Whiting Petroleum to mandatorily convert 6.25% convertibles June 27

By Angela McDaniels

Tacoma, Wash., June 17 - Whiting Petroleum Corp. is exercising its right to convert all outstanding shares of its 6.25% convertible perpetual preferred stock into common stock, according to a company news release.

The conversion will occur at 5 p.m. ET on June 27.

Whiting can mandatorily convert the preferreds after June 15 if its common stock closes above $26.05 for at least 20 out of any 30 consecutive trading days, which was satisfied at the close of trading on June 14.

Each share of preferred stock has a liquidation preference of $100.00 and converts into 4.6066 shares of common stock, which equates to a conversion price of $21.70815.

Whiting's common stock closed at $48.07 (NYSE: WLL) on June 14. The preferreds closed at $218.47 (NYSE: WLLPrA).

As of June 14, there were 172,129 preferreds outstanding with a total liquidation preference of $17.21 million.

All of the preferreds are held through Depository Trust Co., whose nominee, Cede & Co., is the sole record holder.

Whiting is an oil and gas company based in Denver.

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