Whiting Petroleum Corporation 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. Drilling the Rohde 14-6XH Cross-Unit Well in Sanish Field, Mountrail County, ND IP: 3,293 BOE/D the State of Energy Summit 2011 August 17, 2011 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.
1 Forward-Looking Statement Disclosure,Non-GAAP Measures 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. 1
2 Company Overview Market Capitalization1 $6.9 B Long-term Debt2$1,060 MM Shares Outstanding117.4 MM Debt/Total Cap227.8% Proved reserves3304.9 MMBOE % Oil83% RP ratio412.9 years Q2 2011 Production 64.1 MBOE/d Drilling the Hutchins Stock Association #1096 in North Ward Estes Field, Whiting’s EOR project in Ward and Winkler County, Texas. 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. As of June 30, 2011. Please refer to Slide #53 for details. Whiting reserves at December 31, 2010 based on independent engineering. R/P ratio based on year-end 2010 proved reserves and 2010 production. 2 2
New Rockies exploration areas (Bakken and Three Forks in Williston Basin and Niobrara in DJ Basin)
Other horizontal oil prospects (Permian Basin)
Opportunistically Monetize Some PDP Reserves
4 Map of Operations Q2 2011 Net Production 64.1 MBOE/d ROCKY MOUNTAINS 37.2 MBOE/D MICHIGAN 3.1 MBOE/D MID-CONTINENT 8.5 MBOE/D PERMIAN 12.7 MBOE/D GULF COAST 2.6 MBOE/D 4 (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.
Sanish and Parshall Fields - Recent and Notable Wells PARSHALL FIELD 17-mile 6” & 10” Residue Gas/NGL Line to WBI- Gas sales to Midwest markets Began in late August ‘08 Units in which WLL Owns an Interest 17-mile 8” Crude Oil Line To Enbridge – Initial oil sales To Midwest markets began In early December ‘09 As of 04-15-11 Parshall Field Outline 127 Current Producers Potential Operated Bakken Locations Non-Interest Wells 72,420 Gross Acres 18,025 Net Acres Behr 11-34H (Bakken) Compl. 6-20-08 10-stage frac Cum. Prod. @ 3/31/2011: 680,190 BO 398,709 Mcf NEW WELL Ness 42-31 WH (Bakken Wing Well) IP: 1,529 BOE/d on 3-16-11 22-stage frac Robinson Lake Gas Plant SANISH FIELD As of 04-15-11 Sanish Field Outline 229 Current Producers 24 Currently Completing NEW WELL Smith 14-29XH (Cross Unit) IP: 2,028 BOE/d on 4-2-11 40-stage sliding sleeve frac 10 Currently Drilling Remaining Operated Bakken Infill Locations 7 Other Potential Operated Bakken Locations 95 183 Potential Operated Three Forks Locations 5 Non-Interest Wells Refer to Slide #29 for more details. 108,269 Gross Acres 66,253 Net Acres
6 At Sanish Field Bakken / Three Forks Hydrocarbon System Sanish Bay 42-12H IP: 2,638 BOE/D Whiting Braaflat 11-11H IP: 2,997 BOE/D EOG Van Hook 1-13H IP: 1,661 BOE/D Hess Corp. St. Andes 151-89-2413H-1 TA 23
Courtesy of Baker Hughes Inc. Horizontal Wellbore Configuration ~10,000’ Vertical 4 ½” Liner with Swelling Packers & Sliding Sleeves 7” Casing 300-400’ Packer Assembly Run to ~ 10,000’ Lateral Distance
All Whiting Prospect Areas in Bakken/Three Forks Hydrocarbon System at June 30, 2011(1) (2) CASSANDRA 13,842 Net Acres 8Wells in 2011 1 rig active Target: M. Bakken SANISH 65,056 Net Acres 95 Wells in 2011 9 rigs active Target: M. Bakken & 3Fks STARBUCK 87,378 Net Acres 7 Wells in 2011 Target: M. Bakken & 3Fks TARPON 6,265 Net Acres 1Well in 2011 Target: M. Bakken BEXP Gobbs 17-8 1H 1818 boe/d Whiting Rovelstad 21-13H 2450 boe/d MISSOURI BREAKS 41,332 Net Acres 1 Well in 2011 Target: M. Bakken & 3Fks BEXP Johnson 30-19 1H 2962 boe/d HIDDEN BENCH 30,905 Net Acres 26 Wells in 2011 1 rig active Target: M. Bakken Whiting Arnegard 21-26H 3092 boe/d Whiting Clemens 34-9TFH 2108 boe/d LEWIS & CLARK 254,818 Net Acres 48 Wells in 2011 6 rigs active Target: 3Fks BIG ISLAND 119,784 Net Acres 3 Wells in 2011 Target: Red River & Scallion Whiting Williston Bakken Plays Whiting acreage within the BakkenHydrocarbonSystem totals 680,137 net acres including an additional 60,757 net acres not depicted in the prospects above Wells are gross operated and non-operated Planned 2011 WLL Operated Wells Whiting Maus 23-22 282 boe/d (Red River) Whiting Hecker 21-18TFH 3611 boe/d 8