Whiting Petroleum Corporation Announces Pricing of Initial Public Offering of Trust Units in Whiting USA Trust I

DENVER, April 24 /PRNewswire-FirstCall/ -- Whiting Petroleum Corporation (NYSE:WLL) announced today that it priced the initial public offering of 10,850,000 units of beneficial interest in Whiting USA Trust I at $20.00 per trust unit to the public. The trust units will trade on the NYSE under the symbol WHX.

Whiting Petroleum Corporation expects to close the initial public offering on April 30, 2008. Whiting Petroleum Corporation has granted to the underwriters an option to purchase up to 1,627,500 additional trust units at the same price per trust unit to cover any over-allotments. After the completion of the public offering, Whiting Petroleum Corporation will own 3,013,889 trust units, or 1,386,389 trust units if the underwriters' over-allotment option is exercised in full, out of 13,863,889 total outstanding trust units.

Assuming no exercise of the over-allotment option, Whiting Petroleum Corporation expects to receive net proceeds from this offering of approximately $200 million. Whiting Petroleum Corporation intends to use the net proceeds from this offering to repay a portion of the debt outstanding under its credit agreement.

Raymond James & Associates, Inc. and Wachovia Capital Markets, LLC acted as joint book-running managers for the offering. The offering is being made only by means of a prospectus, copies of which may be obtained from Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716 and Wachovia Capital Markets, LLC, Equity Syndicate Department, 375 Park Avenue, New York, New York 10152. An electronic copy of the prospectus is available from the Securities and Exchange Commission's Web site at http://www.sec.gov/.

This press release is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. About Whiting Petroleum Corporation

Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company that acquires, exploits, develops and explores for crude oil, natural gas and natural gas liquids primarily in the Permian Basin, Rocky Mountains, Mid-Continent, Gulf Coast and Michigan regions of the United States. The Company trades publicly under the symbol WLL on the New York Stock Exchange. For further information, please visit http://www.whiting.com/.

First Call Analyst:
FCMN Contact:

Source: Whiting Petroleum Corporation

CONTACT: John B. Kelso, Director of Investor Relations of Whiting
Petroleum Corporation, +1-303-837-1661, john.kelso@whiting.com

Web site: http://www.whiting.com/

2008-04-24 20:26:06 0345087 PRNEWSWIRE