Whiting Petroleum Corp. has two agreements in hand to expand its operated leasehold in the Bakken Shale, and it has raised its capital budget for  2022.

Whiting Petroleum

Management of the Denver-based independent said Tuesday the agreements entail acquiring nonoperated assets in the Bakken’s Sanish field from two undisclosed private companies for $273 million total.

“These transactions continue the strategy we put forth beginning in late 2020,” said CEO Lynn Peterson. “By increasing our working interest, we are immediately recognizing substantial cash flow that is accretive for shareholders. 

“We know and understand the Sanish field extremely well and are very comfortable with the rate of return we are achieving.”

Located in Mountrail County, ND, the assets increase Whiting’s...