Whiting Petroleum Corporation

In the fourth quarter of 2011 and to date in the first quarter of 2012, Whiting drilled 10 notable wells on the Pronghorn Prospect in Stark and Billings Counties, ND. These notable wells IPd at an average of 2,565 BOE/d.

Current Corporate Information April 2012

Drilling operations at Whitings Redtail Prospect in the Denver Basin in Weld County, CO. Following up on its Wildhorse 16-13H discovery well on the Redtail Prospect in February 2012, Whiting drilled 12 miles to the northeast and completed the Horsetail 18-0733H well for 718 BOE/d.

Forward-Looking Statements, Non-GAAP Measures, Reserve and Resource Information, Definition of De-Risked
This presentation includes forward-looking statements that the Company believes to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this presentation are forward-looking statements. These forward looking statements are subject to risks, uncertainties, assumptions and other factors, many of which are beyond the control of the Company. Important factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include the Companys business strategy, financial strategy, oil and natural gas prices, production, reserves and resources, impacts from the global recession and tight credit markets, the impacts of state and federal laws, the impacts of hedging on our results of operations, level of success in exploitation, exploration, development and production activities, uncertainty regarding the Companys future operating results and plans, objectives, expectations and intentions and other factors described in the Companys Annual Report on Form 10-K for the year ended December 31, 2011. Whitings production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases. In this presentation, we refer to Adjusted Net Income and Discretionary Cash Flow, which are non-GAAP measures that the Company believes are helpful in evaluating the performance of its business. A reconciliation of Adjusted Net Income and Discretionary Cash Flow to the relevant GAAP measures can be found at the end of the presentation. Whiting uses in this presentation the terms proved, probable and possible reserves. Proved reserves are reserves which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward from known reservoirs under existing economic conditions, operating methods and government regulations prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain. Probable reserves are reserves that are less certain to be recovered than proved reserves, but which, together with proved reserves, are as likely as not to be recovered. Possible reserves are reserves that are less certain to be recovered than probable reserves. Estimates of probable and possible reserves which may potentially be recoverable through additional drilling or recovery techniques are by nature more uncertain than estimates of proved reserves and accordingly are subject to substantially greater risk of not actually being realized by the Company. Whiting uses in this presentation the term total resources, which consists of contingent and prospective resources, which SEC rules prohibit in filings of U.S. registrants. Contingent resources are resources that are potentially recoverable but not yet considered mature enough for commercial development due to technological or business hurdles. For contingent resources to move into the reserves category, the key conditions, or contingencies, that prevented commercial development must be clarified and removed. Prospective resources are estimated volumes associated with undiscovered accumulations. These represent quantities of petroleum which are estimated to be potentially recoverable from oil and gas deposits identified on the basis of indirect evidence but which have not yet been drilled. This class represents a higher risk than contingent resources since the risk of discovery is also added. For prospective resources to become classified as contingent resources, hydrocarbons must be discovered, the accumulations must be further evaluated and an estimate of quantities that would be recoverable under appropriate development projects prepared. Estimates of resources are by nature more uncertain than reserves and accordingly are subject to substantially greater risk of not actually being realized by the Company. In this presentation, De-Risked core development acreage and related well locations in the Williston Basin refers to acreage and locations that the Company believes the relative geological risks related to recovery have been reduced as a result of drilling operations to date. However, only a small portion of such acreage and locations has been attributed to proved undeveloped reserves and ultimate recovery from such acreage and locations remains subject to all the recovery risks applicable to other acreage.

Company Overview
Market Capitalization(1)
Long-Term Debt(2) Shares Outstanding

$6.5 B
$1,380 MM 117.4 MM

Debt/Total Cap(3)
Proved Reserves(4) % Oil R/P ratio(5)
Drilling the Hutchins Stock Association #1096 in North Ward Estes Field, Whitings EOR project in Ward and Winkler Counties, Texas.

31.4%
345.2 MMBOE 86% 13.9 years 70.7 MBOE/d

Q4 2011 Production

(1) (2) (3) (4) (5)

Assumes a $55.12 share price (closing price as of April 2, 2012) on 117,380,884 common shares outstanding as of December 31, 2011. As of December 31, 2011. Please refer to the Outstanding Bonds and Credit Agreement slide for details. As of December 31, 2011. Please refer to the Total Capitalization slide for details. Whiting reserves at December 31, 2011 based on independent engineering. R/P ratio based on year-end 2011 proved reserves and 2011 production.

