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)

These risks and uncertainties include, but are not limited to: declines in oil or natural gas prices; our level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities; the timing of our exploration and development expenditures; our ability to obtain sufficient quantities of CO ₂ necessary to carry put our enhanced oil recovery projects; inaccuracies of our reserve estimates or our assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; risks related to our level of indebtedness and periodic redeterminations of the borrowing base under our credit agreement; our ability to generate sufficient cash flows from operations to meet the internally funded portion of our capital expenditures budget; our ability to obtain external capital to finance exploration and development operations and acquisitions; federal and state initiatives relating to the regulation of hydraulic fracturing; the potential impact of federal debt reduction initiatives and tax reform legislation being considered by the U.S. Federal government that could have a negative effect on the oil and gas industry; impacts of the global recession and tight credit markets; our ability to identify and complete acquisitions and to successfully integrate acquired businesses; unforeseen underperformance of or liabilities associated with acquired properties; our ability to successfully complete potential asset dispositions; the impacts of hedging on our results of operations; failure of our properties to yield oil or gas in commercially viable quantities; uninsured or underinsured losses resulting from our oil and gas operations; our inability to access oil and gas markets due to market conditions or operational impediments; the impact and costs of compliance with laws and regulations governing our oil and gas operations; our ability to replace our oil and natural gas reserves; any loss of our senior management or technical personnel; competition in the oil and gas industry in the regions in which we operate; risks arising out of our hedging transactions; and other risks described under the caption “Risk Factors” in our Annual Report on Form 10-K for the period ended December 31, 2011. We assume no obligation, and disclaim any duty, to update the forward-looking statements in this news release.

SELECTED FINANCIAL DATA

For further information and discussion on the selected financial data below, please refer to Whiting Petroleum Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, to be filed with the Securities and Exchange Commission.

WHITING PETROLEUM CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands)
				June 30, 2012						December 31, 2011
ASSETS
Current assets:
Cash and cash equivalents				$	6,807					$	15,811
Accounts receivable trade, net					293,672						262,515
Prepaid expenses and other					23,220						20,377
Total current assets					323,699						298,703
Property and equipment:
Oil and gas properties, successful efforts method:
Proved properties					7,765,534						7,221,550
Unproved properties					382,495						354,774
Other property and equipment					155,482						150,933
Total property and equipment					8,303,511						7,727,257
Less accumulated depreciation, depletion and   amortization					(2,238,740	)					(2,088,517	)
Total property and equipment, net					6,064,771						5,638,740
Debt issuance costs					29,735						33,306
Other long-term assets					92,379						74,860
TOTAL ASSETS				$	6,510,584					$	6,045,609

WHITING PETROLEUM CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share data)
				June 30, 2012						December 31, 2011
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable trade				$	102,004					$	56,673
Accrued capital expenditures					109,635						142,827
Accrued liabilities and other					146,012						157,214
Revenues and royalties payable					116,410						103,894
Taxes payable					35,099						31,195
Derivative liabilities					23,364						73,647
Deferred income taxes					11,140						1,584
Total current liabilities					543,664						567,034
Long-term debt					1,420,000						1,380,000
Deferred income taxes					960,284						823,643
Derivative liabilities					17,085						47,763
Production Participation Plan liability					80,641						80,659
Asset retirement obligations					55,184						61,984
Deferred gain on sale					126,932						29,619
Other long-term liabilities					26,973						25,776
Total liabilities					3,230,763						3,016,478
Commitments and contingencies
Equity:
Preferred stock, $0.001 par value, 5,000,000 shares    authorized; 6.25% convertible perpetual preferred stock,    172,391 issued and outstanding as of June 30, 2012 and    December 31, 2011, aggregate liquidation preference of    $17,239,100 at June 30, 2012					-						-
Common stock, $0.001 par value, 300,000,000 shares    authorized; 118,584,788 issued and 117,631,451    outstanding as of June 30, 2012, 118,105,279 issued and    117,380,884 outstanding as of December 31, 2011					119						118
Additional paid-in capital					1,557,345						1,554,223
Accumulated other comprehensive income (loss)					(951	)					240
Retained earnings					1,715,089						1,466,276
Total Whiting shareholders’ equity					3,271,602						3,020,857
Noncontrolling interest					8,219						8,274
Total equity					3,279,821						3,029,131
TOTAL LIABILITIES AND EQUITY				$	6,510,584					$	6,045,609

