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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 IP‟d at an average of 2,565 BOE/d.

Current Corporate Information April 2012

Drilling operations at Whiting‟s 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 Company’s 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 Company’s future operating results and plans, objectives, expectations and intentions and other factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011. Whiting’s 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.

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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, Whiting‟s 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.

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7 MBOE/D 3 .4 MBOE/D Michigan Mid-Continent Rocky Mountains Gulf Coast Permian Basin GULF COAST 1.Map of Operations ROCKY MOUNTAINS 44.8 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 2.

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.Platform for Continued Growth (1) 345. 2011 based on independent engineering. 4 .

2 122. We believe pre-tax PV10% is a useful measure for investors for evaluating the relative monetary significance of our oil and natural gas properties.2 % Oil(2) 83% 95% 75% 86% Pre-Tax PV10% Value(3) (In MM) $ 4.Whiting Pre-Tax PV10% Values at December 31.404.6 285.2 345. and Gulf Coast.3 38. However. pre-tax PV10% is not a substitute for the standardized measure of discounted future net cash flows.236.157. which is the most directly comparable US GAAP financial measure.19/Bbl and $4. (2) Oil includes natural gas liquids.1 297. 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. 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.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 31.6 $1. As of December 31. 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.Using SEC NYMEX of $96. pursuant to current SEC and FASB guidelines. 2011.8 Natural Gas (Bcf) 162.0 Total (MMBOE) 159.011.132.272.5 million.1 $2.0 $ 7.19/Bbl and $4.12/Mcf Held Flat Proved Reserves (1) Core Area Rocky Mountains Permian Basin Other(4) Total Oil (MMBbl)(2) 132. (4) Other consists of Mid-Continent. 2011 (1) .1 84.5 43.12/MMBtu. our discounted future income taxes were $2.2 million and our standardized measure of after-tax discounted future net cash flows was $5. Michigan.8 57. 5 .2 128. (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. Our management uses this measure when assessing the potential return on investment related to our oil and gas properties and acquisitions. 2011. The NYMEX prices used were $96.

0 75. Michigan.2 101.2 105.3 7.0 24. and Gulf Coast. 2011 (1) .9 1. using costs as of the date of estimation without future escalation and using 12-month average prices.6 83.4 210.2 Total (MMBOE) 84.023. calculated net of estimated lease operating expenses. (2) Oil includes natural gas liquids.9 3.8 Pre-Tax PV10% Value(3) (In MM) $ $ $ $ 375. without giving effect to non-property related expenses such as general and administrative expenses.9 9.3 187.Using SEC NYMEX of $96.9 2.9 861.035.19/Bbl and $4. or future income taxes and discounted using an annual discount rate of 10%. pursuant to SEC and FASB guidelines. With respect to pre-tax PV10% amounts for probable or possible reserves.12/Mcf Held Flat Probable Reserves (1) Natural % Gas Total (Bcf) (MMBOE) Oil(2) 133. depletion and amortization. (4) Other consists of Mid-Continent.7 195.9 45.0 8.0 164. 2011.8 13.1 Natural Gas (Bcf) 150. and such amounts do not purport to present the fair value of our probable and possible reserves. there do not exist any directly comparable US GAAP measures. (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.19/Bbl and $4.5 53.086.9 53% 81% 69% 67% Core Area Rocky Mountains Permian Basin Other(4) Total Oil (MMBbl)(2) 24.9 28. debt service and depreciation.3 % Oil(2) 70% 99% 39% 84% Pre-Tax PV10% Value(3) (In MM) $ $ $ $ 1.8 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.Whiting Pre-Tax PV10% Values at December 31.3 103.12/MMBtu. The NYMEX prices used were $96.2 70. 6 .9 46.7 36.9 576. production taxes and future development costs.4 Possible Reserves (1) Oil (MMBbl)(2) 59.

