Whiting Petroleum (WLL) Announces Public Offering of 3M Shares

June 16, 2009 4:08 PM EDT

Whiting Petroleum Corporation (NYSE: WLL) announced 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.

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