Whiting Petroleum Corporation Announces First Quarter 2009 Financial and Operating...

Whiting Petroleum Corporation Announces First Quarter 2009 Financial and
Operating Results

Q1 09 Daily Production of 54,320 BOE Up 32% Over Q1 08

Company Announces New 2009 Capital Budget of $420.6 Million and Closing of New
Credit Agreement with Increased Borrowing Base Commitments of $1.042 Billion

DENVER, April 29 /PRNewswire-FirstCall/ -- Whiting Petroleum Corporation
(NYSE: WLL) today reported a first quarter 2009 loss of $43.8 million, or
$0.92 per basic and diluted share, on total revenues of $163.8 million. This
compares to first quarter 2008 net income of $62.3 million, or $1.47 per basic
and diluted share, on total revenues of $264.1 million. Whiting's net loss in
the first quarter of 2009 included after-tax, non-cash losses on hedging
arrangements of $14.6 million, or $0.31 per share.

Discretionary cash flow in the first quarter of 2009 totaled $71.9 million,
compared to the $161.4 million reported for the same period in 2008. A
reconciliation of discretionary cash flow to net cash provided by operating
activities is included at the end of this news release. The decrease in
discretionary cash flow and net income in the first quarter of 2009 versus the
comparable 2008 period was primarily the result of a 64% decline in the
Company's wellhead oil price, including the price of natural gas liquids
(NGLs), and a 52% decrease in its wellhead natural gas price.

Production in the first quarter of 2009 totaled 4.89 million barrels of oil
equivalent (MMBOE), of which 3.57 million barrels were crude oil/NGLs (73%)
and 1.32 MMBOE was natural gas (27%). This first quarter 2009 production
total equates to a daily average production rate of 54,320 barrels of oil
equivalent (BOE), which represents a 32% increase from the 41,120 BOE per day
average rate in 2008's first quarter. Production increases in the first
quarter of 2009 compared to the first quarter of 2008 were due to successful
drilling results in the prolific Bakken play as well as continued production
increases from the Company's CO2 flood projects at the Postle and North Ward
Estes fields.

Crude oil sales volumes in the first quarter of 2009 were affected by winter
weather in North Dakota, which caused delays in trucking operations and well
completion activity. Despite these weather issues, Whiting increased its
average net production from the Sanish field in the first quarter of 2009 to
8,890 BOE per day, up 11% from the 7,980 BOE per day average in the fourth
quarter of 2008. The Company's net production from its interests in the
Parshall field during the first quarter of 2009 averaged 5,360 BOE per day, a
27% decline from the 7,320 BOE per day average in the fourth quarter of 2008.
The principal operator of the Parshall field elected to defer the completion
of 13 wells in the field until spring. Completion of these 13 wells would
have likely offset the natural decline of the other producing wells in the
Parshall field. This was the primary factor for the 2.2% drop in Whiting's
overall production from 55,540 BOE per day in the fourth quarter of 2008 to
54,320 BOE per day in the first quarter of 2009.

The following table summarizes the Company's operated and non-operated net
production from the Sanish and Parshall fields in the first quarter and in
March 2009:

Operated and Non-operated Bakken Net Production by Field
(In BOE)

1st Qtr 2009 (1) March 2009 (1)
---------------- --------------
Parshall Sanish Total Parshall Sanish Total
-------- ------ ----- -------- ------ -----
Whiting Operated 67,420 743,815 811,235 20,920 286,130 307,050
Principal
Non-Operator 393,935 -- 393,935 127,575 -- 127,575
Other
Non-Operators 21,245 56,145 77,390 8,395 19,790 28,185
------ ------ ------ ----- ------ ------
482,600 799,960 1,282,560 156,890 305,920 462,810
======= ======= ========= ======= ======= =======

Daily BOE 5,360 8,890 14,250 5,060 9,870 14,930

(1) Crude oil sales volumes in the first quarter of 2009 were affected by
winter weather in North Dakota, which caused delays in trucking
operations and well completion activity.

