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TheStreet Open House

Whiting Petroleum Corporation Announces Third Quarter 2012 Financial And Operating Results

Stocks in this article: WLL

Midstream Assets

Robinson Lake Gas Plant. Our gas plant at Robinson Lake is currently processing 65 MMcf of gas per day (gross). We added compression in September 2012 that brought the plant’s inlet capacity to 72 MMcf per day, 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. As of September 30, 2012, the Belfield plant was processing 12 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. We expect to begin connecting other operators’ wells to the plant in November 2012.

EOR Projects

North Ward Estes Field. Net production from our North Ward Estes field averaged 8,465 BOE per day in the third quarter of 2012. One of the largest phases at North Ward Estes (Phase 3B) is pressuring up with CO 2, and we anticipate a production response in the first quarter of 2013. Whiting is currently injecting approximately 340 MMcf of CO 2 per day into the field, of which about 64% is recycled gas.

Other Development Areas

Delaware Basin: Big Tex Prospect. Whiting’s lease position at Big Tex consists of 121,461 gross (91,258 net) acres, located primarily in Pecos County, Texas. Two horizontal Wolfcamp wells are currently waiting on completion. One of these wells, the May 2502, offsets the May 2501, a vertical Wolfcamp well that was completed in May 2012 flowing 323 BOE per day from the Upper Wolfcamp formation. Both May wells are located on the southwest side of the Big Tex prospect.

Denver Basin: Redtail Niobrara Prospect. As of September 30, 2012, we held a total of 105,569 gross (77,608 net) acres in our Redtail prospect, located in the Denver Julesberg Basin in Weld County, Colorado. Subsequent to the end of the third quarter, we added 12,615 gross (10,830 net) acres to our acreage position at Redtail. The acreage is located primarily in the east-central portion of the prospect where Whiting believes the Niobrara “A” zone is also prospective. We are currently completing our first two wells in the “A” zone. All of Whiting’s previous wells at Redtail have been completed in the Niobrara “B” zone.

Highlighting recent results from the Niobrara “B” zone was the completion of the Wildhorse 04-0414H. This well flowed 975 barrels of oil and an estimated 1,170 Mcf of gas (1,170 BOE) per day on October 15, 2012. Whiting holds a 100% working interest and an 80% net revenue interest in the Wildhorse well, which was drilled on a 640-acre spacing unit. An offset operator’s well produced at an average 30-day rate of 534 barrels of oil per day in July 2012.

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