NEW YORK (TheStreet) -- Whiting Petroleum (WLL_) plans to buy peer Kodiak Oil & Gas(KOG_), which will make it the king of the prolific Bakken Shale formation.
The acquisition will boost Whiting's production and reserves, which is why the company believes the deal will have a positive impact on cash flow, earnings and production per share starting next year.
The deal shows Whiting's resolve to play a central role in the rise of the Bakken formation as North America's leading shale field in terms of barrels-per-well.
Kodiak Oil and Gas, like Whiting, is a Rocky Mountain-focused exploration and production company. The deal is valued at $6 billion.