Whiting Petroleum Corporation Acquires Additional Royalty and Overriding Royalty Interests in North

DENVER, Nov 04, 2009 /PRNewswire-FirstCall via COMTEX/ --

Whiting Petroleum Corporation (NYSE: WLL) announced today that it has acquired additional royalty and overriding royalty interests in its North Ward Estes field and various other fields in the Permian Basin. Also included in the transaction were contractual rights, including an option to participate for a 5.0% working interest and right to back in after payout for an additional 7.5% working interest in the development of deeper pays on acreage under and adjoining the North Ward Estes field. The purchase price was $38.7 million with an effective date of October 1, 2009. Over 90% of the purchase price was allocated to the royalty and overriding royalty interests in the North Ward Estes field, located in Ward and Winkler Counties, Texas. The sellers were private owners.

Net production attributable to the producing royalty and overriding royalty interests is estimated at 270 barrels of oil equivalent (BOE) per day for September, 2009. Whiting estimates proved reserves attributable to the acquired interests are 2.2 million BOE for an acquisition price of $17.59 per BOE. Reserves attributable to royalty and overriding royalty interests are not burdened by operating expenses or any additional capital costs, including CO2 costs, which are paid by the working interest owners. Whiting estimates that the non-cost bearing nature of these interests makes them worth approximately 33% more than working interest barrels. Therefore, an equivalent working interest barrel would have had a price per BOE of approximately $11.79.

http://www.whiting.com

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Companies: Willamette Industries, Inc. (WLL)

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Whiting Petroleum (WLL) NewsBite - Higher Oil Boosts WLL - Zibb.com

Nov 02, 2009 (Fresh Brewed Media via COMTEX) --

Whiting Petroleum (NYSE: WLL) opened at $57.00. So far today, the stock has hit a low of $57.00 and a high of $59.84. WLL is now trading at $58.18, up $1.78 (3.16%). Over the last 52 weeks the stock has ranged from a low of $19.26 to a high of $65.05. WLL shares are on the move with other oil stocks, helped by rising oil futures. Technical indicators for the stock are bullish and S&P does not currently have a STARS rating for WLL. If you are looking for a hedged play on WLL the stock seems like it could be a candidate for a December out-of-the-money bull-put credit spread below the 50 range.

ABR-Seven Summits Strategic Investments NewsBite Goto www.iotogo.com/18w1 for our free report titled, The 18 Ways To Know When It's Time To Dump A Stock

Tags: futures   nyse   oil   petroleum   S&P  

Companies: Willamette Industries, Inc. (WLL)

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Whiting Petroleum Up 63.3% Since SmarTrend's Buy Recommendation - Zibb.com

Oct 27, 2009 (SmarTrend(R) Spotlight via COMTEX) --

SmarTrend, our proprietary pattern recognition system, called an Uptrend for Whiting Petroleum (NYSE:WLL) on July 15, 2009 at $36.47.

Since then, Whiting Petroleum has returned 63.3% as of today's recent price of $59.55. Want to profit from these alerts?

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Tags: market   nyse   petroleum   profit   securities   trial  

Companies: Willamette Industries, Inc. (WLL)

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Whiting Petroleum (WLL) NewsBite - WLL Hits 52-Week High On Morgan Stanley Upgrade - Zibb.com

Oct 19, 2009 (Fresh Brewed Media via COMTEX) --

Whiting Petroleum (NYSE: WLL) hit a new 52-Week high of $64.43 so far today. Currently the stock is up $2.52 (4.08%) to $64.32 on 385,716 shares traded. Today's high is up $45.06 from a 52-Week Low of $19.26. Whiting Petroleum stock has been showing support around $60.55 and resistance in the $63.35 range. Technical indicators for the stock are and S&P does not currently have a STARS rating for WLL. The stock hit a new 52 week high today after Morgan Stanley upgraded the stock today to Buy from Neutral and lifted its price target on the stock to $75 from $60. If you are looking for a hedged play on WLL the stock seems like it could be a candidate for a December out-of-the-money bull-put credit spread below the 50 range.

ABR-Seven Summits Strategic Investments NewsBite Goto www.iotogo.com/18w1 for our free report titled, The 18 Ways To Know When It's Time To Dump A Stock

Tags: nyse   petroleum   S&P  

Companies: Morgan Stanley (MS), Willamette Industries, Inc. (WLL)

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