Whiting Petroleum (WLL) and Kodiak Oil & Gas (KOG) announced a definitive agreement pursuant to which Whiting will acquire Kodiak in an all-stock transaction valued at $6B, based on the closing price of Whiting on July 11, and including Kodiak's net debt of $2.2B as of March 31. Whiting's Chairman, CEO and President James J. Volker said, "We expect the combined entity to have an initial enterprise value of $17.8B, total 2014 production of 152 thousand barrels of oil equivalent per day, and proved reserves of 606M barrels of oil equivalent, providing a leading platform for future oil-driven growth." Volker continued, "We expect that the transaction will be accretive to Whiting's cash flow per share, earnings per share and production per share for 2015 and increasingly accretive thereafter. Furthermore, the combined company is expected to have significant financing flexibility, with a ratio of debt to 2014E EBITDA of approximately 1.6x.