2010-01-07-2009-11-04-2009-11-04

Purchased addtl royalty & ORRI in Permian Basin North Ward Estes Field in Ward, Winkler counties, TX, gaining 270 BOE/d, 2.2 MMBOE proved.

Whiting Petroleum Corp., Denver, (NYSE: WLL) has acquired additional royalty and overriding royalty interests in its North Ward Estes Field and various other fields in the Permian Basin from undisclosed private owners for $38.7 million. More than 90% of the purchase price was allocated to the royalty and overriding royalty interests in North Ward Estes Field in Ward and Winkler counties, Texas. Net production attributable to the interests is 270 barrels of oil equivalent per day for September. Whiting estimates net proved reserves of 2.2 million barrels equivalent for an acquisition price of $17.59 per barrel. Also included in the transaction were contractual rights, including an option to participate for a 5% 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 North Ward Estes Field. James J. Volker, Whiting president and CEO, says "We are pleased to have acquired this additional interest in our North Ward Estes Field, which continues to respond favorably to our expanding CO2 injection project. We expect the additional revenue interest to reduce our operating expenses and enhance the profitability on a unit of production basis." The effective date is Oct. 1.