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whiting petroleum corp (WLL) Key Developments

Whiting Petroleum Corporation Completes Consent Solicitations and Offers to Guarantee and Receives Required Consents to Amend Kodiak Oil & Gas Corp. Indentures

Whiting Petroleum Corporation announced that, in connection with its previously announced consent solicitations and offers to guarantee for Kodiak Oil & Gas Corp. senior notes related to its agreement to acquire Kodiak, it has received the required consents from the holders of the outstanding Kodiak senior notes to adopt the proposed amendments to each of the indentures governing such Kodiak Notes. The adoption of the amendments for each Indenture required consents from at least a majority in aggregate principal amount of Kodiak Notes outstanding under such Indenture as of the record date for the consent solicitations and offers to guarantee, 5:00 p.m., New York City time, on October 3, 2014. Global Bondholder Services Corporation, the Tabulation Agent, has advised Whiting that as of the expiration time for the consent solicitations and offers to guarantee of 5:00 p.m., New York City time, on October 17, 2014 (the "Expiration Time"), the holders of Kodiak Notes have delivered and not revoked valid consents representing approximately 99.5%, 98.8% and 99.9%, of the outstanding Kodiak 8.125% Senior Notes Due 2019, 5.500% Senior Notes Due 2021 and 5.500% Senior Notes Due 2022, respectively. Supplemental indentures to the Indentures (the "Supplemental Indentures") have been executed and delivered, which Supplemental Indentures contain the amendments as to which consents were sought and an unconditional and irrevocable guarantee by Whiting of the prompt payment, when due, of any amount owed to the holders of the Kodiak Notes under such Kodiak Notes and such Indenture and any other amounts due pursuant to such Indenture (the "Whiting Guarantee"). The Supplemental Indentures became effective upon their execution and delivery. The amendments contained in the Supplemental Indentures will not become operative, and the Whiting Guarantee will not be issued, until the completion of the Whiting acquisition of Kodiak. Upon the terms of the consent solicitations and offers to guarantee, if the Whiting acquisition of Kodiak is completed, Whiting will make a payment equal to $2.50 for each $1,000 principal amount of Kodiak Notes to the holders of Kodiak Notes under such Indenture who provided valid and unrevoked consents prior to the Expiration Time. The amendments will amend the following covenants contained in the Indentures: the limitation on indebtedness covenant would be amended to provide that the pro forma Fixed Charge Coverage Ratio and Adjusted Consolidated Net Tangible Assets (each as defined in each of the Indentures) financial tests be calculated based on Whiting's consolidated financial statements instead of Kodiak's consolidated financial statements; the limitation on restricted payments covenant would be amended to permit Kodiak to distribute the equity interests of Kodiak Oil & Gas (USA) Inc. to Whiting, as parent guarantor, or to an affiliate of Whiting that is a guarantor or co-issuer of the Kodiak Notes; the limitation on transactions with affiliates covenant would be amended to permit Kodiak and its restricted subsidiaries to engage in transactions with, and provide guarantees for the benefit of, Whiting, as parent guarantor, and any affiliate of Whiting that is a guarantor or co-issuer of the Kodiak Notes; and the financial reporting covenant would be amended to replace Kodiak's reporting obligations with Whiting reporting obligations. The terms and conditions of the consent solicitations and offers to guarantee were set forth in a Consent Solicitation Statement/Prospectus Supplement dated October 6, 2014, which has been filed with the Securities and Exchange Commission, and related Letter of Consent, each of which was sent to record holders of the Kodiak Notes.

Whiting Petroleum Corp. Presents at IPAA OGIS San Francisco Conference, Sep-22-2014 12:50 PM

Whiting Petroleum Corp. Presents at IPAA OGIS San Francisco Conference, Sep-22-2014 12:50 PM. Venue: The Palace Hotel, 2 New Montgomery Street, San Francisco, California, United States. Speakers: James J. Volker, Chairman, Chief Executive Officer and President.

Whiting Petroleum Corp. Reports Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Production Guidance for Third Quarter of 2014; Revised Production and Financial Guidance for 2014

Whiting Petroleum Corp. reported unaudited consolidated earnings and operating results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total revenues and other income of $835,622,000 compared to $663,569,000 for the same period of last year. Income before income taxes was $251,343,000 compared to $207,971,000 for the same period of last year. Net income available to common shareholders was $151,444,000 or $1.26 per diluted share compared to $134,687,000 or $1.14 per diluted share for the same period of last year. Adjusted net income was $167,881,000 or $1.40 per diluted share compared to $121,264,000 or $1.02 per diluted share for the same period of last year. Net cash provided by operating activities was $567,769,000 compared to $442,617,000 for the same period of last year. Capex was $768.5 million. For the six months, total revenues and other income was $1,575,871,000 compared to $1,276,940,000 for the same period of last year. Income before income taxes was $436,755,000 compared to $345,735,000 for the same period of last year. Net income available to common shareholders was $260,513,000 or $2.17 per diluted share compared to $220,681,000 or $1.86 per diluted share for the same period of last year. Adjusted net income was $294,031,000 or $2.45 per diluted share compared to $233,016,000 or $1.96 per diluted share for the same period of last year. Net cash provided by operating activities was $891,666,000 compared to $740,231,000 for the same period of last year. Capex was $1,451.9 million. For the quarter, the company produced 8,010 MBbl of oil, 787 MBbl of NGLs, 7,150 MMcf of natural gas and 9,988 MBOE of oil equivalents compared to 6,701 MBbl of oil, 694 MBbl of NGLs, 6,617 MMcf of natural gas and 8,498 MBOE of oil equivalents produced a year ago. For the six months, the company produced 15,251 MBbl of oil, 1,435 MBbl of NGLs, 13,852 MMcf of natural gas and 18,994 MBOE of oil equivalents compared to 12,951 MBbl of oil, 1,404 MBbl of NGLs, 12,988 MMcf of natural gas and 16,520 MBOE of oil equivalents produced a year ago. For the third quarter, the company expects production of 10.50 to 10.90 MMBOE, interest expense per BOE of $3.50 to $3.80, Depreciation, depletion and amortization per BOE of $26.50 to $27.25 and production taxes of 8.25% to 8.45%. Due to better than expected well results and a higher level of non-operated drilling activity, the company is raising 2014 production guidance and capital budget. The company is increasing capital budget to $2.8 billion from $2.7 billion primarily to reflect the increase in non-operated drilling activity. The company is also making a corresponding increase in its 2014 production guidance to a mid-point of 20% over 2013, up from a mid-point of 18% over 2013. For the full year, the company expects production of 40.70 to 41.30 MMBOE, interest expense per BOE of $3.80 to $4.00, Depreciation, depletion and amortization per BOE of $26.20 to $27.00 and production taxes of 8.25% to 8.45%.

Kodiak Oil & Gas Corp., Whiting Petroleum Corp. - M&A Call

To discuss definitive agreement pursuant to which Whiting Petroleum Corporation will acquire Kodiak Oil & Gas Corp.

Whiting Petroleum Corp. to Report Q2, 2014 Results on Jul 30, 2014

Whiting Petroleum Corp. announced that they will report Q2, 2014 results at 5:00 PM, Eastern Standard Time on Jul 30, 2014

 

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