At the height of our drilling activity in 2008, we were active with 18
operated drilling rigs and 51 operated workover rigs. In response to lower
commodity prices, we have reduced the number of operated drilling rigs to six
and the number of operated workover rigs to 35 as of April 20, 2009. We were
also participating in the drilling of one non-operated well in the Parshall
field. The breakdown of our operated rigs is as follows:

Region Drilling Workover
------ -------- --------
Northern Rockies
Sanish Field 4 4
Central Rockies
Hatch Point 1 0
Hatfield 0 1
CO2 Projects
Postle 1 4
North Ward Estes 0 21
Permian 0 3
Mid-Continent/Michigan 0 1
Gulf Coast 0 1
-- --
Totals 6 35

We expect our operated rig count to drop to four or five drilling rigs and
approximately 25 workover rigs by June 2009.

Increased Commercial Banking Facility
On April 28, 2009, Whiting entered into a Fourth Amended and Restated Credit
Agreement with its bank syndicate arranged by J.P. Morgan Securities Inc. and
JPMorgan Chase Bank, N.A. as administrative agent that expires April 28, 2012.
The Credit Agreement replaces Whiting's existing credit agreement and
increases the borrowing base from $900 million to $1.1 billion with $1.042
billion of commitments at closing. As of April 27, 2009, $610 million was
drawn on the facility and $3 million in letters of credit were outstanding,
resulting in $429 million of availability. The new Whiting bank syndicate is
comprised of 18 commercial banks, each holding between 1.4% and 12.0% of the
total facility. The next regular borrowing base redetermination date is
November 1, 2009.

Public Offering of Common Stock
In February 2009, Whiting completed a public offering of common stock at a
price of $29.00 per share. The offering, including the exercise of the
overallotment option, resulted in the total sale of 8,450,000 shares of
Whiting's common stock. Whiting received net proceeds of approximately $234.9
million, after deducting underwriting fees and offering expenses. Whiting
initially used the net proceeds from the offering to repay a portion of the
debt outstanding under its credit agreement.

2009 Exploration and Development Budget
Our current 2009 capital budget for exploration and development expenditures
is $420.6 million, which we expect to fund with net cash provided by our
operating activities and a portion of the proceeds from the common stock
offering described above. To the extent net cash provided by operating
activities or oil and natural gas prices are lower than currently anticipated,
we would adjust our capital budget accordingly. If net cash provided by
operating activities is higher than currently anticipated, we plan to reduce
debt levels.

2009 Planned
Capital Expenditures
(In millions)
-------------

Northern Rockies $227.9
Central Rockies $26.0
Permian Basin $13.5
EOR Projects
North Ward Estes (1) $97.7
Postle (1) $25.2
Exploration and Early Rig Termination (2) $30.3
-------------
Total $420.6
=============

(1) 2009 planned capital expenditures at our CO2 projects include $36.9
million for purchased CO2 at North Ward Estes and $15.3 million for
Postle CO2 purchases.
(2) Comprised primarily of exploration salaries, $6.2 million of early
rig termination fees, lease delay rentals and seismic surveys.

James J. Volker, Whiting's Chairman, President and CEO, commented, "We are
pleased with the closing of our new credit facility, which will provide
additional financial flexibility during the remainder of 2009. With our new
capital budget of $420.6 million, we believe that we can generate
year-over-year production growth of between 8% and 10%. Our objective for
2009 continues to be maintaining our current liquidity by funding our
remaining capital expenditures primarily through discretionary cash flow. We
believe this can be accomplished by focusing our exploration and development
expenditures on our Bakken play in North Dakota and on our CO2 floods at the
Postle and North Ward Estes fields. We expect these areas to capture the bulk
of our capital expenditures during the remainder of the year. With these key
projects and declining completed well and operating costs, I am optimistic
about Whiting's operational results going forward despite the current weakness
in oil and gas prices."

Operations Update

Core Development Areas
-- Bakken Play. Whiting's net production from the Middle Bakken
formation in the Sanish and Parshall fields of Mountrail County, North
Dakota averaged 14,930 BOE per day in March 2009, up 5% from the
14,165
BOE average daily rate in December 2008 and up 260% from the 4,150 BOE
average daily rate in March 2008.

