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Whiting Petroleum to pay down credit agreement via property sale
By Tali David
Minneapolis, June 24 - Whiting Petroleum Corp. plans to use the proceeds from its sale of producing oil and gas properties to BreitBurn Energy Partners LP to repay a portion of the debt outstanding under its credit agreement, according to a press release.
As of March 31, the borrowings under the credit agreement were $1.5 billion, which includes $44.9 million as Whiting's cost of the oil swaps conveyed.
Whiting Petroleum is a Denver-based independent oil and gas company.
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