Map of Operations
ROCKY MOUNTAINS 44.4 MBOE/D MICHIGAN 2.8 MBOE/D

Q4 2011 Net Production 70.7 MBOE/d

4% 2% 12%

MID-CONTINENT 8.4 MBOE/D

19% 63%

PERMIAN 13.4 MBOE/D

Michigan Mid-Continent Rocky Mountains

Gulf Coast Permian Basin

GULF COAST 1.7 MBOE/D 3

Platform for Continued Growth (1)

345.2 MMBOE Proved Reserves (12/31/2011)
3% 12% 2% 46%

37%

Rocky Mountains Gulf Coast Michigan

Permian Basin Mid-Continent

86% Oil / 14% Natural Gas

(1) Whiting reserves at December 31, 2011 based on independent engineering.

Whiting Pre-Tax PV10% Values at December 31, 2011 (1)

- Using SEC NYMEX of $96.19/Bbl and $4.12/Mcf Held Flat

Proved Reserves

(1)

Core Area Rocky Mountains Permian Basin Other(4) Total

Oil (MMBbl)(2) 132.2 122.5 43.1 297.8

Natural Gas (Bcf) 162.3 38.1 84.6 285.0

Total (MMBOE) 159.2 128.8 57.2 345.2

% Oil(2) 83% 95% 75% 86%

Pre-Tax PV10% Value(3) (In MM) $ 4,157.1 $2,011.6 $1,236.0 $ 7,404.7

(1) Oil and gas reserve quantities and related discounted future net cash flows have been derived from oil and gas prices calculated using an average of the first-day-of-the month NYMEX price for each month within the 12 months ended December 31, 2011, pursuant to current SEC and FASB guidelines. The NYMEX prices used were $96.19/Bbl and $4.12/MMBtu. (2) Oil includes natural gas liquids. (3) Pre-tax PV10% may be considered a non-GAAP financial measure as defined by the SEC and is derived from the standardized measure of discounted future net cash flows, which is the most directly comparable US GAAP financial measure. Pre-tax PV10% is computed on the same basis as the standardized measure of discounted future net cash flows but without deducting future income taxes. As of December 31, 2011, our discounted future income taxes were $2,132.2 million and our standardized measure of after-tax discounted future net cash flows was $5,272.5 million. We believe pre-tax PV10% is a useful measure for investors for evaluating the relative monetary significance of our oil and natural gas properties. We further believe investors may utilize our pre-tax PV10% as a basis for comparison of the relative size and value of our proved reserves to other companies because many factors that are unique to each individual company impact the amount of future income taxes to be paid. Our management uses this measure when assessing the potential return on investment related to our oil and gas properties and acquisitions. However, pre-tax PV10% is not a substitute for the standardized measure of discounted future net cash flows. Our pre-tax PV10% and the standardized measure of discounted future net cash flows do not purport to present the fair value of our proved oil and natural gas reserves. (4) Other consists of Mid-Continent, Michigan, and Gulf Coast.

Whiting Pre-Tax PV10% Values at December 31, 2011 (1)

- Using SEC NYMEX of $96.19/Bbl and $4.12/Mcf Held Flat
Probable Reserves (1) Natural % Gas Total (Bcf) (MMBOE) Oil(2) 133.5 53.0 24.4 210.9 46.9 45.8 13.2 105.9 53% 81% 69% 67%

Core Area Rocky Mountains Permian Basin Other(4) Total

Oil (MMBbl)(2) 24.7 36.9 9.2 70.8

Pre-Tax PV10% Value(3) (In MM)

$ $ $ $ 375.9 576.6 83.9 1,035.4

Possible Reserves (1) Oil (MMBbl)(2) 59.2 101.9 3.0 164.1 Natural Gas (Bcf) 150.0 8.9 28.3 187.2 Total (MMBOE) 84.3 103.3 7.7 195.3 % Oil(2) 70% 99% 39% 84% Pre-Tax PV10% Value(3) (In MM) $ $ $ $ 1,086.9 861.0 75.9 2,023.8

Core Area Rocky Mountains Permian Basin Other(4) Total

(1) Oil and gas reserve quantities and related discounted future net cash flows have been derived from oil and gas prices calculated using an average of the first-day-of-the month NYMEX price for each month within the 12 months ended December 31, 2011, pursuant to SEC and FASB guidelines. The NYMEX prices used were $96.19/Bbl and $4.12/MMBtu. (2) Oil includes natural gas liquids. (3) Pre-tax PV10% amounts above represent the present value of estimated future revenues to be generated from the production of probable or possible reserves, calculated net of estimated lease operating expenses, production taxes and future development costs, using costs as of the date of estimation without future escalation and using 12-month average prices, without giving effect to non-property related expenses such as general and administrative expenses, debt service and depreciation, depletion and amortization, or future income taxes and discounted using an annual discount rate of 10%. With respect to pre-tax PV10% amounts for probable or possible reserves, there do not exist any directly comparable US GAAP measures, and such amounts do not purport to present the fair value of our probable and possible reserves. (4) Other consists of Mid-Continent, Michigan, and Gulf Coast.

