Whiting Announces Completion of Offering of $1.0 Billion of Senior Notes Due 2026; Irrevocable Notice of Redemption of 2019 Notes

December 27, 2017

DENVER–(BUSINESS WIRE)–Whiting Petroleum Corporation (NYSE: WLL) today announced that it
completed its previously announced private unregistered offering to
eligible purchasers of $1.0 billion aggregate principal amount of 6.625%
senior notes due 2026 (the “notes”).

Whiting received approximately $987.5 million in aggregate net proceeds
from the sale of the notes. Whiting expects to use the net proceeds from
the sale of the notes to redeem all of its 5.000% senior notes due 2019
(the “2019 Notes”) and pay related fees and expenses, including the
redemption premium and accrued interest on the 2019 Notes. In connection
with the closing of the sale of the notes, Whiting irrevocably provided
notice to the trustee of the indenture governing the 2019 Notes to
redeem the 2019 Notes on January 26, 2018.

The offering was made only to qualified institutional buyers in reliance
on Rule 144A under the Securities Act of 1933, as amended (the
“Securities Act”), and to non-U.S. persons in compliance with Regulation
S under the Securities Act. The notes have not been registered under the
Securities Act and, unless so registered, may not be offered or sold in
the United States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor will there be any
sale of these securities, in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction. This
press release is being issued pursuant to and in accordance with Rule
135c under the Securities Act.

Forward-Looking Statements

This news release contains statements that we believe to be
“forward-looking statements” within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. 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; 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; 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; the potential impact of changes in laws, including
tax reform, that could have a negative effect on the oil and gas
industry; cyber security attacks or failures of our telecommunication
systems; and other risks described under the caption “Risk Factors” in
Item 1A of our Annual Report on Form 10-K for the year ended December
31, 2016. We assume no obligation, and disclaim any duty, to update the
forward-looking statements in this news release.