Underwriters Exercise Overalloment Option for Whiting Shares
Whiting Petroleum Corporation reports that the underwriters of its previously announced public offering of their common stock have purchased an additional 425,000 shares pursuant to an exercise of their option to purchase additional shares of common stock to cover overallotments. Whiting received net proceeds of approximately $16.5 million, after deducting underwriting discounts and commissions and estimated expenses of the offering.
The offering, including the exercise of the overallotment option, resulted in the total sale of 5,425,000 shares of Whiting's common stock at a price of $40.50 to the public. Whiting used all of the net proceeds that it received from the offering to repay a portion of the debt currently outstanding under its credit agreement. Whiting intends to use the increased credit availability to pay for capital expenditures related to accelerated drilling and completion of wells and construction of processing facilities primarily at its Boies Ranch and Jimmy Gulch prospect areas in the Piceance Basin and Robinson Lake prospect area in the Williston Basin.
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