March 4, 2015 - 6:10 PM EST
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Whiting Announces Results of Offer to Purchase Notes Originally Issued by Kodiak

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and $399.4 million of the aggregate principal amount of the 2022 Notes had been validly tendered (and not properly withdrawn) pursuant to the terms of the offer.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

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.

Whiting Petroleum Corporation
John B. Kelso, 303-837-1661
Director of Investor Relations
[email protected]

Source: Business Wire (March 4, 2015 - 6:10 PM EST)

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