The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Business Wire

Whiting Petroleum Corporation Announces Public Offering of Trust Units in Whiting USA Trust II

Tuesday, March 13, 2012

Whiting Petroleum Corporation Announces Public Offering of Trust Units in Whiting USA Trust II16:44 EDT Tuesday, March 13, 2012 DENVER (Business Wire) -- Whiting Petroleum Corporation (NYSE: WLL) announced today that it has commenced a public offering of 16,000,000 units of beneficial interest in Whiting USA Trust II. Whiting Petroleum Corporation expects that the public offering price will be between $19.00 and $21.00 per trust unit. Whiting Petroleum Corporation will grant the underwriters for the offering an option to purchase up to an additional 2,400,000 trust units to cover over-allotments, if any. Immediately prior to the close of the public offering, Whiting Petroleum Corporation plans to contribute a term net profits interest in certain of its oil and natural gas properties to Whiting USA Trust II in exchange for all of the outstanding trust units. Whiting Petroleum Corporation intends to use the net proceeds from this offering to repay a portion of the debt outstanding under its credit agreement. Raymond James & Associates, Inc. and Morgan Stanley & Co. LLC will act as joint book-running managers for the offering. The offering is being made only by means of a prospectus, copies of which may be obtained from Raymond James & Associates, Inc., Attention: Equity Syndicate, c/o Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, Toll Free No.: (800) 248-8863 or email: Andrea.Borum@RaymondJames.com and Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, Toll Free No.: (866) 718-1649 or email: prospectus@morganstanley.com. An electronic copy of the prospectus is available from the Securities and Exchange Commission's Web site at www.sec.gov. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor offers to buy be accepted prior to the time the registration statement becomes effective. This press release is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. About Whiting Petroleum Corporation Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company that explores for, develops and acquires crude oil, natural gas and natural gas liquids primarily in the Rocky Mountain, Permian Basin, Mid-Continent, Michigan and Gulf Coast regions of the United States. The Company trades publicly under the symbol WLL on the New York Stock Exchange. Whiting Petroleum CorporationJohn B. Kelso, 303-837-1661Director of Investor Relationsjohn.kelso@whiting.com