Whiting Petroleum Corporation – Day One Breakout Notes

Jim Volker, Chairman and Chief Executive Officer, Jim Brown, President and Chief Operating Officer and Eric Hagen, Vice President of Investor Relations of Whiting Petroleum Corporation (WLL) presented today at EnerCom’s The Oil & Gas Conference® 17. Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company that explores for, develops, acquires and produces oil, natural gas and natural gas liquids primarily in the Rocky Mountain, Permian Basin, Mid-Continent, Michigan and Gulf Coast regions of the United States. The Company’s largest projects are in the Bakken and Three Forks plays in North Dakota and its Enhanced Oil Recovery fields in Oklahoma and Texas.

During the company’s breakout session, management was asked the following questions:

• In your Big Island play, you mentioned that the completed well cost of $3 million was so much lower than others. Why?
• You mentioned 48 prospects in that area. Have you shot 3D on all of them?
• Why the Big Island position?
• In the Illinois Basin, are you doing a lot of exploration?
• What is the structure of the Red River play?
• Can you give us some details on the horizontal drilling of the Red River?
• How much would the horizontal drilling cost?
• What do you anticipate the EURs of the Redtail to be?
• The NRIs seem low in Wattenburg. Why?
• What are your deep rights on the North Ward Estes play?
• You mentioned $6 million for the cost of Sanish. What did it look like a year ago?
• Given that you are using white sand in fracking, do you have a projected well cost for next year?
• Any thoughts on selling your non-core assets?
• What is your hedging strategy?
• Do you have any plans to refinance the borrowings under the revolver?
• Could you tell us the useful life of wells in the Bakken?
• Can you talk about what you are doing in the lower benches?
• Are your CO₂ costs fixed or variable?
• Have you started any secondary recoveries in the Bakken?

Click here for Whiting Petroleum’s webcast.

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