Whiting Petroleum Corporation Announces Redemption of 8.125% Senior Notes Due 2019
Whiting Petroleum Corporation (NYSE: WLL) today announced it
elected to redeem all of the outstanding $798 million aggregate
principal amount of 8.125% Senior Notes Due 2019 of Kodiak Oil & Gas
Corp. (now known as Whiting Canadian Holding Company ULC) on December
24, 2015. The redemption price will equal 104.063% of the aggregate
principal amount of the notes, plus accrued and unpaid interest, if any,
to such date. Whiting intends to fund the redemption of the notes with
borrowings under its $3.5 billion credit agreement, under which there
were no borrowings as of September 30, 2015.
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 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; revisions to reserve
estimates as a result of changes in commodity prices, regulation and
other factors; adverse weather conditions that may negatively impact
development or production activities; the timing of our exploration and
development expenditures; inaccuracies of our reserve estimates or our
assumptions underlying them; 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
obtain sufficient quantities of CO2 necessary to carry out our EOR
projects; 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; and other risks described under the caption “Risk Factors” in
our Quarterly Report on Form 10-Q for the quarter ended September 30,
2015 and 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.
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Copyright Business Wire 2015
Source: Business Wire
(November 24, 2015 - 9:20 AM EST)
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