Ahead Of The Bell: Whiting Petroleum

HARTFORD, Conn. (AP) — Whiting Petroleum Corp. is producing more oil than expected from its North Dakota site and may even increase its 2009 guidance when it posts third-quarter results, an analyst said Monday as he raised his earnings estimate and price target.

KeyBanc analyst Jack N. Aydin reiterated a "Buy" rating for the shares of the Denver-based independent oil and gas company.

Whiting Petroleum earlier this month disclosed encouraging initial production rates at its Bakken site in North Dakota, he said. And he expects a strong update for the quarter ending Sept. 30 when Whiting Petroleum posts its results in late October or early November.

Aydin increased his third-quarter production estimate to 55.3 million barrels of oil equivalent a day from 54.3 "to incorporate better than expected production."

For fiscal 2009, he estimates production of about 55 million barrels of oil equivalent a day, which would be up nearly 15 percent year-over-year.

With stronger than expected third-quarter production, "we would not be surprised if the company increased its full year guidance to a range that is more in line with our full-year estimate," Aydin said.