-- Sanish Field. Our net production from the Sanish field averaged 9,870
BOE per day in March 2009, a 740% increase from 1,175 BOE per day in
March 2008. We recently completed two prolific oil wells in the
Sanish
field. During a 24-hour test of the Middle Bakken formation on April
12, 2009, the Rigel State 11-16H flowed 3,405 barrels of oil and 2.9
million cubic feet (MMcf) of gas (3,889 BOE) per day. This is the
second highest initial flow rate of any Whiting-operated Bakken well.
The initial 24-hour production rate was gauged on a 36/64-inch choke
with a flowing casing pressure of 981 pounds per square inch (psi).
Whiting drilled the Rigel State well in the east-central portion of
the
Sanish field. Whiting, the operator of the well, holds a 64% working
interest and a 52% net revenue interest in the new producer.

Approximately two miles to the northwest, Whiting completed the TTT Ranch
11-6H on April 18, 2009 flowing at an initial daily rate of 2,825 barrels of
oil and 1.7 MMcf of gas (3,102 BOE) during a 24-hour test of the Middle Bakken
formation. This 24-hour initial production rate was gauged on a 34/64-inch
choke with a flowing casing pressure of 900 psi. Whiting is the operator of
the well, holding an 85% working interest and a 69% net revenue interest.

Whiting drilled two infill wells in the Sanish Field in 2008, the McNamara
42-26H and Fladeland 12-18H. Results from both infill wells continue to be
encouraging. The Fladeland 12-18H, drilled on our primary development plan of
two wells per 1,280 acre spacing unit, was completed next to the Abbott 11-18H
well to the north and the Maynard Uran 11-24H and Smith 11-20H wells to the
south. The results from the Fladeland well continue to show no interference
with the existing offset producing wells. The Fladeland well's initial
production rates are also consistent with the production rates of other
comparable wells in the area.

From January 1, 2009 through April 20, 2009, Whiting has completed 10 new
producers in the Sanish field. As of April 20, four wells were being drilled
in the field and four wells were being completed, including Whiting's second
Three Forks test, the Hansen 21-3H. The Company holds interests in a total of
125,557 gross acres (83,606 net acres) in the Sanish field.

Whiting expects its 17-mile oil line connecting the Sanish field to the
Enbridge pipeline in Stanley, North Dakota to be in service in the third
quarter of 2009. The 8-inch diameter line will have a daily capacity of
approximately 65,000 barrels of oil per day. Enbridge Inc. has announced
plans to expand its oil pipeline in Mountrail County, North Dakota to a daily
capacity of 161,000 barrels of oil per day from its current capacity of
110,000 barrels per day. This expansion is expected to be completed in the
first quarter of 2010.

The following chart shows the completed well costs for Whiting-operated Bakken
wells in the Sanish and Parshall fields. The reduction in costs are the
result of drilling and completion efficiencies which have reduced the average
time from spud date to rig release to approximately 41 days from 60 days
earlier in our drilling program. The completed well costs for our most recent
wells in the Sanish field are expected to range from approximately $5.5
million to $6.0 million per well, which is down from $8 million to $10 million
per well when the development project was initiated.

(Photo: http://www.newscom.com/cgi-bin/prnh/20090429/LA07822)

In December 2008, Whiting completed the expansion of its Robinson Lake gas
plant to an inlet capacity of 10 MMcf of gas per day from 3 MMcf of gas per
day. Three 2,000-hp compressors will be installed at the plant between May
and August 2009 in order to bring the plant's inlet compression to 30 MMcf of
gas per day. As of April 20, 2009, net gas and NGL sales had increased to 4.9
MMcf and 1,200 barrels per day, respectively, from approximately 1.0 MMcf of
gas per day and approximately 130 barrels of NGLs per day prior to the
expansion. Whiting expects net daily sales to reach approximately 20 MMcf of
gas and 3,000 barrels of NGLs by mid-2010.