debt service and depreciation. (3) Pre-tax PV10% amounts above represent the present value of estimated future revenues to be generated from the production of resource potential reserves. production taxes and future development costs. depletion and amortization. and Gulf Coast. or future income taxes and discounted using an annual discount rate of 10%.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. (2) Oil includes natural gas liquids. With respect to pre-tax PV10% values of resource potential reserves.8 684.19/Bbl and $4. The NYMEX prices used were $96. pursuant to SEC and FASB guidelines.9 74. 2011 (1) .1 91.12/Mcf Held Flat Core Area Rocky Mountains Permian Basin Other (4) Total Oil (MMBbl)(2) 297. 2011.6 381.6 478.945 707 82 4.19/Bbl and $4.9 7.Whiting Pre-Tax PV10% Values at December 31. (4) Other consists of Mid-Continent. Michigan.7 Resource Potential (1) Natural % Gas Total (Bcf) (MMBOE) Oil(2) 506.7 86. 7 . using costs as of the date of estimation without future escalation and using 12-month average prices.Using SEC NYMEX of $96. calculated net of estimated lease operating expenses.12/MMBtu.2 22.7 78% 81% 32% 76% Pre-Tax PV10% Value(3) (In MM) $ $ $ $ 3. without giving effect to non-property related expenses such as general and administrative expenses.4 364.4 59. 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.

264 1.890 (1) Please refer to the beginning of this presentation for disclosures regarding “Forward Looking Statements” and “Reserve and Resource Information”.741 1.215 Total Resource Drilling Locations Northern Rockies Central Rockies Permian Basin Mid-Continent Gulf Coast Michigan Total Gross Net 1. (2) Includes 203 gross (108 net) PUD locations.416 889 417 307 6 1 34 31 29 22 3.839 640 1.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. 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. 9 . Comprised primarily of exploration salaries. seismic. lease delay rentals. they are budgeted on a project basis not a well basis. workovers and conversions. Therefore. other exploration and development and timing adjustments.

or $432 per net acre. Whiting’s total acreage cost in 681M net acres is approximately $294 million.Middle Bakken / Three Forks Objectives Missouri Breaks HIDDEN BENCH .Middle Bakken / Three Forks Objectives Big Island .706 109.166 681.399 83.529 87.894 256.125 6.282 58.All Whiting Lease Areas In Williston Basin Plays at December 31.290 14.Middle Bakken / Three Forks Objectives Lewis & Clark / Pronghorn .Multiple Objectives Other ND & Montana LEWIS 5 & CLARK 67 BIG ISLAND 8 9 Pronghorn 10 A‟ (1) As of 12/31/2011.Middle Bakken / Three Forks Objectives 8.265 385.661 170.104.840 30.685 40.354 177.Three Forks Objective Hidden Bench .062 A 1 STARBUCK 2 MISSOURI BREAKS CASSANDRA SANISH & PARSHALL 3 TARPON 4 Cassandra .885 42.501 121.Middle Bakken / Three Forks Objectives Tarpon . 10 .665 59. 2011 Gross Acres Net Acres Sanish / Parshall .957 1.504(1) .296 29.Middle Bakken / Three Forks Objectives Starbuck 103.

Shooting for the “Sweet Spots” A A‟ Please note dual targets in the Middle Bakken and Pronghorn Sand / Upper Three Forks 11 .Whiting Drilling Objectives in the Western Williston Basin -.

582 Prospect Net Acres 101.De-Risked Map – Williston Basin (1)(2) STARBUCK 103.480 Prospect Net Acres 100% De-Risked TARPON 8.453 De-Risk Gross Acres (60%) 68.885 Prospect Net Acres 640 De-Risk Gross Acres (<1%) 621 De-Risk Net Acres 12 .685 Prospect Net Acres CASSANDRA 30.582 Prospect Net Acres 100% De-Risked MISSOURI BREAKS 58.354 Prospect Net Acres 100% De-Risked Bakken Pinch-Out LEWIS & CLARK 215.265 Prospect Net Acres 100% De-Risked PARSHALL 68.193 De-Risk Net Acres Whiting Williston Basin Unconventional Prospects December 31.282 Prospect Gross Acres 87.992 De-Risk Gross Acres (46%) 64.501 Prospect Net Acres 100% De-Risked SANISH 108.649 De-Risk Net Acres BIG ISLAND 170.661 Prospect Gross Acres 14.584 Prospect Gross Acres 16.706 Prospect Gross Acres 121.504 net acres.466 Prospect Gross Acres 117.815 Prospect Gross Acres 66. PRONGHORN 170. (2) Please refer to the beginning of this presentation for a definition of "De-Risked“.714 Prospect Net Acres 98.840 Prospect Gross Acres 40.894 Prospect Gross Acres 29.199 Prospect Gross Acres 138. 2011 Whiting Prospect Areas Whiting De-Risked Areas To Date Whiting Interest Spacing Units (1) Whiting unconventional acreage totals 681.125 Prospect Gross Acres 6.290 Prospect Net Acres HIDDEN BENCH 59.

