Whiting Petroleum Corporation (NYSE: WLL) today announced the
results of its offer to purchase for 101% of par, plus accrued and
unpaid interest to the payment date (the “offer”), all of the following
notes originally issued by Kodiak Oil & Gas Corp. (“Kodiak”): $800.0
million aggregate principal amount of 8.125% Senior Notes Due 2019 (the
“2019 Notes”), $350.0 million aggregate principal amount of 5.500%
Senior Notes Due 2021 (the “2021 Notes”) and $400.0 million aggregate
principal amount of 5.500% Senior Notes Due 2022 (the “2022 Notes”).
Whiting was required to make the offer as a result of its acquisition of
Kodiak on December 8, 2014.
Whiting has been advised by U.S. Bank National Association, the paying
agent for the offer, that, as of 5:00 p.m., New York City time, on March
4, 2015, the withdrawal deadline for the offer, holders of $2.5 million
of the aggregate principal amount of the 2019 Notes, $346.1 million of
the aggregate principal amount of the 2021 Notes and $399.4 million of
the aggregate principal amount of the 2022 Notes had been validly
tendered (and not properly withdrawn) pursuant to the terms of the
offer. The payment date for the offer will be March 6, 2015. Whiting
plans to fund the amounts due as a result of the offer with borrowings
under its revolving credit facility.
About Whiting Petroleum Corporation
Whiting Petroleum Corporation, a Delaware corporation, is an independent
oil and gas company that explores for, develops, acquires and produces
crude oil, natural gas and natural gas liquids primarily in the Rocky
Mountain and Permian Basin regions of the United States. The Company’s
largest projects are in the Bakken and Three Forks plays in North
Dakota, the Niobrara play in northeast Colorado and its Enhanced Oil
Recovery field in Texas. The Company trades publicly under the symbol
WLL on the New York Stock Exchange. For further information, please
visit http://www.whiting.com.
Forward-Looking Statements
This news release contains statements that we believe to be
“forward-looking statements” within the meaning of Section 21E of the
Securities Exchange Act of 1934. All statements other than historical
facts, including, without limitation, statements regarding our future
financial position, business strategy, projected revenues, earnings,
costs, capital expenditures and debt levels, and plans and objectives of
management for future operations, are forward-looking statements. When
used in this news release, words such as we “expect,” “intend,” “plan,”
“estimate,” “anticipate,” “believe” or “should” or the negative thereof
or variations thereon or similar terminology are generally intended to
identify forward-looking statements. Such forward-looking statements are
subject to risks and uncertainties that could cause actual results to
differ materially from those expressed in, or implied by, such
statements.
These risks and uncertainties include, but are not limited to: declines
in oil, NGL or natural gas prices; our level of success in exploration,
development and production activities; risks related to our level of
indebtedness and periodic redeterminations of the borrowing base under
our amended credit agreement; impacts to financial statements as a
result of impairment write-downs; our ability to successfully complete
asset dispositions and the risks related thereto; adverse weather
conditions that may negatively impact development or production
activities; the timing of our exploration and development expenditures;
our ability to obtain sufficient quantities of CO2 necessary to carry
out our enhanced oil recovery projects; inaccuracies of our reserve
estimates or our assumptions underlying them; revisions to reserve
estimates as a result of changes in commodity prices, regulation and
other factors; risks relating to any unforeseen liabilities of ours; our
ability to generate sufficient cash flows from operations to meet the
internally funded portion of our capital expenditures budget; our
ability to obtain external capital to finance exploration and
development operations and acquisitions; federal and state initiatives
relating to the regulation of hydraulic fracturing; the potential impact
of federal debt reduction initiatives and tax reform legislation being
considered by the U.S. Federal Government that could have a negative
effect on the oil and gas industry; our ability to identify and complete
acquisitions and to successfully integrate acquired businesses;
unforeseen underperformance of or liabilities associated with acquired
properties; the impacts of hedging on our results of operations; failure
of our properties to yield oil or gas in commercially viable quantities;
availability of, and risks associated with, transport of oil and gas;
our ability to drill producing wells on undeveloped acreage prior to its
lease expiration; shortages of or delays in obtaining qualified
personnel or equipment, including drilling rigs and completion services;
uninsured or underinsured losses resulting from our oil and gas
operations; our inability to access oil and gas markets due to market
conditions or operational impediments; the impact and costs of
compliance with laws and regulations governing our oil and gas
operations; our ability to replace our oil and natural gas reserves; any
loss of our senior management or technical personnel; competition in the
oil and gas industry; cyber security attacks or failures of our
telecommunication systems; our ability to successfully integrate Kodiak
after its acquisition on December 8, 2014 and achieve anticipated
benefits from the transaction; and other risks described under the
caption “Risk Factors” in our Annual Report on Form 10-K for the year
ended December 31, 2014. We assume no obligation, and disclaim any duty,
to update the forward-looking statements in this news release.
Copyright Business Wire 2015