-- Parshall Field. Immediately east of the Sanish field is the Parshall
field, where we own interests in 73,760 gross acres (18,315 net
acres).
Our net production from the Parshall field averaged 5,060 BOE per day
in
March 2009, a 70% increase from 2,978 BOE per day in March 2008. As
of
April 20, 2009, we have participated in 102 Bakken wells in Parshall,
the majority of which are operated by EOG Resources, Inc., of which 86
are producing, 15 are awaiting completion operations and one is being
drilled.
-- Postle Field. The Postle field, located in Texas County, Oklahoma,
includes five producing units and one producing lease covering a total
of approximately 25,600 gross (24,225 net) acres with working
interests
of 94% to 100%. Four of the units are currently active CO2 EOR
projects. As of April 20, 2009, Whiting was injecting 147 MMcf per
day
of CO2 in this field. Production from the field has increased 27%
from
a net 6,200 BOE per day in March 2008 to a net 7,900 BOE per day in
March 2009. Operations are under way to expand CO2 injection in the
northern part of the fourth unit, HMU, and to optimize flood patterns
in
the existing CO2 floods, with one drilling rig and four workover rigs
in
the field as of April 20, 2009. These expansion projects include the
restoration of shut-in wells and the drilling of new producing and
injection wells.
-- North Ward Estes Field. The North Ward Estes field includes six base
leases with 100% working interest in 58,000 gross and net acres in
Ward
and Winkler Counties, Texas. The North Ward Estes field is responding
positively to Whiting's water and CO2 floods, which Whiting
initiated in Phase I in May 2007. In early March 2009, the Company
began CO2 injection in Phase II. As of April 20, 2009, Whiting was
injecting 170 MMcf per day of CO2 in this field. Production from the
field has increased 23% from a net 5,200 BOE per day in March 2008 to
a
net 6,400 BOE per day in March 2009. In this field, Whiting is
developing new and reactivated wells for water and CO2 injection and
production purposes. Additionally, Whiting plans to install oil, gas
and water processing facilities in four phases through 2015, and we
estimate that the first three phases will be substantially complete by
December 2009.

-- Hatch Point Prospect. We have been encouraged with results during
drilling operations at our Three Mile 43-18H well on the Hatch Point
prospect in San Juan County, Utah in the Paradox Basin. Whiting plans
to test a 5,644-foot lateral in the Cane Creek formation at a vertical
depth of approximately 7,500 feet. Completion operations are under
way.
A fracture stimulation of the well is scheduled for the first week of
May 2009. The Company owns a 53% working interest and a 44% net
revenue
interest in the well and holds 41,549 gross acres (22,438 net) in the
Hatch Point prospect area.

The following table summarizes the Company's net production and commodity
price realizations for the quarters ended March 31, 2009 and 2008:

Three Months Ended
------------------
Production 3/31/09 3/31/08 Change
---------- ------- ------- ------
Oil and condensate (MMBbls) 3.57 2.59 38%
Natural gas (Bcf) 7.89 6.89 15%
Total equivalent (MMBOE) 4.89 3.74 31%

Average Sales Price
-------------------
Oil and condensate (per Bbl):
Price received $32.55 $89.58 (64%)
Effect of crude oil hedging (1) 4.10 (8.83)
---- ------
Realized price $36.65 $80.75 (55%)
====== ======

Natural gas (per Mcf):
Price received $3.78 $7.89 (52%)
Effect of natural gas
hedging (1) 0.05 -
----
Realized price $3.83 $7.89 (51%)
===== =====

(1) Whiting realized pre-tax cash settlement gains on its crude oil
and natural gas hedges of $15.0 million during the first quarter
of 2009. A summary of Whiting's outstanding hedges is included
later in this news release.