4 5.31 $100 8.Typical Bakken Production Profiles Sanish Field (1) (2) Production Profiles in Oil Equivalents Bakken .000 EUR .950 MBOE.950 MBOE EUR .450 MBOE .2:1 104% 1.19 10.46 $90 3.0 7.7:1 498% 0." All volumes shown are un-risked.27 100 EUR .6 19. CAPEX $6MM Nymex oil price/Bbl $80 6.7:1 148% 0. Our pretax PV10% values do not purport to present the fair value of our oil and natural gas reserves.43 $90 7.7:1 70% 1.8:1 1. Whiting holds an average WI of 60% and an average NRI of 50% in its operated Bakken wells in Sanish field.7:1 809% 0. EURs.000 ROI IRR (%) Payout (Yrs.5 27. 13 .) $80 2. IRRs and PV10% values will vary well to well. CAPEX $6MM Nymex oil price/Bbl ROI IRR (%) Payout (Yrs.303% 0.9 9.5 23.) Equivalent Daily Production BOE/D PV(10) $MM 1.450 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.36 $100 3. ROIs.Sanish EUR .

Typical Three Forks Production Profile Sanish Field (1) (2) Production Profile in Oil Equivalents Three Forks .35 6.4 $100 3. 14 .8 $90 2. IRRs and PV10% values will vary well to well.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. CAPEX $6 MM Nymex oil price/Bbl ROI IRR (%) Payout (Yrs. ROIs.07 7. Whiting holds an average WI of 60% and an average NRI of 50% in its operated Three Forks wells in Sanish field.9:1 73% 1.400 MBOE .4:1 105% 1.5:1 50% 1." All volumes shown are un-risked.Sanish 1.1 PV(10) $MM 4. EURs.79 100 EUR . Our pretax PV10% values do not purport to present the fair value of our oil and natural gas reserves.) $80 2.000 Equivalent Daily Production BOE/D EUR .

00 ROI 2.7 0. Capex $7.9 11. Our pretax PV10% values do not purport to present the fair value of our oil and natural gas reserves.57 47% EUR – 350 MBOE (Avg 1st 30 days 430 BOE/d) 10 0 20 40 60 80 100 Months on Production 120 140 160 180 (1) Please refer to the beginning of this presentation for disclosures regarding "Reserve and Resource Information.00 2." All volumes shown are un-risked.0 MM Oil Price ($/Bbl) ROI Payout (yrs) PV10 ($MM) IRR 90.3 PV10 ($MM) 3.0 Payout (yrs) 2.3 1.2 0. 15 .23 IRR 35% 100.9 4.00 4.28 213% Daily Equavlent Oil Rate EUR – 600 MBOE (Avg 1st 30 days 830 BOE/d) 100 EUR 350 MBOE.0 MM Oil Price ($/Bbl) 90.03 155% 100. Capex $7.Typical Non-Sanish Field Bakken or Pronghorn Sand / Three Forks Well Expected Results(1) 1000 EUR 600 MBOE.00 3.8 13.

040 930 (1) Based on actual days on production. 2011 (3) Inception . of Wells 31 31 31 28 24 16 Averages 67% 54% 2.December 31. of Wells 8 8 8 5 3 3 Averages 68% 55% 2. of Wells 44 44 44 41 37 33 Averages 79% 63% 1. 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. 60. 16 .904 941 1. 2011. (2) January 1. 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. 2011 .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.Average IP and 30.December 31.018 760 648 528 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.