Whiting Pre-Tax PV10% Values at December 31, 2011 (1)

- Using SEC NYMEX of $96.19/Bbl and $4.12/Mcf Held Flat

Core Area Rocky Mountains Permian Basin Other (4) Total

Oil (MMBbl)(2)
297.4 59.9 7.4 364.7

Resource Potential (1) Natural % Gas Total (Bcf) (MMBOE) Oil(2) 506.7 86.1 91.8 684.6 381.9 74.2 22.6 478.7 78% 81% 32% 76%

Pre-Tax PV10% Value(3) (In MM) $ $ $ $ 3,945 707 82 4,734

(1) Oil and gas reserve quantities and related discounted future net cash flows have been derived from oil and gas prices calculated using an average of the first-day-of-the month NYMEX price for each month within the 12 months ended December 31, 2011, pursuant to SEC and FASB guidelines. The NYMEX prices used were $96.19/Bbl and $4.12/MMBtu. (2) Oil includes natural gas liquids. (3) Pre-tax PV10% amounts above represent the present value of estimated future revenues to be generated from the production of resource potential reserves, calculated net of estimated lease operating expenses, production taxes and future development costs, using costs as of the date of estimation without future escalation and using 12-month average prices, without giving effect to non-property related expenses such as general and administrative expenses, debt service and depreciation, depletion and amortization, or future income taxes and discounted using an annual discount rate of 10%. With respect to pre-tax PV10% values of resource potential reserves, there do not exist any directly comparable US GAAP measures and such amounts do not purport to present the fair value of our resource potential reserves. (4) Other consists of Mid-Continent, Michigan, and Gulf Coast.

Future Drilling Locations(1)

Total 3P Drilling Locations Gross Net Northern Rockies(2) Central Rockies Permian Basin Mid-Continent Gulf Coast Michigan Total 707 334 421 283 838 338 210 189 72 58 16 13 2,264 1,215

Total Resource Drilling Locations Northern Rockies Central Rockies Permian Basin Mid-Continent Gulf Coast Michigan Total Gross Net 1,839 640 1,416 889 417 307 6 1 34 31 29 22 3,741 1,890

(1) Please refer to the beginning of this presentation for disclosures regarding Forward Looking Statements and Reserve and Resource Information. (2) Includes 203 gross (108 net) PUD locations. 8

Capital Budget for Key Development Areas in 2012 ($ in millions)

Facilities $228MM Exploration Expense (2) $56MM Land $136MM

Non-Op $42MM

Northern Rockies $851MM

Northern Rockies EOR Permian Central Rockies Non-Operated Land Exploration Expense Facilities Total Budget
(2)

2012 CAPEX (MM $) $ 851 $ $ $ $ $ $ $ 177 60 50 42 136 56 228

Gross % Wells 53% 218 11% 4% 3% 3% 9% 3% 14% 242 NA(1) 13 11

Net Wells 124 NA(1) 13 11

Central Rockies $50MM Permian $60MM

$ 1,600 100%

148

EOR $177MM

(1) (2)

These multi-year CO2 projects involve many re-entries, workovers and conversions. Therefore, they are budgeted on a project basis not a well basis. Comprised primarily of exploration salaries, lease delay rentals, seismic, other exploration and development and timing adjustments.

All Whiting Lease Areas In Williston Basin Plays at December 31, 2011
Gross Acres Net Acres Sanish / Parshall - Middle Bakken / Three Forks Objectives Lewis & Clark / Pronghorn - Three Forks Objective Hidden Bench - Middle Bakken / Three Forks Objectives Tarpon - Middle Bakken / Three Forks Objectives Starbuck 103,282 58,840 30,661 170,706 109,957 1,104,529 87,685 40,290 14,501 121,885 42,166 681,504(1) - Middle Bakken / Three Forks Objectives Missouri Breaks HIDDEN BENCH - Middle Bakken / Three Forks Objectives 8,125 6,265 385,665 59,894 256,296 29,354 177,399 83,062

A
1 STARBUCK 2
MISSOURI BREAKS

CASSANDRA

SANISH & PARSHALL

3 TARPON

Cassandra - Middle Bakken / Three Forks Objectives Big Island - Multiple Objectives Other ND & Montana

LEWIS 5 & CLARK

67 BIG ISLAND

8 9
Pronghorn

10

A
(1) As of 12/31/2011, Whitings total acreage cost in 681M net acres is approximately $294 million, or $432 per net acre.

