This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.

4 of 7

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs