Company Website: http://www.whiting.com
DENVER -- (Business Wire)

Whiting Petroleum Corporation (NYSE: WLL) announced today that it priced the initial public offering of 16,000,000 units of beneficial interest in Whiting USA Trust II at $20.00 per trust unit to the public. The trust units will trade on the NYSE under the symbol WHZ.

Whiting Petroleum Corporation expects to close the initial public offering on March 28, 2012. Whiting Petroleum Corporation has granted to the underwriters an option to purchase up to 2,400,000 additional trust units at the same price per trust unit to cover any over-allotments. Assuming no exercise of the over-allotment option, Whiting Petroleum Corporation expects to receive net proceeds from this offering of approximately $296.8 million. 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 acted 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 website at www.sec.gov.

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, acquires and produces 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.

Contacts:

Whiting Petroleum Corporation
John B. Kelso, 303-837-1661
Director of Investor Relations
john.kelso@whiting.com

Source: Whiting Petroleum Corporation