Inc. & North Dakota Industrial Commission (As of February 2012) 17 .Six Month Cumulative Production by Operator For Bakken Wells Drilled Since January 2009 & Operators With Greater Than 10 Wells Producing Source: IHS Energy.

18 .000 150.000 50.000 Q1 2013 Additions Total 355.000 Q2 580.000 60.000 Q2 100.000 Q1 90.000 Q1 300.000 60.000 100.000 TransCanada Keystone XL Total Lario (rail) Savage (rail) Quintana (rail) (1) Projected additions based on publicly available information.000 522.000 90.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 Q1 50.000 190.000 100.000 27.000 Q3 90.000 Q4 60.000 Q4 50.000 90.000 60.000 200.000 COLT (rail) 27.000 60.000 60.292.000 1.000 2012 Additions 145.

Reeves and Ward Counties. Evaluating horizontal Wolfcamp and vertical Wolfbone potential.Big Tex Prospect Pecos. Developing Bone Spring prospect. Texas OBJECTIVE Bone Spring Wolfcamp ACREAGE Whiting has assembled 120. Planned budget for the prospect in 2012 is $57 MM.5 MM Horizontal: $5 MM DRILLING PROGRAM 2 rigs currently active in the area.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 . Plan to drill 13 wells in 2012. 19 .$4.719 gross (89.

Redtail Niobrara Prospect Weld County.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. . the Horsetail 18-0733H.597 gross (73. Colorado OBJECTIVE Niobrara Shale ACREAGE Whiting has assembled 105. . Wild Horse 16-13H Plan to drill 8 wells in 2012.611 net) acres in our Redtail prospect in the northeastern portion of the DJ Basin Redtail 73. General trend of Colorado Mineral Belt 20 .5 MM DRILLING PROGRAM Recently completed its first well drilled on a 960-acre spacing unit.

at December 31.7 24% Based on independent engineering by Cawley. Inc.Postle and North Ward Estes Fields Postle N.8 70. 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. Ward Estes Total Whiting % Postle N. 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 .EOR Projects . Gillespie & Associates. 2011.9 16.

Includes ancillary fields.795 BOE/d 5 Proved 0 Jun „05 Q4. North Ward Estes field proved reserve production is expected to decline at 5% . After 2020.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. (1) (2) Based on independent engineering by Cawley.North Ward Estes ." All volumes shown are unrisked. „11 2012 2020 Magnitude and timing of results could vary. 2011. 22 . Inc. Please refer to the beginning of this presentation for disclosures regarding "Reserve and Resource Information. Gillespie & Associates. Production forecasts based on assumptions in December 31.7% year over year. 2011 reserve report. at December 31.

000 Net Acres (1) Based on independent engineering at Dec.Development Plans – North Ward Estes Field Ward and Winkler Counties. Texas Project Timing and Net Reserves CO2 Project Base: Primary. 2011.” All volumes shown are unrisked.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 . .15 2015 2016 2016 Totals (MMBOE) Phase 8 58. WF & CO2 Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Phase 6 Phase 7 2007 . Please refer to the beginning of the presentation for disclosures regarding “Reserve and Resource Information.2008 2009 .2015 2011 2012 . 31.

Probable and Possible reserves. Workovers & Gas Plant Costs $ 515 1.954 2015 Phase 7 2016 (1) Phase 8 2016 (2) Based on independent engineering at Dec.2008 Phase 2 Phase 3 Total 2012 . Consists of CapEx for Proved.2010 2010 . 2011." 58. Texas CO2 Project Phase 1 Injection Start Date 2007 . 31.2015 2011 CO2 Purchases CapEx (2) Drilling. Completion.000 Net Acres 24 .2015 Total $1.2040 Remaining Capital Expenditures (1) (In Millions) 2009 . Please refer to the beginning of this presentation for disclosures regarding "Reserve and Resource Information.439 Phase 4 Phase 5 Phase 6 2012 .Development Plans – North Ward Estes Field Ward and Winkler Counties.

