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Whiting Petroleum Corporation
ENERGY + TECHNOLOGY = GROWTH
WHITING
Leading in Technology to Unlock America’s Oil Riches
Investor Update
November 12, 2014
Forward-Looking Statements, Non-GAAP
Measures, Reserve and Resource Information
This presentation contains statements that Whiting Petroleum Corporation (“Whiting”) believes to be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than historical facts, including statements regarding the expected benefits of Whiting’s proposed acquisition (the “Acquisition”) of Kodiak Oil & Gas Corp. (“Kodiak”) to Whiting and Kodiak and their shareholders, the anticipated completion of the Acquisition or the timing thereof, the expected future reserves, production, financial position, business strategy, revenues, earnings, costs, capital expenditures and debt levels of the combined company, and plans and objectives of management for future operations, are forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. These risks and uncertainties include, but are not limited to: the ability to obtain shareholder and court approvals of the proposed Acquisition; the ability to complete the proposed Acquisition on anticipated terms and timetable; Whiting’s and Kodiak’s ability to integrate successfully after the Acquisition and achieve anticipated benefits from the Acquisition; the possibility that various closing conditions for the Acquisition may not be satisfied or waived; risks relating to any unforseen liabilities of Whiting or Kodiak; declines in oil , NGL or natural gas prices; level of success in exploration, development and production activities; the impacts of federal and state laws; the impacts of hedging on results of operations; uncertainty regarding future operating results and plans, objectives and expectations; and other risks described under the caption “Risk Factors” in Whiting’s and Kodiak’s Annual Reports on Form 10-K for the period ended December 31, 2013 and Quarterly Reports on Form 10-Q for the period ended September 30. Whiting assumes no obligation, and disclaim any duty, to update the forward-looking statements in this communication. 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, Discretionary Cash Flow and EBITDAX, which are non-GAAP measures that the Company believes are helpful in evaluating the performance of its business. A reconciliation of such non-GAAP measures 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.
NYSE: WLL
Energy + Technology = WHITING Growth
2
Corporate Overview
Jim Volker - Chairman, President & CEO
Whiting CEO, Jim Volker, and Timbro Ranch Managing Partner, Ron Timmerman, Review Whiting’s Redtail Prospect Development Plans on the Timbro Ranch in Weld County, Colorado
NYSE: WLL
Energy + Technology = WHITING Growth
3
Whiting Petroleum – A Company on the Move
Four Significant Third Quarter 2014 Achievements
1) Record Production Reaches 116,675 BOE/d in Q3 2014, up 6% over Q2 2014
- Record Bakken / Three Forks Production of 87,480 BOE/d, Up 33% YoY, 9% Sequentially
2) Slickwater Completions Generate Strong Initial Results.
- Brehm 13-7H Well in Sanish Field IPs at 3,770 BOE/d on August 31, 2014.
- Pronghorn Federal 44-11PH IPs 2,987 BOE/d on July 9, 2014.
- Sundheim 21-27-1H Well in Missouri Breaks Field Posts 64% Greater 200-Day Cumulative Production than the Offset Well Completed Using Older Technology.
3) Tarpon Pad Demonstrates Whiting Controls Sweet Spot of Williston Basin.
- Flatland Federal 11-4HR IPs 7,120 BOE/d from the Middle Bakken on October 10, 2014.
- Flatland Federal 11-4TFH IPs 7,824 BOE/d from Upper Three Forks on October 11, 2014.
- Flatland Federal 11-4TFHU IPs 5,930 BOE/d from Lower Three Forks on October 12, 2014.
4) Redtail Niobrara Development Area Production of 8,610 net BOE/d in Q3 2014, up 19% over Q2 2014
- New Niobrara “C” Discovery. Razor 25B-2549 Achieved a Recent 10-Day Average Rate of 712 BOE/d.
- New Codell/Fort Hays Discovery. Razor 25B-2551 Achieved a Recent 10-Day Average Rate of 570 BOE/d.
- Current Production from Redtail Field has Exceeded 10,000 Net BOE/d.
NYSE: WLL
Energy + Technology = WHITING Growth
4
A Focused Company
Williston Basin
Bakken / Three Forks 87,480 BOE/d (Q3 2014)
Redtail
Niobrara A and B 8,610 BOE/d (Q3 2014)
HEADQUARTERS
Denver, Colorado
North Ward Estes
Over 9,500 BOE/d (2014) 110 MMBOE Proved Reserves(1) 104 MMBOE P2 + P3 Reserves(1)
Major Asset Areas
(1) At December 31, 2013 based on independent engineering.
