Profile: Whiting Petroleum Corp (WLL.N)

WLL.N on New York Stock Exchange

87.87USD
29 Jul 2014
Price Change (% chg)

$0.07 (+0.08%)
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$87.80
Open
$87.33
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$88.11
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Volume
197,005
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249,342
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$91.00
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$48.59

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Whiting Petroleum Corporation (Whiting), incorporated on July 18, 2003, is an independent oil and gas company engaged in acquisition, development, exploitation, production and exploration activities primarily in the Rocky Mountains, Permian Basin, Mid-Continent, Michigan and Gulf Coast regions of the United States. As of December 31, 2012, its estimated proved reserves totaled 378.8 million barrels of oil equivalent. On March 22, 2012, the Company completed the acquisition of approximately 13,300 net undeveloped acres in the Missouri Breaks prospect in Richland County, Montana. During the year ended December 31, 2012, its average daily production was 82.5 million barrels of oil equivalent per day. On March 22, 2012, the Company completed the acquisition of approximately 13,300 net undeveloped acres in the Missouri Breaks prospect in Richland County, Montana. On May 18, 2012, the Company sold a 50% ownership interest in its Belfield gas processing plant, natural gas gathering system, oil gathering system and related facilities located in Stark County, North Dakota. Effective September 20, 2013, Whiting Petroleum Corp acquired an undisclosed oil and gas wells, located in North Dakota and Montana. In November 2013, Whiting Petroleum Corporation closed the sale of 32,182 net acres and approximately 200 net barrel of oil equivalent per day in the Company's Big Tex prospect area in the Delaware Basin.

Rocky Mountain Region

The Company’s Rocky Mountain operations include assets in the states of North Dakota, Montana, Colorado, Utah, Wyoming and California. As of December 31, 2012, its estimated proved reserves in the Rocky Mountain region were 195.2 million barrels of oil equivalent (79% oil), which represented 51% of its total estimated proved reserves and contributed 67.6 million barrels of oil equivalent per day of average daily production in December 2012. Its Sanish area in Mountrail County, North Dakota encompasses approximately 107,800 gross (66,100 net) developed and undeveloped acres. As of December 31, 2012, the Company had seven drilling rigs active in the Sanish field. Two of these rigs are drilling multiple wells from the same drilling location or well pad.

The Company’s Lewis & Clark/Pronghorn prospects are located primarily in the Stark and Billings counties of North Dakota and run along the Bakken shale pinch-out in the southern Williston Basin. As of December 31, 2012, the Lewis & Clark/Pronghorn prospects encompassed approximately 398,300 gross (263,000 net) developed and undeveloped acres. As of December 31, 2012, the Company had seven drilling rigs operating in the Pronghorn prospect, making this its second most active area in the Williston Basin.

The Company’s Hidden Bench and Tarpon prospects in McKenzie County, North Dakota target the Bakken and Three Forks formations and encompass approximately 49,100gross (28,600net) acres and 8,100 gross (6,300 net) acres, respectively, as of December 31, 2012. As of December 31, 2012, it had approximately 109,900 gross (79,500 net) acres in its Redtail prospect in the Weld County, Colorado portion of the Denver Julesburg Basin.

Permian Basin Region

The Company’s Permian Basin operations include assets in Texas and New Mexico. As of December 31, 2012, the Permian Basin region contributed 123.8 million barrels of oil equivalent (84% oil) of estimated proved reserves to its portfolio of operations, which represented 33% of its total estimated proved reserves and contributed 11.0 million barrels of oil equivalent per day of average daily production in December 2012.

The North Ward Estes field includes six base leases with 100% working interests in approximately 62,100 gross and net acres in Ward and Winkler counties, Texas. EOR production is from the Yates formation at 2,600 feet, which is the primary producing zone, with additional production from other zones including the Queen at 3,000 feet. As of December 31, 2012, it had accumulated approximately 116,700 gross (86,900 net) acres in its Big Tex prospect in Pecos, Reeves and Ward counties, Texas in the Delaware Basin. Prospective formations include the Brushy Canyon, Bone Spring and Wolfcamp horizons.

Mid-Continent Region

The Company’s Mid-Continent operations include assets in Oklahoma, Arkansas and Kansas. As of December 31, 2012, the Mid-Continent region contributed 49.2 million barrels of oil equivalent (83% oil) of proved reserves to its portfolio of operations, which represented 13% of its total estimated proved reserves and contributed 7.9 million barrels of oil equivalent per day of average daily production in December 2012. The Postle field, located in Texas County, Oklahoma, includes five producing units and one producing lease covering a total of approximately 26,400 gross (26,100 net) acres. Four of the units are active carbon dioxide (CO2) enhanced recovery projects. The Company is the sole owner of the Dry Trails gas plant located in the Postle field. In addition to the producing assets and processing plant, it has a 60% interest in the 120-mile Transpetco operated CO2 transportation pipeline, thereby assuring the delivery of CO2 to the Postle field at a fair tariff.

Michigan Region

As of December 31, 2012, its estimated proved reserves in the Michigan region were 7.6 million barrels of oil equivalent (22% oil), which represents 2% of its total estimated proved reserves, and it’s December 2012, daily production averaged 2. million barrels of oil equivalent per day. The West Branch plant gathers production from the Clayton unit, West Branch field and other smaller fields.

Gulf Coast Region

The Company’s Gulf Coast operations include assets located in Texas, Louisiana and Mississippi. As of December 31, 2012, the Gulf Coast region contributed 3.0 million barrels of oil equivalent (33% oil) of proved reserves to our portfolio of operations, which represented 1% of its total estimated proved reserves and contributed 1.2 million barrels of oil equivalent per day of average daily production in December 2012.

Company Address

Whiting Petroleum Corp

Suite 2300, 1700 Broadway
DENVER   CO   80290-2300
P: +1303.8371661
F: +1303.8614023

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