WHITING PETROLEUM CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share data)
				Three Months Ended June 30,												Six Months Ended June 30,
				2012						2011						2012						2011
REVENUES AND OTHER INCOME:
Oil and natural gas sales				$	492,756					$	473,865					$	1,051,453					$	899,548
Gain on hedging activities					759						2,391						1,886						5,454
Amortization of deferred gain on sale					8,892						3,570						12,645						6,937
Gain (loss) on sale of properties					(362	)					1,227						(362	)					1,227
Interest income and other					129						153						258						261
Total revenues and other income					502,174						481,206						1,065,880						913,427
COSTS AND EXPENSES:
Lease operating					89,504						73,785						184,294						145,307
Production taxes					40,763						34,258						85,374						65,902
Depreciation, depletion and amortization					160,589						110,250						316,709						217,978
Exploration and impairment					27,902						20,171						55,480						42,408
General and administrative					25,209						20,913						59,577						39,326
Interest expense					17,905						15,279						36,361						29,737
Change in Production Participation Plan    liability					(953	)					2,650						(18	)					2,207
Commodity derivative (gain) loss, net					(100,025	)					(113,618	)					(70,622	)					20,820
Total costs and expenses					260,894						163,688						667,155						563,685
INCOME BEFORE INCOME TAXES					241,280						317,518						398,725						349,742
INCOME TAX EXPENSE:
Current					1,109						1,565						2,535						3,615
Deferred					89,320						112,804						146,893						123,564
Total income tax expense					90,429						114,369						149,428						127,179
NET INCOME					150,851						203,149						249,297						222,563
Net loss attributable to noncontrolling interest					31						-						55						-
NET INCOME AVAILABLE TO SHAREHOLDERS					150,882						203,149						249,352						222,563
Preferred stock dividends					(270	)					(269	)					(539	)					(539	)
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
Diluted				$	1.27					$	1.71					$	2.10					$	1.87
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic					117,622						117,373						117,569						117,308
Diluted					118,853						118,659						118,889						118,707

WHITING PETROLEUM CORPORATION Reconciliation of Net Income Available to Common Shareholders to Adjusted Net Income Available to Common Shareholders (In thousands, except for per share data)
				Three Months Ended												Six Months Ended
				June 30,												June 30,
				2012						2011						2012						2011
Net Income Available to Common  Shareholders				$	150,612					$	202,880					$	248,813					$	222,024
Adjustments Net of Tax:
Amortization of Deferred Gain on Sale					(5,560	)					(2,284	)					(7,906	)					(4,414	)
(Gain) Loss on Sale of Properties					227						(785	)					227						(781	)
Impairment Expense					8,998						4,993						20,149						9,827
One-time Charge Under ProductionParticipation Plan Related to Trust IIOffering					-						-						5,928						-
Unrealized Derivative Gains					(67,470	)					(84,527	)					(58,378	)					(5,453	)
Adjusted Net Income (1)				$	86,807					$	120,277					$	208,833					$	221,203
Adjusted Net Income Available to Common  Shareholders per Share, Basic				$	0.74					$	1.02					$	1.78					$	1.89
Adjusted Net Income Available to Common  Shareholders per Share, Diluted				$	0.73					$	1.02					$	1.76					$	1.87

(1)			Adjusted Net Income Available to Common Shareholders is a non-GAAP financial measure. Management believes it provides useful information to investors for analysis of Whiting’s fundamental business on a recurring basis. In addition, management believes that Adjusted Net Income Available to Common Shareholders is widely used by professional research analysts and others in valuation, comparison and investment recommendations of companies in the oil and gas exploration and production industry, and many investors use the published research of industry research analysts in making investment decisions. Adjusted Net Income Available for Common Shareholders should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, cash flow or liquidity measures under US GAAP and may not be comparable to other similarly titled measures of other companies.

WHITING PETROLEUM CORPORATION Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow (In thousands)
				Three Months Ended												Six Months Ended
				June 30,												June 30,
				2012						2011						2012						2011
Net cash provided by operating activities				$	282,193					$	374,163					$	635,185					$	588,218
Exploration					13,510						12,367						23,254						26,966
Exploratory dry hole costs					(4	)					(1,395	)					(255	)					(4,297	)
Changes in working capital					15,095						(71,586	)					4,785						(12,988	)
Preferred stock dividends paid					(270	)					(269	)					(539	)					(539	)
Discretionary cash flow (1)				$	310,524					$	313,280					$	662,430					$	597,360

(1)				Discretionary cash flow is computed as net income plus exploration and impairment costs, depreciation, depletion and amortization, deferred income taxes, non-cash interest costs, non-cash compensation plan charges, non-cash losses on mark-to-market derivatives and other non-current items less the gain on sale of properties, amortization of deferred gain on sale, non-cash gains on mark-to-market derivatives, and preferred stock dividends paid. The non-GAAP measure of discretionary cash flow is presented because management believes it provides useful information to investors for analysis of the Company’s ability to internally fund acquisitions, exploration and development. Discretionary cash flow should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, cash flow or liquidity measures under GAAP and may not be comparable to other similarly titled measures of other companies.

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