Q3 2014 Net Production
116.7 MBOE/d
10%
3%
87%
Rocky Mountains Permian Other
Bakken / Three Forks Production
100.0 87.5
80.0 63.5
60.0 48.9
40.0 30.3
20.0 26.3
- 16.8
30% CAGR (2009-2013)
2009 2010 2011 2012 2013 Q3
MBOE/d 2014
NYSE: WLL
Energy + Technology = WHITING Growth
5
Williston Basin Highlights
October 30, 2014
Record Williston Basin Well
Flatland Federal 11-4TFH
IP: 7,824 BOE/d (10/11/14)
Flatland Federal 11-4HR
IP: 7,120 BOE/d (10/10/14)
Flatland Federal 11-4TFHU
IP: 5,930 BOE/d (10/12/14)
Iverson 34-32-4H
IP: 1,228 BOE/d (7/25/14)
Strongest western
producer to date.
Increased perforation
clusters per stage.
Slickwater Test
Brehm 13-7H
IP: 3,770 BOE/d (8/31/14)
30-Day Avg: 1,716 BOE/d
Additional Frac Points Test
Sovig 4 Well Pad average IP
rate of 3,278 BOE/d per well.
Increased perforation clusters
per stage.
Slickwater Test
Sundheim 21-27-1H
had 64% greater
200-day cumulative
production than
offsetting well.
Slickwater Test
Pronghorn Federal 44-11PH
IP: 2,987 BOE/d
30-Day Avg: 1,501 BOE/d
60-Day Avg: 1,269 BOE/d
Sheridan
Divide
Brockton-Froid
Lineament Zone
STARBUCK
Roosevelt
MISSOURI BREAKS
Richland
CASSANDRA
TARPON
HIDDEN BENCH
McKenzie
LEWIS & CLARK
BIG ISLAND
SANISH & PARSHALL
Golden Valley
Billings
Wibaux
Prairie
Custer
Fallon
Slope
Pronghorn
Tark
Hettinger
Grant
Mercer
Ward
Renville
Field Target Gross Acres Net Acres
Sanish / Parshall Middle Bakken 174,398 82,517
Three Forks
Pronghorn Pronghorn Sand 178,316 115,087
Lewis & Clark Three Forks 170,274 118,784
Hidden Bench Middle Bakken 61,337 38,029
Three Forks
Tarpon Middle Bakken 8,845 6,298
Three Forks
Starbuck Middle Bakken 47,849 40,549
Three Forks
Red River
Missouri Breaks Middle Bakken 95,768 68,839
Three Forks
Cassandra Middle Bakken 29,827 13,953
Three Forks
Big Island Red River 154,620 125,403
Other ND & Montana 119,933 53,778
Total 1,041,167 663,237
NYSE: WLL
Energy + Technology = WHITING Growth
6
Maximizing Recovery Efficiency
Improving Frac Distribution
300
250
Older Style
Sliding Sleeve Completion
Annulus Stages Frac Ports per Stage Potential Entry Points
Free fluid between packers 30 1 30
New Style
Cemented Liner Completion
Annulus Stages Perforation Clusters per Stage Potential Entry Points
Cemented 40 3 120
NYSE: WLL
Energy + Technology = WHITING Growth
7
Exploiting the Bakken and Three Forks in the Williston
Primary and Prospective Drilling Locations
MISSOURI BREAKS CASSANDRA SANISH
8 WELLS 12 WELLS 15 WELLS
Lower Virden 0’
U. Bakken Shale 50’
Middle Bakken 100’
L. Bakken Shale 150’
Upr 3Fks – 1st Bench
Upr 3Fks – 2nd Bench
HIDDEN BENCH PRONGHORN TARPON
16 WELLS 6 WELLS 12 WELLS
Lower Virden 0’
U. Bakken Shale 50’
Middle Bakken 100’
L. Bakken Shale 150’
L. Bakken Silt
Pronghorn Sand
Upr 3Fks – 1st Bench
Upr 3Fks – 2nd Bench
CURRENT DRILLING PATTERN
POTENTIAL HIGH DENSITY INFILLS
NEW OBJECTIVES
LEASE LINE & CROSS-UNIT
NYSE: WLL
Energy + Technology = WHITING Growth
8
Maximizing Recovery Efficiency
Improving Hidden Bench Production Rates - 21% Increase Over 90-Days
3,000
2,539
2,500
2,132
2,000
1,500
1,122
1,000 887 805 +21%
658 648
535
500
-
2013 2014
24-Hour IP 30-Day Avg. 60-Day Avg. 90-Day Avg.
NYSE: WLL
Energy + Technology = WHITING Growth
9
Williston Basin Production Profile
Per Well Results: 43% - 133% IRR at $70/Bbl - $100/Bbl NYMEX(1)(2)
Daily Equivalent Production
(BOEPD)
EUR - 600 MBOE, CAPEX $8.0 MM
Nymex oil price/Bbl $70 $80 $90 $100
ROI 2.3 2.7 3.2 3.6
IRR (%) 43% 66% 97% 133%
Payout (Yrs.) 1.9 1.5 1.1 0.9
PV(10) $MM 4.72 6.95 9.40 11.61
1,000
100
10
0
12
24
36
48
60
72
84
96
108
120
132
144
156
168
180
Months On Production
(1) Please refer to the beginning of this presentation for disclosures regarding “Reserve and Resource Information.” All volumes shown are un-risked. Our pre-tax PV10% values do not purport to present the fair value of our oil and natural gas reserves.
