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Whiting Petroleum Corporation Drilling Operations: One Well Drilling, One Well Being Completed And One Well Producing In The Sanish Field Of Mountrail County, North Dakota. (Photo: Business Wire)

In this news release and going forward, we will break out our NGL production from our crude oil production along with the average price of each. We will continue to provide guidance for crude oil and natural gas differentials.

Operations Update

Core Development Areas

Bakken and Three Forks Development

Sanish Field.

Whiting’s net production from the Sanish Field averaged 31,530 BOE per day in the second quarter of 2012, an increase of 10% from 28,790 in the first quarter of 2012.

Highlighting recent results in the Sanish field were the completions of our first two wells using pad-style completions. Both wells were drilled on the western side of the Sanish field. The S-Bar 14-7XH, a cross-unit well, was completed in the Middle Bakken flowing 1,568 BOE per day on May 21, 2012. The well’s 9,658-foot lateral was fracture stimulated in a total of 30 stages.

The adjacent 10,121-foot lateral at the S-Bar 14-7TFX was fraced in 25 stages soon after the S-Bar 14-7XH. This cross-unit well was completed in the Three Forks formation flowing 955 BOE per day on May 27, 2012.

Combined with our DWOP (Drill Wells on Paper) training, white sand and sliding sleeve completions, pad drilling is providing efficiencies for drilling and fracture stimulation that lead to an estimated savings of $2 million per well. These factors enable us to drill and complete our Williston Basin wells for approximately $7 million. Each rig now drills approximately 12 wells per year rather than 10 and allows wells to be efficiently fraced and placed on production sequentially thereby minimizing equipment moves and truck traffic. Currently 25% of our rig fleet in the Williston Basin is pad capable. We anticipate that over 50% will be pad capable by year-end 2012.

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