10

Whiting Drilling Objectives in the Western Williston Basin -- Shooting for the Sweet Spots

Please note dual targets in the Middle Bakken and Pronghorn Sand / Upper Three Forks

11

De-Risked Map Williston Basin (1)(2)

STARBUCK
103,282 Prospect Gross Acres 87,685 Prospect Net Acres

CASSANDRA
30,661 Prospect Gross Acres 14,501 Prospect Net Acres 100% De-Risked

SANISH
108,815 Prospect Gross Acres 66,480 Prospect Net Acres 100% De-Risked

TARPON
8,125 Prospect Gross Acres 6,265 Prospect Net Acres 100% De-Risked

PARSHALL
68,584 Prospect Gross Acres 16,582 Prospect Net Acres 100% De-Risked

MISSOURI BREAKS
58,840 Prospect Gross Acres 40,290 Prospect Net Acres

HIDDEN BENCH
59,894 Prospect Gross Acres 29,354 Prospect Net Acres 100% De-Risked

Bakken Pinch-Out LEWIS & CLARK

215,199 Prospect Gross Acres 138,714 Prospect Net Acres 98,992 De-Risk Gross Acres (46%) 64,193 De-Risk Net Acres Whiting Williston Basin Unconventional Prospects December 31, 2011 Whiting Prospect Areas Whiting De-Risked Areas To Date Whiting Interest Spacing Units (1) Whiting unconventional acreage totals 681,504 net acres. (2) Please refer to the beginning of this presentation for a definition of "De-Risked.

PRONGHORN
170,466 Prospect Gross Acres 117,582 Prospect Net Acres 101,453 De-Risk Gross Acres (60%) 68,649 De-Risk Net Acres

BIG ISLAND
170,706 Prospect Gross Acres 121,885 Prospect Net Acres 640 De-Risk Gross Acres (<1%) 621 De-Risk Net Acres

12

Typical Bakken Production Profiles

Sanish Field (1) (2)
Production Profiles in Oil Equivalents Bakken - Sanish
EUR - 950 MBOE, CAPEX $6MM Nymex oil price/Bbl $80 6.7:1 498% 0.6 19.43 $90 7.7:1 809% 0.5 23.31 $100 8.8:1 1,303% 0.5 27.19

10,000
ROI IRR (%) Payout (Yrs.)

Equivalent Daily Production BOE/D

PV(10) $MM

1,000
EUR - 950 MBOE

EUR - 450 MBOE , CAPEX $6MM Nymex oil price/Bbl ROI IRR (%) Payout (Yrs.) $80 2.7:1 70% 1.4 5.46 $90 3.2:1 104% 1.0 7.36 $100 3.7:1 148% 0.9 9.27

100
EUR - 450 MBOE

PV(10) $MM

10
0 12 24 36 48 60 72 84 96 108 120 132 144 156 168 180

Months On Production
(1) (2) Please refer to the beginning of this presentation for disclosures regarding "Reserve and Resource Information." All volumes shown are un-risked. Our pretax PV10% values do not purport to present the fair value of our oil and natural gas reserves. EURs, ROIs, IRRs and PV10% values will vary well to well. Whiting holds an average WI of 60% and an average NRI of 50% in its operated Bakken wells in Sanish field.

13

Typical Three Forks Production Profile

Sanish Field (1) (2)
Production Profile in Oil Equivalents Three Forks - Sanish
1,000
Equivalent Daily Production BOE/D
EUR - 400 MBOE , CAPEX $6 MM Nymex oil price/Bbl ROI IRR (%) Payout (Yrs.) $80 2.5:1 50% 1.8 $90 2.9:1 73% 1.4 $100 3.4:1 105% 1.1

PV(10) $MM

4.35

6.07

7.79

100
EUR - 400 MBOE

10
0 12 24 36 48 60 72 84 96 108 120 132 144 156 168 180

Months On Production
(1) (2) Please refer to the beginning of this presentation for disclosures regarding "Reserve and Resource Information." All volumes shown are un-risked. Our pretax PV10% values do not purport to present the fair value of our oil and natural gas reserves. EURs, ROIs, IRRs and PV10% values will vary well to well. Whiting holds an average WI of 60% and an average NRI of 50% in its operated Three Forks wells in Sanish field.

