Research Update: Whiting Petroleum's $220 Mil. Senior Notes Rated 'B-', Ratings Are Affirmed; Outlk Stable Apr 05

Standard & Poors, April 2005

Abstract
On April 12, 2004, Standard & Poor's Ratings Services assigned its 'B-' rating to exploration and production (E&P) company Whiting Petroleum Corp.'s $220 million senior subordinated notes due 2013. At the same time, Standard & Poor's affirmed all ratings on Whiting. The outlook remains stable. Denver, Co.-based Whiting will have about $370 million worth of debt pro forma this transaction. The ratings on Whiting reflect the company's relatively small size, above-average cost structure, leveraged financial profile, and participation in the intensely competitive and highly cyclical oil and gas industry. These concerns are only partially offset by Whiting's long-lived reserves, which are expected to generate a significant inventory of development projects. During 2004, Whiting, following an aggressive acquisition and exploitation strategy,...

Companies mentioned in this report are: Whiting Petroleum Corp.
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Whiting Petroleum Corp.

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