Whiting Petroleum Corporation (NYSE: WLL) today announced that it completed its previously announced private offering to eligible purchasers of $400 million aggregate principal amount of 5.750% senior notes due 2021. The notes were priced at a premium of 101.000% of par. The notes are unsecured and unconditionally guaranteed by Whiting’s wholly-owned subsidiary, Whiting Oil and Gas Corporation.
Whiting received approximately $399.3 million in net proceeds from the sale of the notes, after deducting the initial purchaser discount and commissions and estimated offering expenses payable by Whiting and excluding accrued and unpaid interest. Whiting expects to use the net proceeds from the sale of the notes for general corporate purposes, including capital expenditures.
These notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state and may not be offered or sold in the United States absent registration or an exemption from the requirements of the Securities Act and applicable state securities laws. The notes are eligible for trading by qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.
This press release is being issued pursuant to Rule 135c under the Securities Act and does not constitute an offer to sell or the solicitation of an offer to buy the notes, nor shall there be any sale of the notes, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.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.