77/Mcf $80.10/65% $41.82/61% $28.00 $69.00 $20.09/Bbl $4.71/57% 5% 5% 7% 2% 5% 7% $73.06 $61.48 $50.00 $30.01 $45.00 $60.00 $50. 25 .52 $44.73/64% 3% 6% 7% 4% 5% 6% 3% 5% 7% 3% 5% 7% $31.29/58% $25.88/BOE Whiting Realized Prices(1) $/BOE $70.00 $10.58/68% $30.00 $40.70 $53.57 $45.00 $0.65/68% 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.00 $50.Consistently Strong Margins Consistently Delivering Strong EBITDA Margins (1) $84.

3 47.6 33.5 40.2 64.9 2005 2006 2007 2008 2009 2010 2011 2012E (1) Represents the mid-point of 2012 full year production guidance range 26 .Steady Production Growth 12% CAGR Production 2005 – 2012E(1) Production Average Daily Production (MBOE/d) 79.1 41.9 55.5 67.

000 Stockholders‟ Equity Total Capitalization Total Debt / Total Capitalization 3.331.000 $ 800.857 31.531. 31.400.000 600. 31.857 $4.315 24. 2011 Dec.020.4% 2.811 $ 18.952 $ 780.000 600.000 $1.380.315 $3. 2010 Cash and Cash Equivalents Long-Term Debt: Credit Agreement Senior Subordinated Notes Total Long-Term Debt $ 15.Total Capitalization ($ in thousands) Dec.000 $ 200.0% 27 .

Sub. $350.Outstanding Bonds and Credit Agreement Ratings Amount Outstanding Moody‟s / S&P $250.36%.95:1 (must be greater than 1:1) 28 .5 billion under which $780 million was drawn as of 12/31/11. It was 14.75 Ba3 / BB+ Ba3 / BB+ 6. Redetermination date is 5/1/12. Bank Credit Agreement Covenants: Total debt to EBITDAX at 12/31/11was 1.78:1 at 12/31/11.50% / Sr.0 mil. – NC Maturity 02/01/2014 10/01/2018 2/1/12 Price 106.00% / Sr.05:1 (must be less than 4. Bank Credit Agreement size is $1.75 106. Coupon / Description 7. ● ● ● Restricted Payments Basket: Approximately $2. – NC4 ● Bond Finance Covenant: Ratio of pre-tax earnings to fixed charges (interest expense) must be greater than 2:1.25:1) Working capital at 12/31/11 was 1.1 billion.0 mil. Weighted average Interest rate is currently 2. Sub.

Acquired 681. long-lived reserve base Reserves 86% oil.23 per BOE average acquisition cost. 13. 230.264 3P and 3. 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. $432 per acre average Total Debt to Cap of 31.20% YoY production growth in 2012 16 acquisitions in 2004 – 2011.4% as of December 31.9 year R/P (1) Multi-year inventory to drive organic production growth 2.741 Resource future drilling locations. Project 14 .504 acres in the Williston Basin 2005 – 2012. 29 .9 MMBOE at $8.In Summary Oil weighted.

63 $66.21 $90.20% 51.381 32.850 983.00 $6.20% 51.45 $13.00 - $15.10% 51.21 $90.60% 1. 2012.21 $85.06 15.10% 15.90% (1) As of January 31.10% 15.55 $108.00 $7.000 $47.000 190.56 $108.60 $14.477 $66.40 1.10% 15.63 $66.60% 1.640 $7.000 290.56 $108.21 $90.67 $47. 30 .63 $66.55 $13.10% 9.10% 2012 Q1 Q2 Q3 Q4 33.22 - $90.67 $47.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 984.55 51.50% 1.50% 290.67 $47.000 290.67 $47.650 983.000 290.477 31.054 983.502 30.00 $6.63 - $108.

000 368.49 $5.7% 330.000 333.7% 22.47 $5.Fixed-Price Marketing Contracts Existing Natural Gas Marketing Contracts(1) Weighted Average Hedge Period 2012 Q1 Q2 Q3 576.8% 16.41 $5.4% 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) 398.333 337.667 $5.000 $5.1% 360.630 $5. 2012.667 337.2% As of January 31.296 465.2% 16.47 $5.7% 17.3% 17.30 $5.46 19.47 17.47 $5.49 $5.000 368.1% 22.5% 17.41 27.963 461.333 $5.0% 16.49 15. 31 .000 364.49 $5.

