Whiting Petroleum Corporation (NYSE: WLL) announced today that it completed its initial public offering of 18,400,000 units of beneficial interest in Whiting USA Trust II (NYSE: WHZ) at $20.00 per trust unit to the public. The number of trust units included the sale of 2,400,000 trust units pursuant to an exercise in full of the underwriters’ over-allotment option. Whiting Petroleum Corporation sold all of the trust units in the initial public offering and received net proceeds of approximately $341.6 million. Whiting Petroleum Corporation used the net proceeds from the offering to repay a portion of the debt outstanding under its credit agreement.
About Whiting Petroleum Corporation
Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company that explores for, develops, acquires and produces crude oil, natural gas and natural gas liquids primarily in the Rocky Mountain, Permian Basin, Mid-Continent, Michigan and Gulf Coast regions of the United States. The Company trades publicly under the symbol WLL on the New York Stock Exchange.