First Quarter 2009 Costs and Margins
A summary of production, cash revenues and cash costs on a per BOE basis is as
follows:

Per BOE, Except Production
--------------------------
Three Months
Ended March 31,
---------------
2009 2008
---- ----
Production (MMBOE) 4.89 3.74

Sales price, net of hedging $32.97 $70.50
Lease operating expense (12.47) (14.89)
Production tax (1.95) (4.73)
General & administrative (1.84) (3.10)
Exploration (2.58) (2.25)
Cash interest expense (2.68) (3.75)
Cash income tax expense (benefit) 0.11 (0.46)
---- ------
$11.56 $41.32
====== ======

During the first quarter, the company-wide basis differential for crude oil
compared to NYMEX was $10.66 per barrel, which compared to $11.38 per barrel
in the fourth quarter of 2008. We expect our oil price differential to
average between $9.00 and $10.50 during the remainder of 2009. Within the
Bakken, Whiting-operated production has a current differential of $7.50 per
barrel.

The company-wide basis differential for natural gas compared to NYMEX in the
first quarter was $1.14 per Mcf, which compared to $2.58 per Mcf in the fourth
quarter of 2008. We expect our natural gas price differential to average
between $0.75 and $1.25 during the remainder of 2009.

First Quarter 2009 Drilling Summary
Whiting posted a 100% success rate for the 48 gross (22.5 net) wells that it
completed in the first quarter of 2009. The table below summarizes Whiting's
drilling activity and exploration and development costs incurred for the three
months ended March 31, 2009:

Gross/Net Wells Completed
--------------------------
Expl. & Dev.
Total New % Success Cost
Producing Non-Producing Drilling Rate (in millions)
--------- ------------- -------- ---- -------------
Q109 48 / 22.5 0 / 0 48 / 22.5 100% / 100% $176.4

Outlook for Second Quarter and Full-Year 2009
The following table provides a summary of certain estimates for the second
quarter and full-year 2009 based on current forecasts, including Whiting's
full-year 2009 capital budget of $420.6 million (excluding any potential
acquisition costs).

Guidance for the second quarter and full-year 2009 is as follows:

Guidance
--------
Second Quarter Full-Year
2009 2009
---- ----
Production (MMBOE) 4.80 - 5.00 18.90 - 19.30
Lease operating expense per $12.00 - $12.40 $12.00 - $12.30
BOE
General and admin. expense
per BOE $1.85 - $2.05 $2.00 - $2.20
Interest expense per BOE $3.70 - $3.90 $3.70 - $3.90
Depr., depletion and amort. $20.40 - $20.70 $20.50 - $20.80
per BOE
Prod. taxes (% of production 6.4% - 6.8% 6.4% - 6.8%
revenue)
Oil Price Differentials to $9.50 - $10.50 $9.50 - $10.50
NYMEX per Bbl
Gas Price Differentials to $0.75 - $1.25 $0.75 - $1.25
NYMEX per Mcf

Oil Hedges
The following summarizes Whiting's crude oil hedges as of April 1, 2009 and
includes Whiting Petroleum Corporation's 24.2% share of the Whiting USA Trust
I hedges:

Weighted Average As a Percentage of
Hedge Contracted Volume NYMEX Price Collar Range Forecasted PDP
Period (Bbls per Month) (per Bbl) Oil Production
------ -------------- ------------------------ --------------

2009
Q2 529,808 $55.58 - $67.28 59.7%
Q3 507,497 $57.54 - $71.07 62.0%
Q4 489,190 $61.39 - $76.28 63.9%

2010
Q1 440,910 $60.66 - $76.30 61.8%
Q2 425,643 $63.02 - $81.46 62.2%
Q3 415,398 $60.68 - $78.43 62.9%
Q4 400,146 $60.69 - $79.67 62.4%

2011
Q1 369,917 $60.69 - $81.93 61.3%
Q2 369,696 $60.68 - $81.90 62.8%
Q3 369,479 $60.67 - $81.87 64.3%
Q4 369,255 $60.66 - $81.85 65.5%

2012
Q1 339,054 $60.71 - $83.29 63.5%
Q2 338,850 $60.71 - $83.27 64.7%
Q3 338,650 $60.70 - $83.23 65.9%
Q4 338,477 $60.69 - $83.21 66.9%

