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Whiting Petroleum Corporation Announces Third Quarter 2013 Financial And Operating Results

Stocks in this article: WLL

Whiting Petroleum Corporation’s (NYSE: WLL) production in the third quarter of 2013 totaled 8.533 million barrels of oil equivalent (MMBOE), of which 87% was crude oil/natural gas liquids (NGLs). Despite the sale of our Postle field assets, which accounted for approximately 7,560 barrels of oil equivalent per day (BOE/d) of production in the second quarter, third quarter 2013 production came to 92,750 BOE/d compared to 93,380 BOE/d in the second quarter of 2013. Third quarter production was up 12% over the third quarter 2012 average of 82,615 BOE/d and up 23% excluding the production associated with the Postle field assets, which were sold on July 15, 2013.

Success in several areas contributed to strong third quarter production. We have applied the modified completion design that we employed at our Missouri Breaks prospect to other areas in the Williston Basin, including Hidden Bench, Lewis & Clark and Pronghorn, with encouraging results. At our Western Williston area, production increased 46% over the second quarter of 2013, driven by strong drill bit results. At our Redtail prospect in the DJ Basin, our new completion design continues to generate very strong and consistent results. We also continued to see increased production at our North Ward Estes EOR project where several phases of the CO 2 flood are continuing to respond.

We recently entered into an agreement to sell 32,183 net acres and approximately 200 net BOE/d in our Big Tex prospect area in the Delaware Basin to a private buyer for total consideration of $150.1 million subject to closing and post-closing adjustments. Of the total net acres, 30,822 net acres are located in Pecos County, Texas and 1,361 net acres are located in Reeves County, Texas. The sale is subject to normal purchase price adjustments and is expected to close by October 31, 2013.

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