14

Typical Non-Sanish Field Bakken or Pronghorn Sand / Three Forks Well Expected Results(1)
1000

EUR 600 MBOE, Capex $7.0 MM Oil Price ($/Bbl) ROI Payout (yrs) PV10 ($MM) IRR 90.00 3.7 0.9 11.03 155% 100.00 4.2 0.8 13.28 213%

Daily Equavlent Oil Rate

EUR 600 MBOE (Avg 1st 30 days 830 BOE/d)

100

EUR 350 MBOE, Capex $7.0 MM Oil Price ($/Bbl) 90.00 ROI 2.0 Payout (yrs) 2.3 PV10 ($MM) 3.23 IRR 35%

100.00 2.3 1.9 4.57 47%

EUR 350 MBOE (Avg 1st 30 days 430 BOE/d)

10 0 20 40 60 80 100 Months on Production 120 140 160 180

(1)

Please refer to the beginning of this presentation for disclosures regarding "Reserve and Resource Information." All volumes shown are un-risked. Our pretax PV10% values do not purport to present the fair value of our oil and natural gas reserves.

15

Average IP and 30, 60, 90 Day Production(1)(2) of Whiting Operated Wells

Sanish Bakken(2) Avg IP BOE/d Avg WI % Avg NRI % 24-hr Test Avg 1st 30 Day Avg 1st 60 Day Avg 1st 90 Day No. of Wells 31 31 31 28 24 16 Averages 67% 54% 2,018 760 648 528 Sanish Three Forks(2) Avg IP BOE/d Avg WI % Avg NRI % 24-hr Test Avg 1st 30 Day Avg 1st 60 Day Avg 1st 90 Day No. of Wells 44 44 44 16 7 4 Averages 62% 50% 787 383 281 288

Lewis & Clark / Pronghorn(3) Avg IP BOE/d Avg WI % Avg NRI % 24-hr Test Avg 1st 30 Day Avg 1st 60 Day Avg 1st 90 Day No. of Wells 44 44 44 41 37 33 Averages 79% 63% 1,312 565 435 376
Hidden Bench / Tarpon(3) Avg IP BOE/d Avg WI % Avg NRI % 24-hr Test Avg 1st 30 Day Avg 1st 60 Day Avg 1st 90 Day No. of Wells 8 8 8 5 3 3 Averages 68% 55% 2,904 941 1,040 930
(1) Based on actual days on production. (2) January 1, 2011 - December 31, 2011 (3) Inception - December 31, 2011.

16

Six Month Cumulative Production by Operator

For Bakken Wells Drilled Since January 2009 & Operators With Greater Than 10 Wells Producing
Source: IHS Energy, Inc. & North Dakota Industrial Commission (As of February 2012)

17

Williston Basin Off-Take Expansion (1)

Existing Pipelines Proposed Pipelines

All Volumes Barrels per Day Enbridge Bridger / Belle Fourche Tesoro /Mandan EOG (rail) Plains Hess (rail)

Existing Capacity 210,000 150,000 60,000 60,000

2012 Additions 145,000 Q4 50,000 Q1

2013 Additions

Total 355,000

100,000 Q1

300,000 60,000 60,000

50,000 Q4 60,000 Q1

50,000 60,000

COLT (rail)

27,000 Q2
100,000 100,000 Q3 90,000 Q2 580,000 522,000

27,000
200,000 90,000 90,000 Q1 90,000 190,000 1,292,000

TransCanada Keystone XL
Total

Lario (rail) Savage (rail) Quintana (rail)

(1) Projected additions based on publicly available information.

18

Big Tex Prospect

Pecos, Reeves and Ward Counties, Texas
OBJECTIVE Bone Spring Wolfcamp ACREAGE Whiting has assembled 120,719 gross (89,820 net) acres in our Big Tex prospect in the Delaware Basin: Average WI of 76% Average NRI of 57% Well by well WI and NRI will vary based on ownership in each spacing unit COMPLETED WELL COST Vertical: $3 MM - $4.5 MM Horizontal: $5 MM DRILLING PROGRAM 2 rigs currently active in the area. Plan to drill 13 wells in 2012. Planned budget for the prospect in 2012 is $57 MM. Developing Bone Spring prospect. Evaluating horizontal Wolfcamp and vertical Wolfbone potential.
19

Redtail Niobrara Prospect

Weld County, Colorado
OBJECTIVE Niobrara Shale ACREAGE Whiting has assembled 105,597 gross (73,611 net) acres in our Redtail prospect in the northeastern portion of the DJ Basin
Redtail
73,611 Net Acres

. .

