Sector News

Whiting Petroleum stockholders approve acquisition of Kodiak Oil & Gas

December 4, 2014
News
Whiting Petroleum Corporation announce that, at Whiting’s special meeting of stockholders held earlier today, Whiting stockholders overwhelmingly approved the issuance of Whiting common stock required for Whiting to acquire Kodiak Oil & Gas Corp. in an all-stock transaction. Approximately 78.5% of the outstanding shares of Whiting common stock voted, and of those outstanding shares that voted, approximately 98.8% voted in favor of the issuance of common stock to acquire Kodiak.
 
Separately, the shareholders and securityholders of Kodiak also approved proposals related to the transaction at a special meeting of Kodiak securityholders.
 
Kodiak will apply for a final order of the Supreme Court of British Columbia for approval of the Arrangement on December 4, 2014. Assuming receipt of court approval and the satisfaction or waiver of all other conditions to closing, Whiting expects that the Arrangement will close on December 8, 2014.
 
‘We are pleased with the outcome of today’s special meetings, and I thank Whiting stockholders for their strong support,’ said James Volker, Whiting’s Chairman, President and Chief Executive Officer. ‘The Board firmly believes that the combination of Whiting and Kodiak is in the best interests of both companies and our respective stakeholders, and we look forward to completing the transaction expeditiously.’
 
As previously announced on July 13, 2014, Whiting and Kodiak entered into a definitive agreement pursuant to which Whiting will acquire Kodiak in an all-stock transaction.
 
Source: Oil Voice

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