Whiting Petroleum Corporation, an independent oil and gas company, engages in the acquisition, exploration, development, and production activities primarily in the Rocky Mountains and Permian Basin regions of the United States. As of December 31, 2014, the company’s estimated proved reserves totaled 780.3 million barrel of oil equivalent (MMBOE). The company assembled approximately 1,311,800 gross (811,700 net) developed and undeveloped acres in the Williston Basin located in Montana and North Dakota. It also had 16 drilling rigs operating in the Williston Basin. As of December 31, 2014, the company had interests in 11,654 gross (4,471 net) productive wells across approximately 1,610,800 gross (886,700 net) developed acres across all its geographical areas. Oil and Gas Properties and Projects Rocky Mountains Region The company’s Rocky Mountains operations include assets in the states of Colorado, Montana, North Dakota, Utah, and Wyoming. As of December 31, 2014, its estimated proved reserves in the Rocky Mountains region were 635.7 MMBOE. Sanish and Parshall Fields: The company’s Sanish and Parshall fields in Mountrail County, North Dakota target the Bakken and Three Forks formations, and include approximately 169,900 gross (82,600 net) developed and undeveloped acres. As of December 31, 2014, the company had three drilling rigs active in the Sanish field. Lewis & Clark/Pronghorn Fields: The company’s Lewis & Clark/Pronghorn fields are located primarily in the Stark and Billings counties of North Dakota and run along the Bakken shale pinch-out in the southern Williston Basin. As of December 31, 2014, the Lewis & Clark/Pronghorn fields included approximately 339,200 gross (227,400 net) developed and undeveloped acres. The company had one drilling rig operating in the Pronghorn field. At the company’s gas processing plant located south of Belfield, North Dakota, which primarily processes production from the Pronghorn area, there is inlet compression in place to process 35 million cubic feet per day (MMcf/d). As of December 31, 2014, the plant was processing approximately 23 MMcf/d. Hidden Bench/Tarpon Fields: The company’s Hidden Bench and Tarpon fields in McKenzie County, North Dakota target the Bakken and Three Forks formations. Its Hidden Bench and Tarpon fields included approximately 121,300 gross (69,000 net) developed and undeveloped acres, and 18,800 gross (13,900 net) developed and undeveloped acres, respectively, as of December 31, 2014. The company had four drilling rigs active in the Hidden Bench field. Cassandra Field: The company’s Cassandra field in Williams County, North Dakota targets the Bakken and Three Forks formations, and included approximately 29,800 gross (14,000 net) developed and undeveloped acres as of December 31, 2014. The company had one drilling rig active in the Cassandra field. Missouri Breaks Field: As of December 31, 2014, the company had approximately 130,300 gross (82,600 net) developed and undeveloped acres at its Missouri Breaks field located in Richland County, Montana and McKenzie County, North Dakota. The company drilled wells on the western, eastern, and southern portions of its acreage in this area. The company had three drilling rigs active in the Missouri Breaks field. Other Northern Rocky Mountains: As of December 31, 2014, the company had four drilling rigs operating in new areas of the Williston Basin that were acquired in the Whiting Canadian Holding Company ULC acquisition. Redtail Field: The company’s Redtail field in the DJ Basin in Weld County, Colorado targets the Niobrara formation and included approximately 185,700 gross (132,200 net) developed and undeveloped acres as of December 31, 2014. The company had four drilling rigs operating in this area. Permian Basin Region The company’s Permian Basin operations include assets in Texas and New Mexico. As of December 31, 2014, the Permian Basin region contributed 133.0 MMBOE (83% oil) of estimated proved reserves to its portfolio of operations. North Ward Estes Field: The North Ward Estes field includes five base leases with 100% working interests in approximately 64,900 gross (62,900 net) developed and undeveloped acres in Ward and Winkler counties, Texas. Other The company’s other operations primarily relate to assets in Arkansas, Michigan, Oklahoma, and Texas. As of December 31, 2014, these properties contributed 11.6 MMBOE (35% oil) of proved reserves to its portfolio of operations. Customers The company principally sells its oil and gas production to end users, marketers, and other purchasers that have access to nearby pipeline facilities. For the year ended December 31, 2014, the company’s customers included Plains Marketing LP; Shell Trading US; Bridger Trading LLC; and Eighty Eight Oil Company. Business Strategy The company’s business strategy includes pursuing high-return organic reserve additions; developing existing properties; and improving through accretive acquisitions. Regulation Some of the company’s offshore operations are conducted on federal leases that are administered by the Bureau of Ocean Energy Management (BOEM). Whiting is therefore required to comply with the regulations and orders issued by the BOEM under the Outer Continental Shelf Lands Act. The company generates solid and hazardous wastes that are subject to the Resource Conservation and Recovery Act and comparable state laws. History Whiting Petroleum Corporation was founded in 1980. The company was incorporated in 2003.
whiting petroleum corp (WLL:New York)
Denver, CO 80290
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