Bakken Formation: Mountrial County ND Oil Shale Update

Whiting Petroleum ( WLL ) provides an update on the Bakken Shale Formation in Mountrial County, North Dakota today, 1/20/09. Whiting is active in the Sanish Field and the Parshall Field.

Sanish Field. Whiting's Sanish area in Mountrail County, North Dakota encompasses 125,557 gross acres (83,606 net acres). December 2008 net production in the Sanish field averaged 7.5 MBOE/d, an 832% increase from 0.8 MBOE/d in December 2007. As of January 12, 2009, Whiting has participated in 65 wells (27 operated) that target the Bakken formation, of which 49 are producers, seven are completing and nine are drilling. Of these operated wells, 23 were completed in 2008. Whiting has completed and placed on production its first Bakken infill well in the Sanish field, the McNamara 42-26H. This well was drilled between two horizontal Bakken producers, the Locken 11-22H and the Liffrig 11-27H. The initial production rate at the McNamara well was 2,170 BOE/d (measured December 8, 2008), which falls between the initial production rates of the two offset wells. There was no indication of communication or interference with either of the offset wells. Based on these results, Whiting expects to develop its leases with two 10,000-foot horizontal wells in each 1,280-acre spacing unit. Whiting has also completed its first Three Forks horizontal well in the Sanish field, the Braaflat 21-11TFH. The initial production rate at the Braaflat well was 1,005 BOE/d (measured January 1, 2009). Production and pressure data from this well will be analyzed over several months to determine the viability of developing the Three Forks.

Whiting intends to drill an additional 28 operated Bakken wells in the Sanish field during 2009, with an average working interest of 74%, five of which were drilling at January 12, 2009. Whiting expects an average of six drilling rigs to be working in the Sanish field during 2009. Whiting expects its net capital expenditures in the Sanish field during 2009 to be approximately $150.6 million.

Parshall Field. Immediately east of the Sanish field is the Parshall field, where Whiting owns interests in 73,760 gross acres (18,315 net acres). Whiting's net production from the Parshall field averaged 6.7 MBOE/d in December 2008, a 341% increase from 1.5 MBOE/d in December 2007. As of January 12, 2009, Whiting has participated in 95 Bakken wells, the majority of which are operated by EOG Resources, Inc., of which 85 are producers, four are completing and six are drilling. Of these wells, 64 were completed in 2008. Whiting intends to participate in the drilling of an additional nine wells in the Parshall field during 2009, with an average working interest of approximately 16%. Whiting expects its net capital expenditures in the Parshall field during 2009 to be approximately $12.1 million.

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