After using the net proceeds from the offering to temporarily reduce amounts outstanding under Whiting's credit facility, Whiting expects to use a portion of the proceeds from the offering to increase its 2009 base capital budget to develop incremental opportunities it has identified in the Northern and Central Rockies. However, Whiting may allocate this portion of the proceeds as well as the balance of the proceeds from the offering to either further develop these incremental projects or to expand the projects in its previously announced 2009 base capital budget that indicate the highest return based on drilling results through the time of such allocation.
Merrill Lynch & Co. will act as book-running manager for the offering. The offering is being made only by means of a prospectus and related prospectus supplement, copies of which may be obtained from Merrill Lynch & Co., 4 World Financial Center,
The shares are being offered pursuant to an effective shelf registration statement that Whiting previously filed with the U.S. Securities and Exchange Commission. This press release is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Whiting Petroleum Corporation
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