Whiting Petroleum Corporation Announces Exchange Offer for 6.625% Senior Notes Due 2026
June 06 2018 - 4:30PM
Business Wire
Whiting Petroleum Corporation (NYSE: WLL) today announced that
it has commenced an offer to exchange all of its outstanding,
unregistered 6.625% Senior Notes due 2026 (the "Original Notes")
for new, registered 6.625% Senior Notes due 2026 (the "New
Notes").
The terms of the New Notes to be issued in the exchange offer
are substantially identical to those of the Original Notes, except
that the New Notes will not have securities law transfer
restrictions, and the registration rights relating to the Original
Notes and the New Notes will not provide for the payment of
additional interest under circumstances relating to the timing of
the exchange offer.
The exchange offer will expire at 5:00 p.m. New York City time,
on July 5, 2018, unless extended by Whiting Petroleum Corporation.
Valid tenders of the Original Notes must be made, and may be
withdrawn at any time, before the exchange offer expires.
Documents describing the terms of the exchange offer, including
the prospectus and transmittal materials for making tenders, may be
obtained from the exchange agent, The Bank of New York Mellon Trust
Company, N.A., by overnight delivery, hand or mail at The Bank of
New York Mellon Trust Company, N.A., 111 Sanders Creek Parkway,
East Syracuse, NY 13057, Corporate Trust Operations—Reorganization
Unit, Attention: Pamela Adamo or by facsimile (for eligible
institutions only) at (732) 667-9408, Attention: Corporate Trust
Operations—Reorganizations Unit with confirmation by telephone at
(315) 414-3349.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities. The exchange offer is
being made only pursuant to a prospectus and the related letter of
transmittal and only to such persons and in such jurisdictions as
is permitted under applicable law.
About Whiting Petroleum
Corporation
Whiting Petroleum Corporation, a Delaware corporation, is an
independent oil and gas company that develops, produces, acquires
and explores for crude oil, natural gas and natural gas liquids
primarily in the Rocky Mountains region of the United States. The
Company’s largest projects are in the Bakken and Three Forks plays
in North Dakota and Montana and the Niobrara play in northeast
Colorado. The Company trades publicly under the symbol WLL on the
New York Stock Exchange. For further information, please visit
http://www.whiting.com.
Forward-Looking
Statements
This news release contains statements that we believe to be
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. 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 or extended periods of low oil, NGL or natural gas
prices; our level of success in exploration, development and
production activities; risks related to our level of indebtedness,
ability to comply with debt covenants and periodic redeterminations
of the borrowing base under our credit agreement; impacts to
financial statements as a result of impairment write-downs; our
ability to successfully complete asset dispositions and the risks
related thereto, including the potential disposition of our Redtail
Field assets; revisions to reserve estimates as a result of changes
in commodity prices, regulation and other factors; adverse weather
conditions that may negatively impact development or production
activities; the timing of our exploration and development
expenditures; inaccuracies of our reserve estimates or our
assumptions underlying them; risks relating to any unforeseen
liabilities of ours; 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; federal and
state initiatives relating to the regulation of hydraulic
fracturing and air emissions; unforeseen underperformance of or
liabilities associated with acquired properties; the impacts of
hedging on our results of operations; failure of our properties to
yield oil or gas in commercially viable quantities; availability
of, and risks associated with, transport of oil and gas; our
ability to drill producing wells on undeveloped acreage prior to
its lease expiration; shortages of or delays in obtaining qualified
personnel or equipment, including drilling rigs and completion
services; 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; the potential impact of changes in laws, including
tax reform, that could have a negative effect on the oil and gas
industry; 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; cyber security attacks or
failures of our telecommunication systems; and other risks
described under the caption “Risk Factors” in our Annual Report on
Form 10-K for the period ended December 31, 2017. We assume no
obligation, and disclaim any duty, to update the forward-looking
statements in this news release.
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version on businesswire.com: https://www.businesswire.com/news/home/20180606006378/en/
Whiting Petroleum CorporationEric K. Hagen,
303-837-1661Vice President, Investor
RelationsEric.Hagen@whiting.com
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