Whiting Petroleum Corporation Announces Proved Reserves of 780 MMBOE

Whiting Petroleum Corporation’s (NYSE: WLL) proved reserves, effective December 31, 2014, increased to an estimated 780 million barrels of oil equivalent (“MMBOE”) of which 83% were classified as oil and 90% were classified as oil and natural gas liquids. After replacing 2014 production, this represents a 29% increase over the year-end 2013 combined total for Whiting and Kodiak Oil & Gas Corp. (“Kodiak”) of 606 MMBOE. Whiting’s reserves, including those acquired in the Kodiak acquisition, were independently engineered by Cawley, Gillespie & Associates, Inc.

James J. Volker, Whiting’s Chairman, President and CEO, commented, “The 29% growth in our reserves underpins our strong financial position. Accordingly, on December 19, 2014 our bank syndicate increased our credit commitments to $4.5 billion reflecting our reserves and current market conditions. At year-end 2014, we estimate we will have approximately $1.4 billion drawn, leaving us $3.1 billion of liquidity. Another factor underpinning our solid outlook is the flexibility we have regarding our 2015 capital program. We intend to tailor our 2015 plans to maintain strong liquidity, keep a responsible debt to EBITDAX level and deliver moderate year over year production growth. We believe the company’s strong outlook is further reflected by Moody's Investors Service (Moody's) recent upgrade of Whiting Petroleum Corporation's corporate family rating to Ba1 from Ba2, just one notch below investment grade.”

Mr. Volker continued, “We are also pursuing monetization of select assets that would reduce debt and create up to $1 billion in additional liquidity. Given volatile oil prices, we intend to issue final 2015 guidance on our fourth quarter 2014 results call in February 2015.”

About Whiting

Whiting, 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 (“EOR”) 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 press release contains statements that Whiting believes to be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than historical facts are forward-looking statements. When used in this press 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: Whiting’s ability to integrate successfully after the Kodiak transaction and achieve anticipated benefits from such transaction; risks relating to any unforeseen liabilities of Whiting or Kodiak; declines in oil, NGL or natural gas prices; the level of success in exploration, development and production activities; the ability to successfully complete potential asset dispositions and the risks related thereto; adverse weather conditions that may negatively impact development or production activities; the timing of exploration and development expenditures; the ability to obtain sufficient quantities of CO2 necessary to carry out EOR projects; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base under our amended credit agreement; ability to generate sufficient cash flows from operations to meet the internally funded portion of our capital expenditures budget; 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 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 results of operations; failure of properties to yield oil or gas in commercially viable quantities; availability of, and risks associated with, transport of oil and gas; shortages of or delays in obtaining qualified personnel or equipment, including drilling rigs and completion services; uninsured or underinsured losses resulting from oil and gas operations; 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 oil and gas operations; ability to replace oil and natural gas reserves; any loss of senior management or technical personnel; competition in the oil and gas industry; and other risks described under the caption “Risk Factors” in Whiting’s Form 10-K for the year ended December 31, 2013 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2014. Whiting assumes no obligation, and disclaim any duty, to update the forward-looking statements in this press release.