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Actionable news in WLL: WHITING PETROLEUM CORPORATION,

Whiting Petroleum: Vice President, Investor Relations

Credit Commitments Unchanged at $3.5 Billion, Zero Drawn at September 30, 2015

(NYSE: WLL)

production in the third quarter 2015 totaled 14.8 million barrels of oil equivalent (MMBOE), 89% crude oil/natural gas liquids (NGLs). Third quarter 2015 production averaged 160,590 barrels of oil equivalent per day (BOE/d) after 8,700 BOE/d of Q2 2015 property sales. This represents a 38% increase over the third quarter 2014.

James J. Volker, Whiting’s Chairman, President and CEO, commented,

“Our third quarter results demonstrate we remain on track to balance capital spending and cash flow in 2016 at approximately $1.0 billion while maintaining our longer term growth profile. Total capital expenditures decreased 46% from the second quarter while production adjusted for asset sales was relatively flat. We spent $266 million in our core Williston Basin Bakken/Three Forks and DJ Basin plays in the third quarter, largely before we dropped three rigs to reach our fourth quarter eight rig program. Non-operated spending and facilities spending during the quarter were $58 million and $32 million, respectively. As they decline during the fourth quarter, we anticipate total capex under $300 million.

In addition, we expect production in the fourth quarter to benefit from the continuing transition to high volume, enhanced completions as evidenced by the outstanding results at our P Johnson pad, which tested an average rate per well of 5,224 BOE/d. The pad incorporated 7.0 million pounds of sand per completion versus our typical 5.0 million pound completion.”

Mr. Volker continued,

“We continue to maintain a strong financial position. Year-to-date, we have sold approximately $400 million of assets and anticipate further non-core asset sales by year end. We ended the third quarter with nothing drawn on our $4.0 billion borrowing base. Our credit commitments from our banks under our borrowing base remain unchanged at $3.5 billion. This demonstrates the confidence our banking group has in the quality of our assets and in our strategic plan. Our strong liquidity position and focus on enhancing returns through cost control and technology improvements provides us the financial flexibility to continue realizing the value of our premier asset base in the current pricing environment.”

Operating and Financial Results

The following table summarizes the operating and financial results for the third quarter of 2015 and 2014, including non-cash charges recorded during the quarter ended September 30, 2015:

Three Months Ended

Production (MBOE/d)

160.59

116.67

Discretionary cash flow-MM

Realized price ($/BOE)

Total revenues-MM

Net income (loss) available to common shareholders-MM

(2)(3)(4)

(1,865.1

Per basic share

Per diluted share

Adjusted net income (loss) available to common shareholders-MM

A reconciliation of net cash provided by operating activities to discretionary cash flow is included later in this news release.

For the three months ended September 30, 2015, net loss available to common shareholders included $153 million of pre-tax, non-cash derivative gains or $0.47 per basic and diluted share after tax. For the three months ended September 30, 2014, net income available to common shareholders included $25 million of pre-tax, non-cash derivative gains or $0.13 per basic and diluted share after tax.

For the three months ended September 30, 2015, this amount includes $1.7 billion in non-cash pre-tax impairment charges for the partial write-down of our North Ward Estes field in Texas and other non-core proved and unproved oil, gas and CO

properties that are not currently being developed due to depressed oil and gas prices. The Company did not recognize any impairment write-downs with respect to its proved oil and gas or CO

properties during the 2014 period presented.

During the three months ended September 30, 2015, goodwill related to the acquisition of Kodiak Oil and Gas Corp. in December 2014 (the “Kodiak Acquisition”) with a carrying amount of $870 million was written down to a fair value of zero, resulting in a non-cash impairment charge of $870 million, which resulted from lower commodity prices. The Company did not recognize any goodwill impairment write-downs during the 2014 period presented.

A reconciliation of net income (loss) available to common shareholders to adjusted net income (loss) available to common shareholders is included later in this news release.

The following table summarizes the first nine months operating and financial results for 2015 and 2014, including non-cash charges recorded during the nine months ended September 30, 2015:

Nine Months Ended

165.90

108.89

1,576.4

1,627.3

2,389.0

(2,120.5

(11.01

For the nine months ended September 30, 2015, net loss available to common shareholders included $32 million of pre-tax, non-cash derivative losses or $0.10 per basic and diluted share after tax. For the nine months ended September 30, 2014, net income available to common shareholders included $20 million of pre-tax, non-cash derivative losses or $0.10 per basic and diluted share after tax.

For the nine months ended September 30, 2015, this amount includes $1.7 billion in non-cash pre-tax impairment charges for the partial write-down of our North Ward Estes field in Texas and other non-core proved and unproved oil, gas and CO

During the nine months ended September 30, 2015, goodwill related to the Kodiak Acquisition with a carrying amount of $870 million was written down to a fair value of zero, resulting in a non-cash impairment charge of $870 million, which resulted from lower commodity prices. The Company did not recognize any goodwill impairment write-downs during the 2014 period presented.

No Change to $3.5 Billion of Credit Commitments

In October, the lenders under Whiting’s revolving credit agreement completed their semi-annual redetermination of the borrowing base. Under their current price deck, lenders set a $4.0 billion borrowing base. There was no change to the $3.5 billion in aggregate commitments. There were no changes to the interest rates, fees or repayment terms of the credit line, which matures in December 2019. Whiting and its lenders also agreed to extend the 2.5 to 1.0 senior secured debt to EBITDAX covenant and institute a 2.25 to 1.0 EBITDAX to consolidated cash interest charges covenant. Both remain in effect through March 31, 2018. Whiting is well within both these covenants. No funds were drawn on the credit facility as of September 30, 2015.

Year-to-date, Whiting has completed a total of approximately $400 million of non-core asset sales with estimated remaining 2015 production of 11.6 MBOE/d. This includes a package of older, conventional, operated and non-operated properties located in the Rockies, Permian and Gulf Coast areas, which was sold to private buyers for $52 million subsequent to the end of the quarter. The effective date for the sale is October 1, 2015 and the closing date is scheduled to occur on November 12, 2015. Estimated remaining 2015 production is 2,500 BOE/d.

Operations Update

Core Development Areas

Williston Basin Development

We hold 1,067,587 gross (667,668 net) acres in the Williston Basin of North Dakota and Montana. In the third quarter 2015, production from the Bakken/Three Forks averaged 130,895 BOE/d. The Bakken/Three Forks represented 82% of Whiting’s total third quarter production.

Enhanced Completions Contribute to 44% Quarter-over-Quarter Productivity Increases in Williston Basin.

We continue to test larger volume completions across our acreage in the Williston Basin. In the third quarter, we completed 34 operated wells with average sand volumes of 5.2 million pounds that produced for 30 or more days. This compares to 54 operated wells with average sand volumes of 3.5 million pounds in the second quarter. Wells completed during the third quarter achieved an average 30-day rate of 1,102 BOE/d, which was 44% better than the second quarter wells. The average estimated completed well cost for the third...


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