Whiting Announces Pricing of $750 Million in Aggregate Principal Amount of Senior Notes Due 2023

Whiting Petroleum Corp. (NYSE: WLL) today
announced that it has priced $750 million aggregate principal
amount of 6.25% senior notes due 2023 in a private unregistered
offering to eligible purchasers. The notes were priced at par. The
offering is expected to close on March 27, 2015, subject to
customary conditions.

Whiting previously announced that it had priced a public
offering of 35,000,000 shares of its common stock for total net
proceeds of approximately $1.0 billion, after deducting
underwriter’s discounts and commissions. The underwriter in
that offering has a 30-day option to purchase up to an additional
5,250,000 shares of Whiting’s common stock. Whiting also
previously announced that it had priced a private unregistered
offering of $1.0 billion aggregate principal amount of 1.25%
convertible senior notes due 2020. The initial purchasers in that
offering have a 30-day option to purchase up to an additional
$250.0 million aggregate principal amount of convertible senior
notes.

Whiting expects to use the net proceeds from the offerings to
repay all or a portion of the amount outstanding under its credit
agreement and any remainder for general corporate purposes.

This offering is being 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.

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 oil, NGL or natural gas prices; our level of success in
exploration, development and production activities; risks related
to our level of indebtedness and periodic redeterminations of the
borrowing base under our amended 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; adverse weather conditions that may negatively
impact development or production activities; the timing of our
exploration and development expenditures; our ability to obtain
sufficient quantities of CO2 necessary to carry out our enhanced
oil recovery projects; inaccuracies of our reserve estimates or our
assumptions underlying them; revisions to reserve estimates as a
result of changes in commodity prices, regulation and other
factors; 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 and acquisitions; federal and state
initiatives relating to the regulation of hydraulic fracturing; the
potential impact of federal debt reduction initiatives and tax
reform legislation being considered by the U.S. Federal Government
that could have a negative effect on the oil and gas industry; our
ability to identify and complete acquisitions and to successfully
integrate acquired businesses; 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; cyber security attacks or
failures of our telecommunication systems; our ability to
successfully integrate Kodiak Oil & Gas Corp. after its
acquisition on December 8, 2014 and achieve anticipated benefits
from the transaction; and other risks described under the caption
“Risk Factors” in our Annual Report on Form 10-K for
the year ended December 31, 2014. We assume no obligation, and
disclaim any duty, to update the forward-looking statements in this
news release.

Whiting Petroleum Corporation

John B. Kelso, 303-837-1661

Director of Investor Relations

john.kelso@whiting.com