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Whiting Petroleum Corporation
(NYSE: WLL) today announced it notified the trustee under the indenture governing its $250 million aggregate principal amount of 7.0% Senior Subordinated Notes due 2014 to provide notice to holders of the notes on October 1, 2013 that it elected to redeem the notes on October 31, 2013. The redemption price will equal 100% of the principal amount thereof plus the make-whole redemption premium described in the indenture plus accrued and unpaid interest up to but not including the redemption date.
Whiting intends to finance the redemption of the notes with the proceeds from its offering of $1.9 billion of senior notes that closed on September 12, 2013. As a result of the redemption of the notes, Whiting expects to make a cash payment of $4.1 million related to the estimated make-whole redemption premium, exclusive of accrued and unpaid interest, and to incur a non-cash charge of $0.4 million related to unamortized debt issuance costs, which will result in a reduction in retained earnings of $4.5 million on a pre-tax basis.
About Whiting Petroleum Corporation
Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company that explores for, develops, acquires and produces crude 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 field in Texas. The Company trades publicly under the symbol WLL on the New York Stock Exchange.
This news release contains statements that we believe to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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.