2013
Q1 290,000 $60.40 - $81.66 60.5%
Q2 290,000 $60.40 - $81.66 62.1%
Q3 290,000 $60.40 - $81.66 63.1%
Oct 290,000 $60.40 - $81.66 64.3%
Nov 190,000 $59.29 - $78.43 42.2%

The following summarizes Whiting Petroleum Corporation's 24.2% share of the
Whiting USA Trust I natural gas hedges as of April 1, 2009:

Weighted Average As a Percentage of
Hedge Contracted Volume NYMEX Price Collar Range Forecasted PDP
Period (MMBtu per Month) (per MMBtu) Gas Production
------ ----------------- ------------------------ --------------

2009
Q2 48,706 $6.00 - $14.85 1.9%
Q3 46,675 $6.00 - $15.60 2.0%
Q4 44,874 $7.00 - $14.85 2.0%

2010
Q1 43,295 $7.00 - $18.65 2.1%
Q2 41,835 $6.00 - $13.20 2.1%
Q3 40,555 $6.00 - $14.00 2.2%
Q4 39,445 $7.00 - $14.20 2.2%

2011
Q1 38,139 $7.00 - $17.40 2.2%
Q2 36,954 $6.00 - $13.05 2.3%
Q3 35,855 $6.00 - $13.65 2.3%
Q4 34,554 $7.00 - $14.25 2.3%

2012
Q1 33,381 $7.00 - $15.55 2.3%
Q2 32,477 $6.00 - $13.60 2.4%
Q3 31,502 $6.00 - $14.45 2.4%
Q4 30,640 $7.00 - $13.40 2.4%

Whiting also has the following fixed-price natural gas contracts in place as
of April 1, 2009:

2009 Contract As a Percentage
Fixed Price Natural Gas Volumes Price (1) of Forecasted PDP
Contracts in MMBtu per Month per MMBtu Gas Production
---------- --------------- --------- --------------

Apr. 2009 - May 2011 23,000 $5.14 1.3%
Apr. 2009 - Sep. 2012 67,000 $4.56 3.9%

(1) Annual 4% price escalation on fixed-price contracts.

Selected Operating and Financial Statistics

Three Months Ended
March 31,
---------
2009 2008
---- ----
Selected operating statistics
Production
Oil and condensate, MBbl 3,574 2,594
Natural gas, MMcf 7,890 6,890
Oil equivalents, MBOE 4,889 3,742
Average Prices
Oil, Bbl (excludes hedging) $32.55 $89.58
Natural gas, Mcf (excludes hedging) $3.78 $7.89
Per BOE Data
Sales price (including hedging) $32.97 $70.50
Lease operating $12.47 $14.89
Production taxes $1.95 $4.73
Depreciation, depletion and amortization $20.46 $13.50
General and administrative $1.84 $3.10
Selected Financial Data
(In thousands, except per share data)
Total revenues and other income $163,839 $264,050
Total costs and expenses $233,642 $165,268
Net income (loss) $(43,759) $62,314
Net income (loss) per common share, basic
and diluted $(0.92) $1.47

Average shares outstanding, basic 47,600 42,272
Average shares outstanding, diluted 47,600 42,406
Net cash provided by operating activities $34,247 $122,453
Net cash used in investing activities $(221,800) $(170,501)
Net cash provided by financing activities $184,942 $40,000

Conference Call
The Company's management will host a conference call with investors, analysts
and other interested parties on Thursday, April 30, 2009 at 11:00 a.m. EDT
(10:00 a.m. CDT, 9:00 a.m. MDT) to discuss Whiting's first quarter 2009
financial and operating results. Please call (866) 271-5140 (U.S./Canada) or
(617) 213-8893 (International) and enter the pass code 69011496 to be
connected to the call. Access to a live Internet broadcast will be available
at www.whiting.com by clicking on the "Investor Relations" box on the menu and
then on the link titled "Webcasts." Slides for the conference call will be
available on this website beginning at 11:00 a.m. (EDT) on April 30, 2009.

A telephonic replay will be available beginning approximately two hours after
the call on Thursday, April 30, 2009 and continuing through Thursday, May 7,
2009. You may access this replay at (888) 286-8010 (U.S./Canada) or (617)
801-6888 (International) and entering the pass code 47779337. You may also
access a web archive at http://www.whiting.com beginning approximately one
hour after the conference call.

