Press release from Business Wire
Whiting Petroleum Corporation Announces the Completion of Two Three Forks Wells at Its Lewis & Clark Prospect in North Dakota
<p class=' bwalignc'> <b>Froehlich 44-9TFH Flows at an Initial Rate of 2,090 BOE/D</b><br/><b>Kubas 11-13TFH Flows at an Initial Rate of 1,953 BOE/D</b> </p> <p class=' bwalignc'> </p>
Tuesday, September 28, 2010
Whiting Petroleum Corporation Announces the Completion of Two Three Forks Wells at Its Lewis & Clark Prospect in North Dakota16:00 EDT Tuesday, September 28, 2010 DENVER (Business Wire) -- Whiting Petroleum Corporation (NYSE: WLL) today announced that it recently completed two new producers at its Lewis & Clark Prospect in Stark, Billings and Golden Valley Counties, North Dakota. During a 24-hour test of the Three Forks formation at a vertical depth of approximately 10,500 feet on September 18, 2010, the Froehlich 44-9TFH flowed at a daily rate of 1,832 barrels of oil and 1,546 Mcf of gas, or 2,090 barrels of oil equivalent (BOE) per day. The initial 24-hour production rate was gauged on a 42/64-inch choke with a flowing casing pressure of 824 pounds per square inch (psi). The well was fracture stimulated in a total of 28 stages, all using the “plug and perf” method. Whiting, the operator of the well, holds a 90% working interest and a 73% net revenue interest in the new producer. The Kubas 11-13TFH, located approximately five miles northeast of the Froehlich well, was tested on September 13, 2010 flowing at a daily rate of 1,780 barrels of oil and 1,035 Mcf of gas, or 1,953 BOE per day from the Three Forks formation. The 24-hour test was gauged on a 46/64-inch choke with a flowing casing pressure of 520 psi. The Kubas well was fracture stimulated in a total of 29 stages, 21 stages using sliding sleeve technology and the remaining eight stages using the “plug and perf” method. Whiting operates the Kubas 11-13TFH, holding a working interest of 90% and a net revenue interest of 73%. Both the Kubas and Froehlich wells were drilled on the southeast portion of the Lewis & Clark Prospect in Stark County, North Dakota. The wells are located approximately 32 miles southeast of Whiting's Federal 32-4TFH discovery well, which flowed 1,970 BOE per day from the Three Forks formation on November 25, 2009. A third well on the Lewis & Clark prospect, the Ellison Creek 11-1TFH, is currently being completed. This well was drilled approximately three miles east of the Federal 32-4TFH. Whiting plans to release the results of the Ellison Creek 11-1TFH and three other Lewis & Clark wells in mid-November. James J. Volker, Whiting's Chairman, President and CEO, commented, “We are very pleased with our recent results at the Lewis & Clark Prospect.We currently hold more than 340,000 gross and 225,000 net acres in the prospect area.We currently have four operated drilling rigs at Lewis & Clark and plan to bring that number to five by mid-November.”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's largest projects are in the Bakken and Three Forks plays in North Dakota and its Enhanced Oil Recovery fields in Oklahoma and Texas. 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 tight credit markets; 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 the 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; the impacts of hedging on our results of operations; 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 Annual Report on Form 10-K for the period ended December 31, 2009. We assume no obligation, and disclaim any duty, to update the forward-looking statements in this news release.