Whiting Petroleum Corporation<br />Drilling operations on the Bartleson 44-30H in Sanish field, Mountrail County, ND.  The...
1<br />Forward-Looking Statement Disclosure,Non-GAAP Measures<br />This presentation includes forward-looking statements t...
2<br />Company Overview<br />Market Capitalization1             $6.9 B<br />Long-term Debt2$1,060 MM<br />Shares Outstandi...
3<br />Our Formula for Success<br /><ul><li>Long-lived properties
Predictable performance
High PDP content
Multi-zone potential
Permian Basin – North Ward Estes field
Anadarko Basin – Postle field
Williston Basin – Bakken in Sanish and Parshall field areas and Three Forks in Lewis & Clark prospect
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James Brown

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James Brown

  1. 1. Whiting Petroleum Corporation<br />Drilling operations on the Bartleson 44-30H in Sanish field, Mountrail County, ND. The well was fracture stimulated in 29 stages and completed in the Bakken with an initial flow rate of 2,594 BOE.<br />Drilling the Rohde 14-6XH Cross-Unit Well in Sanish Field, Mountrail County, ND<br />IP: 3,293 BOE/D<br />the State of Energy Summit 2011<br />August 17, 2011<br />Drilling operations on the Bissett #9701, Whiting’s first horizontal well at its Big Tex prospect in Pecos County, TX. The well was producing 788 BOE per day on July 25, 2011. The well was fraced in 16 stages.<br />
  2. 2. 1<br />Forward-Looking Statement Disclosure,Non-GAAP Measures<br />This presentation includes forward-looking statements that the Company believes to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this presentation are forward-looking statements. These forward looking statements are subject to risks, uncertainties, assumptions and other factors, many of which are beyond the control of the Company. Important factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include the Company’s business strategy, financial strategy, oil and natural gas prices, production, reserves and resources, impacts from the global recession and tight credit markets, the impacts of state and federal laws, the impacts of hedging on our results of operations, level of success in exploitation, exploration, development and production activities, uncertainty regarding the Company’s future operating results and plans, objectives, expectations and intentions and other factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 and Form 10-Q for the quarter ended June 30, 2011. In addition, Whiting’s production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases.<br />1<br />
  3. 3. 2<br />Company Overview<br />Market Capitalization1 $6.9 B<br />Long-term Debt2$1,060 MM<br />Shares Outstanding117.4 MM<br />Debt/Total Cap227.8%<br />Proved reserves3304.9 MMBOE<br />% Oil83%<br />RP ratio412.9 years<br />Q2 2011 Production 64.1 MBOE/d<br />Drilling the Hutchins Stock Association #1096 in North Ward Estes Field, Whiting’s EOR project in Ward and Winkler County, Texas.<br />Assumes a $59.02 share price (closing price as of August 1, 2011) on 117,380,843 common shares outstanding as of June 30, 2011.<br />As of June 30, 2011. Please refer to Slide #53 for details.<br />Whiting reserves at December 31, 2010 based on independent engineering. <br />R/P ratio based on year-end 2010 proved reserves and 2010 production.<br />2<br />2<br />
  4. 4. 3<br />Our Formula for Success<br /><ul><li>Long-lived properties
  5. 5. Predictable performance
  6. 6. High PDP content
  7. 7. Multi-zone potential
  8. 8. Permian Basin – North Ward Estes field
  9. 9. Anadarko Basin – Postle field
  10. 10. Williston Basin – Bakken in Sanish and Parshall field areas and Three Forks in Lewis & Clark prospect
  11. 11. Piceance Basin - Boies Ranch / Jimmy Gulch areas
  12. 12. Uintah Basin – Flat Rock Field
  13. 13. New Rockies exploration areas (Bakken and Three Forks in Williston Basin and Niobrara in DJ Basin)
  14. 14. Other horizontal oil prospects (Permian Basin)</li></ul>Opportunistically Monetize Some PDP Reserves<br />