About Whiting Petroleum Corporation
Whiting Petroleum Corporation, a Delaware corporation, is an independent oil
and gas company that acquires, exploits, develops and explores for crude oil,
natural gas and natural gas liquids primarily in the Permian Basin, Rocky
Mountains, Mid-Continent, Gulf Coast and Michigan regions of the United
States. The Company trades publicly under the symbol WLL on the New York
Stock Exchange. For further information, please visit www.whiting.com.

Forward-Looking Statements
This news release contains statements that we believe to be "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. 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.

These risks and uncertainties include, but are not limited to: declines in
oil or natural gas prices; impacts of the global recession and financial
crisis; our level of success in exploitation, exploration, development and
production activities; adverse weather conditions that may negatively impact
development or production activities; the timing of our exploration and
development expenditures, including our ability to obtain CO2; inaccuracies of
our reserve estimates or our assumptions underlying them; revisions to reserve
estimates as a result of changes in commodity prices; risks related to our
level of indebtedness and periodic redeterminations of Whiting Oil and Gas
Corporation's borrowing base under our credit agreement; our ability to
generate sufficient cash flows from operations to meet the internally funded
portion of our capital expenditures budget; our ability to obtain external
capital to finance exploration and development operations and acquisitions;
our ability to identify and complete acquisitions and to successfully
integrate acquired businesses; unforeseen underperformance of or liabilities
associated with acquired properties; our ability to successfully complete
potential asset dispositions; failure of our properties to yield oil or gas in
commercially viable quantities; uninsured or underinsured losses resulting
from our oil and gas operations; our inability to access oil and gas markets
due to market conditions or operational impediments; the impact and costs of
compliance with laws and regulations governing our oil and gas operations; our
ability to replace our oil and natural gas reserves; any loss of our senior
management or technical personnel; competition in the oil and gas industry in
the regions in which we operate; risks arising out of our hedging
transactions; and other risks described under the caption "Risk Factors" in
our Form 10-K for the year ended December 31, 2008. We assume no obligation,
and disclaim any duty, to update the forward-looking statements in this news
release.

SELECTED FINANCIAL DATA
For further information and discussion on the selected financial data below,
please refer to Whiting Petroleum Corporation's First Quarter Form 10-Q for
the three months ended March 31, 2009, to be filed with the Securities and
Exchange Commission.

WHITING PETROLEUM CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands)

March 31, December 31,
2009 2008
---- ----

ASSETS

CURRENT ASSETS:
Cash and cash equivalents $7,013 $9,624
Accounts receivable trade, net 94,225 123,386
Derivative assets 44,647 46,780
Deposits on oil field equipment 11,317 17,170
Prepaid expenses and other 17,035 20,114
------ ------
Total current assets 174,237 217,074

PROPERTY AND EQUIPMENT:
Oil and gas properties, successful
efforts method:
Proved properties 4,604,617 4,423,197
Unproved properties 104,109 106,436
Other property and equipment 106,813 91,099
------- ------

Total property and equipment 4,815,539 4,620,732

Less accumulated depreciation,
depletion and amortization (984,652) (886,065)
--------- ---------

Total property and equipment, net 3,830,887 3,734,667
--------- ---------

DEBT ISSUANCE COSTS 9,741 10,779

DERIVATIVE ASSETS 39,214 38,104

OTHER LONG-TERM ASSETS 26,116 28,457
------ ------

TOTAL $4,080,195 $4,029,081
========== ==========

WHITING PETROLEUM CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands, except share and per share data)

March 31, December 31,
2009 2008
---- ----
LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Accounts payable $46,752 $64,610
Accrued capital expenditures 47,592 84,960
Accrued liabilities 47,107 45,359
Accrued interest 19,919 9,673
Oil and gas sales payable 23,045 35,106
Accrued employee compensation and
benefits 4,958 41,911
Production taxes payable 14,487 20,038
Deferred gain on sale 14,017 14,650
Derivative liabilities 13,456 17,354
Deferred income taxes 15,835 15,395
Tax sharing liability 2,112 2,112
----- -----

