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Whiting Petroleum Corporation Announces Third Quarter 2012 Financial And Operating Results

Hidden Bench/Tarpon Prospects. Whiting’s net production from the Hidden Bench/Tarpon prospects averaged 2,505 BOE per day in the third quarter of 2012. We currently hold 57,295 gross (35,812 net) acres in the Hidden Bench/Tarpon prospects, which are located in McKenzie County, North Dakota. Of note at Hidden Bench was the recent completion of the Norgard 41-14H. This well was completed in the Middle Bakken formation on August 23, 2012 flowing 2,052 BOE per day. We hold a 90% working interest and a 72% net revenue interest in this well.

Subsequent to the third quarter of 2012, we completed two wells at Hidden Bench. The Timber Creek 21-27H was completed in the Middle Bakken flowing 2,839 BOE per day while the Norgard 41-13H flowed 2,198 BOE per day on completion in the Middle Bakken. Both wells were tested on October 11, 2012.

In September 2012, we moved a drilling rig to our Tarpon prospect where we set an initial production record for all Bakken wells drilled in the Williston Basin. The Tarpon Federal 21-4H well was completed flowing 7,009 BOE per day on October 17, 2011.

Missouri Breaks Prospect. We hold 92,214 gross (65,544 net) acres in the Missouri Breaks prospect, located in Richland County, Montana. We continue to de-risk our acreage in the Missouri Breaks area. We have now drilled successful wells on the western and southern portions of our acreage. On September 6, 2012, we completed the Watts 42-21-1H flowing 854 BOE per day. This was our first well drilled on the southern part of our acreage at Missouri Breaks.

Big Island Red River Play. We currently hold 171,825 gross (121,982 net) acres in the Big Island prospect, which is located in Golden Valley, North Dakota and Wibaux County, Montana. We have identified more than 50 vertical Red River prospects at our Big Island play using 3-D seismic interpretations as well as porosity anomalies. Estimated ultimate recoveries for these wells range from 200,000 BOE to 300,000 BOE. The wells have an estimated completed well cost of only $3.5 million.

Our most recent completion at Big Island, the Ross 13-2, flowed 306 BOE per day from the Upper Red River “D” zone on August 12, 2012. Whiting holds a 100% working interest and an 80% net revenue interest in this vertical well. We currently plan to test the Lower Red River “D” zone with a horizontal well in mid-2013.

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