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. All per share amounts have been retroactively restated for the 2010 periods to reflect the Company’s two-for-one stock split in February 2011.492 3. Adjusted Net Income Available for Common Shareholders should not be considered in isolation or as a substitute for net income. comparison.994 Twelve Months Ended December 31.708) (863) 16.273 $ 124. In addition.71 (2) Adjusted Net Income Available to Common Shareholders is a non-GAAP financial measure.925 (2. 32 . Basic (2) Adjusted Net Income Available to Common Shareholders per Share. 2011 2010 $ 62.869 56. net cash provided by operating activities or other income.137 $ 98.99 2.751) $ 456.05 $ $ 0.620 $ 65. Diluted (2) (1) $ $ 1. 2011 2010 $ 490.85 0.435 (39.683 (8. Management believes it provides useful information to investors for analysis of Whiting’s fundamental business on a recurring basis. income from operations.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.06 1.278) 24. and many investors use the published research of industry research analysts in making investment decisions.89 3.012) 8. and investment recommendations of companies in the oil and gas exploration and production industry.85 $ $ 2.523 (2.235 47.877 (25. cash flow or liquidity measures under US GAAP and may not be comparable to other similarly titled measures of other companies.329) $ 304.119 26.781) (10. management believes that Adjusted Net Income Available to Common Shareholders is widely used by professional research analysts and others in valuation.529 (9.84 $ $ 3.610 $ 272.521) 334 9.227) (1.

846 (3.160 $328. losses on early extinguishment of debt. 33 .242. 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. income from operations.192. and preferred stock dividends paid. non-cash compensation plan charges.705 2010 $997. deferred income taxes.861 (4. 2011 $1.329 9. non-cash gains on mark-to-market derivatives.Discretionary Cash Flow (1) Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow (In Thousands) Three Months Ended December 31.762 (1.077) $1. exploration and development. non-cash losses on mark-to-market derivatives and other noncurrent items. Discretionary cash flow should not be considered in isolation or as a substitute for net income.330 2010 $277. depreciation.022 6.289 32. The non-GAAP measure of discretionary cash flow is presented because management believes it provides useful information to investors for analysis of the Company’s ability to internally fund acquisitions.083 45.985 (1.441) $949.809 (1) Discretionary cash flow is computed as net income plus exploration and impairment costs. amortization of deferred gain on sale.555) (269) $277. noncash interest costs.496) (269) $328. depletion and amortization.819) (60.023) (5.924) 10. net cash provided by operating activities or other income.455 (210) (8. less the gain on sale of properties. not including preferred stock conversion inducements. cash flow or liquidity measures under US GAAP and may not be comparable to other similarly titled measures of other companies.545) (16.

. General and admin...70 8..70 .80 2.$ 2...40 $ $ 3.....50) .....90 $ $ 13.....50 .2% 0. Gas price premium to NYMEX per Mcf (1) Guidance First Quarter Full-Year 2012 2012 6......50) .. expense per BOE .0% 0.$ 20.......80 7.........$ 7... taxes (% of production revenue) .......... Oil price differentials to NYMEX per Bbl ....... Lease operating expense per BOE . Interest expense per BOE ....00) $ 20.. Prod...........Guidance for Q1 and Full-Year 2012(1) Production (MMBOE) ..........30 29....90 2.. Please refer to fixed-price gas contracts later in this presentation...75 8...........$ 13....50 ($13................60 .........$ 2..90 $ 20..$ 3.......($14. Depr......60 .$ 20.($11. (1) 34 .....................90 ($10.....8% $ 0.50 . Includes the effect of Whiting’s fixed-price gas contracts...55 ......00) ....9% 0...60 ....... per BOE ..00 .....$ 7..20 28...00 ...$ 13.....80 .....$ 3..... depletion and amort......10 $ $ 3................70 $ 12..