Whiting Petroleum (WLL) Prices 16M IPO of Whiting USA Trust II at $20/Share

Whiting Petroleum Corporation (NYSE: WLL) has 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.

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