New Issue: Whiting Petroleum $150 million eight-year notes yield 7 3/8%

By Paul A. Harris

St. Louis, May 5 - Whiting Petroleum Corp. sold $150 million of eight-year senior subordinated notes (B2/B-) Wednesday at 99.26 with a 7¼% coupon to yield 7 3/8%, a syndicate source said.

Price talk was 7 1/8% to 7 3/8%.

Merrill Lynch & Co. and Lehman Brothers ran the books on the Rule 144A/Regulation S issue. The co-managers were AG Edwards, Petrie Parkman & Co., Raymond James, Banc One Capital Markets and KeyBanc.

Proceeds will be used to refinance Whiting Oil and Gas Corp. bank debt.

The issuer is a Denver-based oil and natural gas exploration and production company.

Issuer:	Whiting Petroleum Corp.
Amount:	$150 million
Maturity:	May 1, 2012
Security description:	Senior subordinated notes
Bookrunners:	Merrill Lynch & Co., Lehman Brothers
Co-managers:	AG Edwards, Petrie Parkman & Co., Raymond James, Banc One Capital Markets, KeyBanc
Coupon:	7¼%
Price:	99.26
Yield:	7 3/8%
Spread:	296 basis points
Call features:	Callable after May 1, 2008 at 103.625, 101.813, par on or after May 1, 2010
Equity clawback:	Until May 1, 2007 for 35% at 107.25
Pricing date:	May 5
Settlement date:	May 11
Ratings:	Moody's: B2
	Standard & Poor's: B-
Price talk:	7 1/8%-7 3/8%

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