.
Horsetail 18-0733H

Average WI of 70% Average NRI of 57% Well by well WI and NRI will vary based on ownership in each spacing unit COMPLETED WELL COST Horizontal: $4 to $5.5 MM DRILLING PROGRAM Recently completed its first well drilled on a 960-acre spacing unit, the Horsetail 18-0733H.

Wild Horse 16-13H

Plan to drill 8 wells in 2012.

General trend of Colorado Mineral Belt

20

EOR Projects - Postle and North Ward Estes Fields

Postle N. Ward Estes Total Whiting % Postle N. Ward Estes

Whiting 12/31/11 Proved Reserves

(1)

Oil MMBbl Gas Bcf Total MMBOE % Crude Oil Q4 2011 Production Total MBOE/d
(1) (2)

167 263 210 79%

131 22 (2) 135 97%

298 285 345 86%

44% 8% (2) 39%

53.9

16.8

70.7

24%

Based on independent engineering by Cawley, Gillespie & Associates, Inc. at December 31, 2011. Includes Ancillary Properties

MID-CONTINENT
McElmo Dome
Bravo Dome

Headquarters Field Office

Whiting Properties

PERMIAN

DENVER CITY

North Ward Estes & Ancillary Fields Postle Field CO2 Pipeline

21

North Ward Estes - Net Production Forecasts (1)

North Ward Estes 3P Unrisked Production Forecast (2)
25
285 300 MMcf/d Current CO2 Injection

20

P1 + P2 + P3
Production Rate Mboe/d 15

P1 + P2

10

8,795 BOE/d

Proved

Jun 05

Q4. 11

2012

2020

Magnitude and timing of results could vary.

(1) (2) Based on independent engineering by Cawley, Gillespie & Associates, Inc. at December 31, 2011. Includes ancillary fields. Please refer to the beginning of this presentation for disclosures regarding "Reserve and Resource Information." All volumes shown are unrisked. Production forecasts based on assumptions in December 31, 2011 reserve report. After 2020, North Ward Estes field proved reserve production is expected to decline at 5% - 7% year over year.

22

Development Plans North Ward Estes Field

Ward and Winkler Counties, Texas
Project Timing and Net Reserves
CO2 Project Base: Primary, WF & CO2 Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Phase 6 Phase 7 2007 - 2008 2009 - 2010 Injection Start Date PVPD Other Proved P2
(1)

P3

Total

44
0 0 0 0 0 0 0 0 44

4
2 0 25 4 3 10 5 3 56

6
2 2 4 1 9 2 1 0 27

60
2 4 8 1 9 3 1 1 89

114
6 6 37 6 21 15 7 4 216
23

2010 - 2015
2011 2012 - 15 2015 2016 2016 Totals
(MMBOE)

Phase 8

58,000 Net Acres

(1) Based on independent engineering at Dec. 31, 2011. Please refer to the beginning of the presentation for disclosures regarding Reserve and Resource Information. All volumes shown are unrisked.

Development Plans North Ward Estes Field

Ward and Winkler Counties, Texas
CO2 Project Phase 1 Injection Start Date 2007 - 2008

Phase 2 Phase 3

Total 2012 - 2040 Remaining Capital Expenditures (1)

(In Millions)

2009 - 2010 2010 - 2015 2011

CO2 Purchases

CapEx (2)

Drilling, Completion, Workovers & Gas Plant Costs

515 1,439

Phase 4

Phase 5 Phase 6

2012 - 2015

Total

$1,954

2015

Phase 7

2016
(1)

Phase 8

2016
(2)

Based on independent engineering at Dec. 31, 2011. Consists of CapEx for Proved, Probable and Possible reserves. Please refer to the beginning of this presentation for disclosures regarding "Reserve and Resource Information."

58,000 Net Acres

24

Consistently Strong Margins

Consistently Delivering Strong EBITDA Margins (1)
$84.09/Bbl $4.77/Mcf
$80.00

$69.06 $61.48 $50.52 $44.70 $53.57 $45.01

$45.10/65% $41.58/68% $30.82/61% $28.73/64% 3% 6% 7% 4% 5% 6% 3% 5% 7% 3% 5% 7% $31.29/58% $25.71/57% 5% 5% 7% 2% 5% 7%

$73.88/BOE

Whiting Realized Prices(1) $/BOE

$70.00 $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00

$50.65/68%

2% 5%

8% 17%

20%

24%

27%

20%

26%

18%

2005

2006

2007

2008

2009
G&A

2010

2011
EBITDA

Lease Operating Expense

Production Taxes

Exploration Expense

(1) Includes hedging adjustments.

