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Whiting Petroleum's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Our total probable and possible PV10 value is $3.1 billion. Therefore, we estimate our 3P PV10 value at $10.5 billion. Once again these are third party engineered estimates. Slide number seven provides Whiting’s internal estimate of resource potential beyond the 3P category. This totals 479 million BOEs with the PV10 value of $4.7 billion.

Slide number eight, we breakout our by region the PV, the 3P and resource drilling locations that underpin our reserve and resource estimates focusing on just our Northern Rockies Williston Basin area. We have over 2,500 drilling locations, which represents over 10 years of inventory from that one area at our current pace of approximately 250 wells per year.

Moving to slide nine, you can see our 2012 CapEx budget. The main change between this year and 2011 is a transition from an emphasis on exploratory drilling to an emphasis on development drilling in our recently discovered Williston Basin prospect areas. For example, that our Pronghorn area, we’ve doubled our rig count to six rigs and are initiating pad drilling. We expect pad drilling alone to save us approximately $0.5 million per well.

On slide 10, we provide an overview on our Williston Basin plays. We control over 680,000 net acres in the play. The line of this map ties to the cross section on the next slide. The slide 11, cross section shows the reservoirs we target in each of our Williston Basin plays. At Lewis & Clark/Pronghorn, we target the Pronghorn Sand and upper Three Forks horizon which we can tap with one wellbore.

In Hidden Bench, Tarpon, Missouri Breaks and Starbuck, we have dual targets in the Middle Bakken and Three Forks formations. On slide 12, we show our estimate of the derisked acreage across to our prospect areas in the Williston Basin.

This slide hasn’t changed since our third quarter call. We will update it later this year, when we drilled more wells at our Starbuck Missouri Breaks, Hidden Bench, Tarpon, Cassandra, Lewis & Clark and Pronghorn prospect areas. Slide 13 and 14 give our Sanish Bakken and Three Forks type curves. They have not changed since our last update. On slide 15, our two typical production profiles are non Sanish, Field Bakken or Pronghorn Sand/Three Forks wells.

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