GLOSSARY OF CERTAIN DEFINITIONS
Unless the context otherwise requires, the terms “we,” “us,” “our”
or “ours” when used in this Quarterly Report on Form 10-Q
refer to Whiting Petroleum Corporation, together with its
consolidated subsidiaries. When the context requires, we
refer to these entities separately.
We have included below the definitions for certain terms used in
“ASC” Accounting Standards
“Bankruptcy Code” Title 11 of the
United States Code.
“Bankruptcy Court” United States
Bankruptcy Court for the Southern District of Texas.
“Bbl” One stock tank barrel, or
42 U.S. gallons liquid volume, used in this report in reference to
oil, NGLs and other liquid hydrocarbons.
“Bcf” One billion cubic feet,
used in reference to natural gas.
“BOE” One stock tank barrel of
oil equivalent, computed on an approximate energy equivalent basis
that one Bbl of crude oil equals six Mcf of natural gas and one Bbl
of crude oil equals one Bbl of natural gas liquids.
“Btu” or “British thermal unit” The quantity of
heat required to raise the temperature of one pound of water one
“completion” The process of
preparing an oil and gas wellbore for production through the
installation of permanent production equipment, as well as
perforation and fracture stimulation to optimize production.
“costless collar” An option
position where the proceeds from the sale of a call option at its
inception fund the purchase of a put option at its inception.
“deterministic method” The method
of estimating reserves or resources using a single value for each
parameter (from the geoscience, engineering or economic data) in
the reserves calculation.
“development well” A well drilled
within the proved area of an oil or natural gas reservoir to the
depth of a stratigraphic horizon known to be productive.
“differential” The difference
between a benchmark price of oil and natural gas, such as the NYMEX
crude oil spot price, and the wellhead price received.
“FASB” Financial Accounting
“field” An area consisting of a
single reservoir or multiple reservoirs all grouped on or related
to the same individual geological structural feature and/or
stratigraphic condition. There may be two or more reservoirs
in a field that are separated vertically by intervening impervious
strata, or laterally by local geologic barriers, or both.
Reservoirs that are associated by being in overlapping or
adjacent fields may be treated as a single or common operational
field. The geological terms “structural feature” and
“stratigraphic condition” are intended to identify localized
geological features as opposed to the broader terms of basins,
trends, provinces, plays, areas of interest, etc.
“GAAP” Generally accepted
accounting principles in the United States of America.
“ISDA” International Swaps and
Derivatives Association, Inc.
“lease operating expense” or
“LOE” The expenses of lifting oil or gas from a producing
formation to the surface, constituting part of the current
operating expenses of a working interest, and also including labor,
superintendence, supplies, repairs, short-lived assets,