/2012 1:07 PM ET

Whiting Petroleum Corp. (WLL: Quote) Monday said its subsidiary, Whiting Oil and Gas Corp., sold 50 percent stake in its Belfield gas processing plant to Bitter Creek Pipelines LLC, a subsidiary of MDU Resources Group Inc.

Bitter Creek paid 60 percent of its capital costs of the project to date and will pay 60 percent of certain future capital costs with respect to its 50 percent ownership. A $66 million payment was made to Whiting at closing for capital and operating costs to date.

The sold out facilities include a newly constructed, state-of-the-industry natural gas processing plant and a natural gas gathering pipeline system connected to the plant. The Belfield natural gas processing plant has an inlet processing capacity of 35 million cubic feet per day.

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