Whiting Petroleum Corporation Announces Redemption of 6.5% Senior Subordinated Notes Due 2018

Whiting Petroleum Corporation (NYSE: WLL) announced today that it
elected to redeem all of the outstanding $275 million aggregate
principal amount of 6.5% Senior Subordinated Notes due 2018 on February
2, 2017. The redemption price will equal 100% of the principal amount
thereof plus accrued and unpaid interest to, but not including, the date
of redemption. Whiting intends to fund the redemption of the notes with
proceeds from the sale of its North Dakota midstream assets, which
closed on January 3, 2017.

About Whiting Petroleum Corporation

Whiting Petroleum Corporation, a Delaware corporation, is an independent
oil and gas company that explores for, develops, acquires and produces
crude oil, natural gas and natural gas liquids primarily in the Rocky
Mountain region of the United States. The Company’s largest projects are
in the Bakken and Three Forks plays in North Dakota and Niobrara play in
northeast Colorado. The Company trades publicly under the symbol WLL on
the New York Stock Exchange. For further information, please visit http://www.whiting.com.

Forward-Looking Statements

This news release contains statements that we believe to be
“forward-looking statements” within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. 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 or extended periods of low oil, NGL or natural gas prices; our level
of success in exploration, development and production activities; risks
related to our level of indebtedness, ability to comply with debt
covenants and periodic redeterminations of the borrowing base under our
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; revisions to reserve
estimates as a result of changes in commodity prices, regulation and
other factors; adverse weather conditions that may negatively impact
development or production activities; the timing of our exploration and
development expenditures; inaccuracies of our reserve estimates or our
assumptions underlying them; 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; federal and state initiatives
relating to the regulation of hydraulic fracturing and air emissions;
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; 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; and other risks described under the caption
“Risk Factors” in our Quarterly Report on Form 10-Q for the period ended
September 30, 2016 and Annual Report on Form 10-K for the period ended
December 31, 2015. We assume no obligation, and disclaim any duty, to
update the forward-looking statements in this news release.

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