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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)

Also of note at the Sanish field was the July 5, 2012 completion of our highest-rate wing well to date. The Smith 41-12H flowed 2,974 BOE per day from the Middle Bakken. The well’s 6,996-foot lateral was fracture stimulated in a total of 22 stages.

Lewis & Clark/Pronghorn Prospects. Whiting’s net production from the Lewis & Clark/Pronghorn prospects averaged 10,275 BOE per day in the second quarter of 2012. We own 381,403 gross (261,445 net) acres in the Lewis & Clark/Pronghorn prospects.

We completed our first two wells off a pad at the Pronghorn prospect. The 3J Trust 34-8TFH was completed in the Pronghorn Sand formation flowing 2,254 BOE per day. The well’s 10,568-foot lateral was fraced in 30 stages. Whiting owns an 88% working interest and a 71% net revenue interest in the 3J Trust 34-8TFH well. The 3J Trust 24-8PH flowed 2,157 BOE per day on completion in the Pronghorn Sand. The well’s 10,001-foot lateral was fraced in 30 stages. The Company holds an 89% working interest and a 71% net revenue interest in the 3J Trust 24-8PH well. Both 3J Trust wells were tested on June 22, 2012.

Hidden Bench/Tarpon Prospects. Whiting’s net production from the Hidden Bench/Tarpon prospects averaged 2,190 BOE per day in the second quarter of 2012. We currently hold 58,124 gross (36,301 net) acres in the Hidden Bench/Tarpon prospects, which are located in McKenzie County, North Dakota. Of note at Hidden Bench is the recent completion of the Johnson 34-33H. This well was completed in the Middle Bakken formation on May 25, 2012 flowing 2,213 BOE per day. We hold a 94% working interest and a 75% net revenue interest in the well.

Missouri Breaks Prospect. In the second quarter, we acquired an additional 4,000 net undeveloped acres and now hold 89,580 gross (61,794 net) acres in the Missouri Breaks prospect, located in Richland County, Montana. To date, we have drilled and completed three wells on the western portion of our Missouri Breaks prospect. Going forward, we estimate ultimate recoveries in the 300,000 – 400,000 BOE range in this area.

Big Island Red River Play. We have identified more than 50 vertical Red River prospects at our Big Island play in Golden Valley County, North Dakota, using 3-D seismic interpretations as well as porosity anomalies. All five vertical Red River wells drilled to date at Big Island have been completed as successful oil producers. Estimated ultimate recoveries for these wells range from 200,000 BOE to 300,000 BOE. The wells have an estimated completed well cost of approximately $3.5 million.

Midstream Assets

Robinson Lake Gas Plant. As of July 9, 2012, the plant was processing approximately 60 MMcf of gas per day (gross). There is inlet compression in place to process 64 MMcf per day. We plan to add compression to bring the inlet capacity to 72 MMcf per day by August 2012 and we have the ability to increase to 90 MMcf per day in the future. Whiting owns a 50% interest in the plant.

Belfield Gas Processing Plant. In May 2012, we sold a 50% ownership interest in our Belfield gas processing plant, gas gathering, oil gathering and related facilities in Stark County, North Dakota. The transaction was executed with Bitter Creek Pipelines, LLC, a subsidiary of MDU Resources. Under the agreement, Bitter Creek Pipelines paid 60% of the capital costs of the project to date and will pay 60% of certain future capital costs with respect to its 50% ownership. A $66.2 million payment was made to Whiting at closing for capital costs to date. Fidelity Exploration & Production Company, also a subsidiary of MDU, has dedicated gas production from its development activity in the area to the Belfield gas plant. Whiting is pleased to have MDU as a partner in the Belfield gas plant. Whiting will continue to operate the facilities.

As of July 9, 2012, the Belfield plant was processing 13.1 MMcf of gas per day (gross). Currently, there is inlet compression in place to process 24 MMcf per day. Whiting owns 50% of the Belfield plant.

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