Whiting Petroleum Corporation Announces Public Offering of Convertible Perpetual Preferred Stock
17 June 2009 - 6:01AM
PR Newswire (US)
DENVER, June 16 /PRNewswire-FirstCall/ -- Whiting Petroleum
Corporation (NYSE:WLL) announced today that it has commenced a
public offering of 3,000,000 shares of convertible perpetual
preferred stock. Whiting will grant the underwriters for the
offering an option to purchase up to an additional 450,000 shares
to cover over-allotments, if any. Whiting expects to use the net
proceeds to repay a portion of the debt outstanding under its
credit agreement. The amounts repaid under the credit agreement
will be available for Whiting to reborrow in the future. Merrill
Lynch & Co., J.P. Morgan Securities Inc. and Wachovia
Securities will act as book-running managers for the offering. The
offering is being made only by means of a prospectus and related
prospectus supplement, copies of which may be obtained from Merrill
Lynch & Co., 4 World Financial Center, New York, NY 10080,
Attn: Prospectus Department, J.P. Morgan Securities Inc., 4 Chase
Metrotech Center, CS Level, Brooklyn, NY 11245 or Wachovia
Securities, 375 Park Avenue, New York, NY 10152. An electronic copy
of the prospectus is available from the Securities and Exchange
Commission's Web site at http://www.sec.gov/. The shares are being
offered pursuant to an effective shelf registration statement that
Whiting previously filed with the U.S. Securities and Exchange
Commission. 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 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 trades publicly under the symbol WLL on the New
York Stock Exchange. For further information, please visit
http://www.whiting.com/. DATASOURCE: Whiting Petroleum Corporation
CONTACT: John B. Kelso, Director of Investor Relations of Whiting
Petroleum Corporation, +1-303-837-1661, Web Site:
http://www.whiting.com/
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