Total current liabilities 249,280 351,168

NON-CURRENT LIABILITIES:
Long-term debt 1,189,556 1,239,751
Deferred income taxes 376,625 390,902
Deferred gain on sale 69,834 73,216
Production Participation Plan
liability 66,562 66,166
Asset retirement obligations 59,838 47,892
Tax sharing liability 21,984 21,575
Derivative liabilities 23,884 28,131
Other long-term liabilities 3,411 1,489
----- -----

Total non-current liabilities 1,811,694 1,869,122

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:
Common stock, $0.001 par value;
75,000,000 shares authorized,
51,352,981 and 42,582,100 shares
issued as of March 31, 2009 and
December 31, 2008, respectively 51 43
Additional paid-in capital 1,206,227 971,310
Accumulated other comprehensive
income 36,535 17,271
Retained earnings 776,408 820,167
------- -------

Total stockholders' equity 2,019,221 1,808,791
--------- ---------

TOTAL $4,080,195 $4,029,081
========== ==========

WHITING PETROLEUM CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(In thousands, except per share data)

Three Months Ended
March 31,
---------
2009 2008
---- ----
REVENUES AND OTHER INCOME:
Oil and natural gas sales $146,175 $286,731
Gain (loss) on oil and natural gas hedging
activities 13,450 (22,912)
Amortization of deferred gain on sale 4,099 -
Interest income and other 115 231
--- ---
Total revenues and other income 163,839 264,050
------- -------
COSTS AND EXPENSES:
Lease operating 60,954 55,706
Production taxes 9,519 17,686
Depreciation, depletion and amortization 100,034 50,511
Exploration and impairment 17,314 10,984
General and administrative 8,980 11,615
Interest expense 14,680 15,546
Change in Production Participation Plan
liability 396 6,157
(Gain) loss on mark-to-market derivatives 21,765 (2,937)
------ -------
Total costs and expenses 233,642 165,268
------- -------
INCOME (LOSS) BEFORE INCOME TAXES (69,803) 98,782
INCOME TAX EXPENSE (BENEFIT):
Current (539) 1,709
Deferred (25,505) 34,759
-------- ------
Total income tax expense (benefit) (26,044) 36,468
-------- ------
NET INCOME (LOSS) $(43,759) $62,314
======== =======
NET INCOME (LOSS) PER COMMON SHARE, BASIC AND
DILUTED $(0.92) $1.47
====== ======
WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC 47,600 42,272
====== ======
WEIGHTED AVERAGE SHARES OUTSTANDING, DILUTED 47,600 42,406
====== ======

WHITING PETROLEUM CORPORATION
Reconciliation of Net Cash Provided by Operating Activities to
Discretionary Cash Flow
(In thousands)

Three Months Ended
March 31,
---------
2009 2008
---- ----

Net cash provided by operating activities $34,247 $122,453

Exploration 12,633 8,412

Changes in working capital 25,016 30,567
------ ------
Discretionary cash flow (1) $71,896 $161,432
======= ========

(1) Discretionary cash flow is computed as net income plus exploration
and impairment costs, depreciation, depletion and amortization,
deferred income taxes, non-cash interest costs, non-cash compensation
plan charges, gain/loss on mark-to-market derivatives and other
non-current items less the gain on sale of properties and
amortization of deferred gain on sale. The non-GAAP measure of
discretionary cash flow is presented because management believes it
provides useful information to investors for analysis of the Company's
ability to internally fund acquisitions, exploration and development.
Discretionary cash flow should not be considered in isolation or as
a substitute for net income, income from operations, net cash provided
by operating activities or other income, cash flow or liquidity
measures under GAAP and may not be comparable to other similarly
titled measures of other companies.

SOURCE Whiting Petroleum Corporation

John B. Kelso, Director of Investor Relations of Whiting Petroleum
Corporation, +1-303-837-1661, john.kelso@whiting.com