  15. 15. 4<br />Map of Operations<br />Q2 2011 Net Production<br />64.1 MBOE/d<br />ROCKY MOUNTAINS<br />37.2 MBOE/D <br />MICHIGAN<br />3.1 MBOE/D <br />MID-CONTINENT<br />8.5 MBOE/D <br />PERMIAN<br />12.7 MBOE/D <br />GULF COAST<br />2.6 MBOE/D <br />4<br />(1) Based on 12-month average prices of $79.43/Bbl and $4.38/Mcf in accordance with SEC requirements. Our pre-tax PV10 values do not purport to present the fair value of our oil and natural gas reserves.<br />
  16. 16. Sanish and Parshall Fields -<br />Recent and Notable Wells<br />PARSHALL FIELD<br />17-mile 6” & 10” Residue<br />Gas/NGL Line to WBI-<br />Gas sales to Midwest markets<br />Began in late August ‘08<br />Units in which WLL Owns an Interest<br />17-mile 8” Crude Oil Line<br />To Enbridge – Initial oil sales<br />To Midwest markets began<br />In early December ‘09<br />As of 04-15-11<br />Parshall Field Outline<br />127<br />Current Producers<br />Potential Operated<br />Bakken Locations<br />Non-Interest Wells<br />72,420 Gross Acres<br />18,025 Net Acres<br />Behr 11-34H (Bakken)<br />Compl. 6-20-08<br />10-stage frac<br />Cum. Prod. @ 3/31/2011:<br />680,190 BO<br />398,709 Mcf<br />NEW WELL<br />Ness 42-31 WH<br />(Bakken Wing Well)<br />IP: 1,529 BOE/d on 3-16-11<br />22-stage frac<br />Robinson Lake<br />Gas Plant<br />SANISH FIELD<br />As of 04-15-11<br />Sanish Field Outline<br />229<br />Current Producers<br />24<br />Currently Completing<br />NEW WELL<br />Smith 14-29XH<br />(Cross Unit)<br />IP: 2,028 BOE/d on 4-2-11<br />40-stage sliding sleeve frac<br /> 10<br />Currently Drilling<br />Remaining Operated<br />Bakken Infill Locations<br /> 7<br />Other Potential Operated<br />Bakken Locations<br />95<br />183<br />Potential Operated<br />Three Forks Locations<br />5<br />Non-Interest Wells<br />Refer to Slide #29 for more details.<br />108,269 Gross Acres<br />66,253 Net Acres<br />
  17. 17. 6<br />At Sanish Field Bakken / Three Forks Hydrocarbon System<br />Sanish Bay<br />42-12H<br />IP: 2,638 BOE/D<br />Whiting<br />Braaflat 11-11H<br />IP: 2,997 BOE/D<br />EOG<br />Van Hook 1-13H<br />IP: 1,661 BOE/D<br />Hess Corp.<br />St. Andes<br />151-89-2413H-1<br />TA<br />23<br />
  18. 18. Courtesy of Baker Hughes Inc.<br />Horizontal Wellbore Configuration<br />~10,000’ <br /> Vertical<br />4 ½” Liner with Swelling Packers &<br />Sliding Sleeves<br />7” Casing<br />300-400’ <br />Packer Assembly Run to ~ 10,000’ Lateral Distance<br />
  19. 19. All Whiting Prospect Areas in Bakken/Three Forks Hydrocarbon System at June 30, 2011(1) (2)<br />CASSANDRA<br />13,842 Net Acres<br />8Wells in 2011<br />1 rig active<br />Target: M. Bakken<br />SANISH<br />65,056 Net Acres<br />95 Wells in 2011<br />9 rigs active<br />Target: M. Bakken & 3Fks<br />STARBUCK<br />87,378 Net Acres<br />7 Wells in 2011<br />Target: M. Bakken & 3Fks<br />TARPON<br />6,265 Net Acres<br />1Well in 2011<br />Target: M. Bakken<br />BEXP <br />Gobbs 17-8 1H<br />1818 boe/d<br />Whiting<br />Rovelstad 21-13H 2450 boe/d<br />MISSOURI BREAKS<br />41,332 Net Acres<br />1 Well in 2011<br />Target: M. Bakken & 3Fks<br />BEXP <br />Johnson 30-19 1H <br />2962 boe/d<br />HIDDEN BENCH<br />30,905 Net Acres<br />26 Wells in 2011<br />1 rig active<br />Target: M. Bakken<br />Whiting<br />Arnegard 21-26H 3092 boe/d<br />Whiting<br />Clemens 34-9TFH<br />2108 boe/d<br />LEWIS & CLARK<br />254,818 Net Acres<br />48 Wells in 2011<br />6 rigs active<br />Target: 3Fks<br />BIG ISLAND<br />119,784 Net Acres<br />3 Wells in 2011<br />Target: Red River & Scallion<br />Whiting Williston Bakken Plays<br />Whiting acreage within the BakkenHydrocarbonSystem totals 680,137 net acres including an additional 60,757 net acres not depicted in the prospects above<br />Wells are gross operated and non-operated<br /> Planned 2011 WLL Operated Wells<br />Whiting<br />Maus 23-22<br />282 boe/d<br />(Red River)<br />Whiting<br />Hecker 21-18TFH<br />3611 boe/d<br />8<br />
  20. 20. The End<br />9<br />
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