25

Steady Production Growth

12% CAGR Production 2005 2012E(1) Production

Average Daily Production (MBOE/d)

79.2 64.6 33.1 41.5 40.3 47.9 55.5 67.9

2005

2006

2007

2008

2009

2010

2011

2012E

(1)

Represents the mid-point of 2012 full year production guidance range 26

Total Capitalization
($ in thousands)
Dec. 31, 2011 Dec. 31, 2010

Cash and Cash Equivalents

Long-Term Debt: Credit Agreement Senior Subordinated Notes Total Long-Term Debt

15,811

18,952

$ 780,000 600,000 $1,380,000

$ 200,000 600,000 $ 800,000

Stockholders Equity Total Capitalization Total Debt / Total Capitalization

3,020,857 $4,400,857 31.4%

2,531,315 $3,331,315 24.0%

27

Outstanding Bonds and Credit Agreement

Ratings Amount Outstanding Moodys / S&P
$250.0 mil. $350.0 mil.

Coupon / Description
7.00% / Sr. Sub. NC

Maturity
02/01/2014 10/01/2018

2/1/12 Price
106.75 106.75

Ba3 / BB+
Ba3 / BB+

6.50% / Sr. Sub. NC4

Bond Finance Covenant: Ratio of pre-tax earnings to fixed charges (interest expense) must be greater than 2:1. It was 14.78:1 at 12/31/11.

Restricted Payments Basket: Approximately $2.1 billion.

Bank Credit Agreement size is $1.5 billion under which $780 million was drawn as of 12/31/11. Weighted average Interest rate is currently 2.36%. Redetermination date is 5/1/12. Bank Credit Agreement Covenants: Total debt to EBITDAX at 12/31/11was 1.05:1 (must be less than 4.25:1) Working capital at 12/31/11 was 1.95:1 (must be greater than 1:1)

28

In Summary

Oil weighted, long-lived reserve base

Reserves 86% oil; 13.9 year R/P (1)

Multi-year inventory to drive organic production growth

2,264 3P and 3,741 Resource future drilling locations; Project 14 - 20% YoY production growth in 2012
16 acquisitions in 2004 2011; 230.9 MMBOE at $8.23 per BOE average acquisition cost; Acquired 681,504 acres in the Williston Basin 2005 2012; $432 per acre average Total Debt to Cap of 31.4% as of December 31, 2011 Average 28 years of experience

Disciplined acquirer with strong record of accretive acquisitions

Commitment to financial strength Proven management and technical team

(1)

Percent oil reserves and R/P ratio based on year-end 2011 proved reserves and total 2011 production.

29

Disciplined Hedging Strategy

Utilize hedges to manage exposure against potential commodity price declines while maintaining pricing upside Employ mix of contracts weighted toward the short-term

Existing Crude Oil Hedge Positions(1)

Hedge Period

Existing Natural Gas Hedge Positions(1)

Hedge Period

Contracted Volume (Bbls per Month)

Weighted Average NYMEX Price Collar Range (per Bbl)

As a Percentage of December 2011 Oil Production

Contracted Volume (MMBtu per Month)

Weighted Average NYMEX Price Collar Range (per MMBtu)

As a Percentage of December 2011 Gas Production

2012 Q1 Q2 Q3 Q4
2013 Q1 Q2 Q3 Oct Nov

984,054 983,850 983,650 983,477

$66.63 $66.63 $66.63 $66.63 -

$108.56 $108.56 $108.55 $108.55

51.20% 51.20% 51.10% 51.10%

2012 Q1 Q2 Q3 Q4

33,381 32,477 31,502 30,640

$7.00 $6.00 $6.00 $7.00 -

$15.55 $13.60 $14.45 $13.40

1.60% 1.60% 1.50% 1.50%

290,000 290,000 290,000 290,000 190,000

$47.67 $47.67 $47.67 $47.67 $47.22 -

$90.21 $90.21 $90.21 $90.21 $85.06

15.10% 15.10% 15.10% 15.10% 9.90%

(1)

As of January 31, 2012.

