Whiting Petroleum Corporation (NYSE: WLL) announced today that,
following approval of the reverse stock split and authorized share
reduction by Whiting stockholders at a special meeting of stockholders
earlier today, Whiting’s Board of Directors determined to effect the
reverse stock split of Whiting’s common stock at a ratio of 1-for-4. The
applicable Certificate of Amendment to the Company’s Restated
Certificate of Incorporation was filed with the Delaware Secretary of
State and will become effective at 5:00 p.m. Eastern Time on November 8,
2017. In addition, and at the same time, the total number of shares of
common stock Whiting is authorized to issue will change from 600,000,000
shares to 225,000,000 shares.
Whiting common stock will begin trading on a split-adjusted basis when
markets open on November 9, 2017. Whiting common stock will continue to
trade on the New York Stock Exchange under the symbol “WLL,” although a
new CUSIP number (966387 409) has been assigned to it as a result of the
reverse stock split.
No fractional shares have been issued in connection with the reverse
stock split. Stockholders otherwise entitled to receive fractional
share(s) as a result of the reverse stock split will receive cash
payments in lieu of such shares.
Additional information about the reverse stock split can be found in
Whiting’s definitive proxy statement on Schedule 14A filed with the U.S.
Securities and Exchange Commission (the “SEC”), available free of charge
at the SEC’s website, www.sec.gov,
or at Whiting’s website, www.whiting.com.
About Whiting Petroleum Corporation
Whiting Petroleum Corporation, a Delaware corporation, is an independent
oil and gas company that develops, produces, acquires and explores for
crude oil, natural gas and natural gas liquids primarily in the Rocky
Mountains region of the United States. The Company’s largest projects
are in the Bakken and Three Forks plays in North Dakota and Montana and
the Niobrara play in northeast Colorado. 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 27A of the
Securities Act of 1933 and 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: the
possibility that the reverse stock split proposal may not have its
intended effects; the possibility that factors unrelated to the reverse
stock split may impact the per share trading price of Whiting’s common
stock; declines in, or extended periods of low oil, NGL or natural gas
prices; our level of success in exploration, development and production
activities; risks related to our level of indebtedness, ability to
comply with debt covenants 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; federal and state
initiatives relating to the regulation of hydraulic fracturing and air
emissions; 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; the potential impact of changes in laws, including tax
reform, that could have a negative effect on the oil and gas industry;
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
Item 1A of our Annual Report on Form 10-K for the period ended December
31, 2016. We assume no obligation, and disclaim any duty, to update the
forward-looking statements in this news release.
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