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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)

The following summarizes Whiting Petroleum Corporation’s natural gas hedges as of July 16, 2012:

                    Weighted Average             As a Percentage of
Hedge Contracted Volume NYMEX Price Collar Range June 2012
Period (Mcf per Month) (per Mcf) Gas Production
 
2012
Q3 31,502 $6.00 - $14.45 1.5%
Q4 30,640 $7.00 - $13.40 1.5%
 

Whiting also has the following fixed-price natural gas contracts in place as of July 16, 2012:

                Weighted Average         As a Percentage of
Hedge Contracted Volume Contracted Price June 2012
Period (MMBtu per Month) (per MMBtu) Gas Production
 
2012
Q3 465,630 $5.41 22.3%
Q4 398,667 $5.46 19.1%
 
2013
Q1 360,000 $5.47 17.2%
Q2 364,000 $5.47 17.4%
Q3 368,000 $5.47 17.6%
Q4 368,000 $5.47 17.6%
 
2014
Q1 330,000 $5.49 15.8%
Q2 333,667 $5.49 16.0%
Q3 337,333 $5.49 16.1%
Q4 337,333 $5.49 16.1%
 

Selected Operating and Financial Statistics

           
Three Months Ended

June 30,

Six Months Ended

June 30,

2012       2011 2012       2011
Selected operating statistics
Production
Oil, MBbl 5,577 4,307 11,159 8,591
NGLs, MBOE 703 480 1,367 970
Natural gas, MMcf 6,383 6,289 12,987 13,289
Oil equivalents, MBOE 7,344 5,835 14,691 11,775
Average Prices
Oil per Bbl (excludes hedging) $ 79.92 $ 96.88 $ 85.22 $ 91.16
NGL per BOE $ 37.45 $ 53.22 $ 41.73 $ 51.94
Natural gas per Mcf (excludes hedging) $ 3.25 $ 4.94 $ 3.35 $ 4.97
Per BOE Data
Sales price (including hedging) $ 66.13 $ 78.45 $ 70.15 $ 74.36
Lease operating $ 12.19 $ 12.65 $ 12.54 $ 12.34
Production taxes $ 5.55 $ 5.87 $ 5.81 $ 5.60
Depreciation, depletion and amortization $ 21.87 $ 18.89 $ 21.56 $ 18.51
General and administrative (1) $ 3.43 $ 3.58 $ 4.06 $ 3.34
Selected Financial Data
(In thousands, except per share data)
Total revenues and other income $ 502,174 $ 481,206 $ 1,065,880 $ 913,427
Total costs and expenses $ 260,894 $ 163,688 $ 667,155 $ 563,685

Net income available to common  shareholders

$ 150,612 $ 202,880 $ 248,813 $ 222,024
Earnings per common share, basic $ 1.28 $ 1.73 $ 2.12 $ 1.89
Earnings per common share, diluted $ 1.27 $ 1.71 $ 2.10 $ 1.87
 

Weighted average shares outstanding,  basic

117,622 117,373 117,569 117,308

Weighted average shares outstanding,  diluted

118,853 118,659 118,889 118,707
Net cash provided by operating activities $ 282,193 $ 374,163 $ 635,185 $ 588,218
Net cash used in investing activities $ (464,883 ) $ (445,357 ) $ (677,935 ) $ (846,613 )
Net cash provided by financing activities $ 179,672 $ 77,257 $ 33,746 $ 250,532
 
(1)     For the six months ended June 30, 2012, the cost includes the effect of a one-time charge under our Production Participation Plan related to the Whiting USA Trust II of $0.59 per BOE.
 

Conference Call

The Company’s management will host a conference call with investors, analysts and other interested parties on Thursday, July 26, 2012 at 11:00 a.m. EDT (10:00 a.m. CDT, 9:00 a.m. MDT) to discuss Whiting’s second quarter 2012 financial and operating results. Please call (888) 396-2384 (U.S./Canada) or (617) 847-8711 (International) and enter the pass code 24584957 to be connected to the call. Access to a live Internet broadcast will be available at www.whiting.com by clicking on the “Investor Relations” box on the menu and then on the link titled “Webcasts.” Slides for the conference call will be available on this website beginning at 11:00 a.m. (EDT) on July 26, 2012.

A telephonic replay will be available beginning approximately two hours after the call on Thursday, July 26, 2012 and continuing through Thursday, August 2, 2012. You may access this replay at (888) 286-8010 (U.S./Canada) or (617) 801-6888 (International) and entering the pass code 61822693. You may also access a web archive at www.whiting.com beginning approximately one hour after the conference call.

About Whiting Petroleum Corporation

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. The Company trades publicly under the symbol WLL on the New York Stock Exchange. For further information, please visit www.whiting.com.

Forward-Looking Statements

This news release contains statements that we believe to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including, without limitation, statements regarding our future financial position, business strategy, projected revenues, earnings, costs, capital expenditures and debt levels, and plans and objectives of management for future operations, are forward-looking statements. When used in this news release, words such as we “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe” or “should” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements.

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