30

Fixed-Price Marketing Contracts

Existing Natural Gas Marketing Contracts(1)

Weighted Average Hedge Period 2012 Q1 Q2 Q3 576,963 461,296 465,630 $5.30 $5.41 $5.41 27.7% 22.1% 22.4% Contracted Volume (MMBtu per Month) Contracted Price (per MMBtu) As a Percentage of December 2011 Gas Production

Q4
2013 Q1 Q2 Q3 Q4 2014 Q1 Q2 Q3 Q4
(1)

398,667

$5.46

19.1%

360,000 364,000 368,000 368,000

$5.47 $5.47 $5.47 $5.47

17.3% 17.5% 17.7% 17.7%

330,000 333,667 337,333 337,333

$5.49 $5.49 $5.49 $5.49

15.8% 16.0% 16.2% 16.2%

As of January 31, 2012. 31

Adjusted Net Income (1)

(In Thousands)
Reconciliation of Net Income Available to Common Shareholders to Adjusted Net Income Available to Common Shareholders
Three Months Ended December 31, 2011 2010 $ 62,620 $ 65,925 (2,227) (1,012) 8,869 56,273 $ 124,523 (2,521) 334 9,119 26,137 $ 98,994 Twelve Months Ended December 31, 2011 2010 $ 490,610 $ 272,683 (8,781) (10,278) 24,435 (39,751) $ 456,235 47,529 (9,708) (863) 16,492 3,877 (25,329) $ 304,681

Net Income Available to Common Shareholders Cash Premium on Induced Conversion Adjustments Net of Tax: Amortization of Deferred Gain on Sale (Gain) Loss on Sale of Properties Impairment Expense Loss on Early Extinguishment of Debt Unrealized Derivative (Gains) Losses Adjusted Net Income (1) Adjusted Net Income Available to Common Shareholders per Share, Basic (2) Adjusted Net Income Available to Common Shareholders per Share, Diluted (2)
(1)

$ $

1.06 1.05

$ $

0.85 0.84

$ $

3.89 3.85

$ $

2.99 2.71

(2)

Adjusted Net Income Available to Common Shareholders is a non-GAAP financial measure. Management believes it provides useful information to investors for analysis of Whitings fundamental business on a recurring basis. In addition, management believes that Adjusted Net Income Available to Common Shareholders is widely used by professional research analysts and others in valuation, comparison, and investment recommendations of companies in the oil and gas exploration and production industry, and many investors use the published research of industry research analysts in making investment decisions. Adjusted Net Income Available for Common Shareholders should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, cash flow or liquidity measures under US GAAP and may not be comparable to other similarly titled measures of other companies. All per share amounts have been retroactively restated for the 2010 periods to reflect the Companys two-for-one stock split in February 2011.

32

Discretionary Cash Flow (1)

Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow (In Thousands)
Three Months Ended December 31, 2011 Net cash provided by operating activities Exploration Exploratory dry hole costs Changes in working capital Preferred stock dividends paid Discretionary cash flow
(1)

Twelve Months Ended December 31, 2011 $1,192,083 45,861 (4,924) 10,762 (1,077) $1,242,705 2010 $997,289 32,846 (3,819) (60,545) (16,441) $949,330

2010 $277,022 6,985 (1,023) (5,555) (269) $277,160

$328,329 9,455 (210) (8,496) (269) $328,809

(1)

Discretionary cash flow is computed as net income plus exploration and impairment costs, depreciation, depletion and amortization, deferred income taxes, noncash interest costs, losses on early extinguishment of debt, non-cash compensation plan charges, non-cash losses on mark-to-market derivatives and other noncurrent items, less the gain on sale of properties, amortization of deferred gain on sale, non-cash gains on mark-to-market derivatives, and preferred stock dividends paid, not including preferred stock conversion inducements. The non-GAAP measure of discretionary cash flow is presented because management believes it provides useful information to investors for analysis of the Companys ability to internally fund acquisitions, exploration and development. Discretionary cash flow should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, cash flow or liquidity measures under US GAAP and may not be comparable to other similarly titled measures of other companies.

33

Guidance for Q1 and Full-Year 2012(1)

Production (MMBOE) ................................................ Lease operating expense per BOE ............................. General and admin. expense per BOE ....................... Interest expense per BOE ........................................ Depr., depletion and amort. per BOE ........................ Prod. taxes (% of production revenue) ..................... Oil price differentials to NYMEX per Bbl ..................... Gas price premium to NYMEX per Mcf
(1)

Guidance First Quarter Full-Year 2012 2012 6.80 7.20 28.30 29.70 $ 12.80 - $ 13.10 $ $ 3.60 - $ 2.55 - $ 7.8% $ 0.60 - $ 3.80 2.75 8.0% 0.90 $ $ 13.00 - $ 13.40 $ $ 3.70 - $ 2.50 - $ 7.9% 0.60 - $ 3.90 2.70 8.2% 0.90

$ 20.00 - $ 20.50 ($13.00) - ($14.00)

$ 20.50 - $ 20.90 ($10.50) - ($11.50)

...................

Includes the effect of Whitings fixed-price gas contracts. Please refer to fixed-price gas contracts later in this presentation.
(1)

34