(2) EURs, ROIs, IRRs and PV10% values will vary well to well. $70 Nymex oil price reflects $9.00 per barrel of oil equivalent differential. $80, $90 and $100 Nymex oil price reflects $10.00 per barrel of oil equivalent differential.
NYSE: WLL
Energy + Technology = WHITING Growth
10
Redtail Development Program
Economic Sweet Spot
(Weld County, Colorado)
Niobrara Initial 30-Day Average Rate
(Gas converted to oil price equivalent ratio 17:1)
Pre 2013 2013 - 14 BOEPD
1 – 350
350 – 450
450 – 550
550 – 650
650 – 750
> 750
Laramie
Weld
Larimer
Wattenberg Field Area
Boulder
Broomfield
Kimball
Cheyenne
Logan
Redtail Field Area
Colorado Mineral Belt Trend
WY
SD
NE
CO
KS
Source: IHS and internal Whiting production database
OBJECTIVE
Niobrara “A” Chalk
Niobrara “B” Chalk
Niobrara “C” Chalk
Fort Hays/Codell
DEVELOPMENT PLAN
Mix of 960 and 640-acre spacing units
8 Wells per spacing unit Niobrara “A”
8 Wells per spacing unit Niobrara “B”
3,300+ potential drilling locations based
on only Niobrara “A” and “B”
ACREAGE
Whiting has assembled 181,026 gross (129,669 net) acres in our Redtail prospect in the northeastern portion of the DJ Basin.
• Average WI of 72%
• Average NRI of 59%
COMPLETED WELL COST
Horizontal: $5.5 MM
DRILLING HIGHLIGHTS
Recently completed two test wells in the Niobrara “C” and Fort Hays/Codell formations.
- The Razor 25B-2549 well achieved a recent 10-day average rate of 712 BOE/d from the Niobrara “C”
- The Razor 25B-2551 well achieved a recent 10-day average rate of 570 BOE/d from the Fort Hays/Codell
NYSE: WLL
Energy + Technology = WHITING Growth
11
Redtail Niobrara Production Profile
Per Well Results: 42% - 123% IRR at $70/Bbl - $100/Bbl NYMEX(1)(2)
Daily Equivalent Production (BOEPD)
EUR - 420 MBOE, CAPEX $5.5 MM
Nymex oil price/Bbl $70 $80 $90 $100
ROI 2.5 3.1 3.6 4.1
IRR (%) 42% 63% 90% 123%
Payout (Yrs.) 2.0 1.5 1.1 0.9
PV(10) $MM 3.57 5.17 6.77 8.38
1000
100
10
0
12
24
36
48
60
72
84
96
108
120
132
144
156
168
180
Months
(1) Please refer to the beginning of this presentation for disclosures regarding “Reserve and Resource Information.” All volumes shown are un-risked. Our pre-tax PV10% values do not purport to
present the fair value of our oil and natural gas reserves.
(2) EURs, ROIs, IRRs and PV10% values will vary well to well. Differential reflects $4.75 per barrel of oil equivalent per fixed differential.
NYSE: WLL
Energy + Technology = WHITING Growth
12
Oil Focused Strategy Delivers Consistently Strong Margins
Consistently Delivering Strong EBITDA Margins (1)
Oil $86.78/Bbl
NGL $36.01/Bbl
Gas $4.08/Mcf
Whiting Realized Prices(1)
$/BOE
$90.00 $80.00 $82.16
$73.88 $76.76 $74.88/BOE
$80.00 $69.85
$70.00 $61.48
$60.00
$45.01 $50.89/66% $58.51/71% $52.31/70%
$50.00 $50.65/68% $46.16/66% $54.31/68%
$41.58/68%
$40.00
$30.00 $25.71/57% 4% 3% 2% 1%
2% 3%
5% 2% 5% 5% 5% 5% 4% 5%
$20.00 5% 5% 8% 8% 9% 8%
7% 7% 8% 9%
$10.00 26% 18% 17% 18% 16% 16% 15% 15%
$0.00
2009 2010 2011 2012 2013 Q1 2014 Q2 2014 Q3 2014
Lease Operating Expense Production Taxes G&A Exploration Expense EBITDA
(1) Includes hedging adjustments.
NYSE: WLL
Energy + Technology = WHITING Growth
13
NYSE: WLL
Redtail Geology and Development Plan Overview
Surveyed Wellhead locations for the Horsetail 30F Super Pad
Energy + Technology = WHITING Growth
14
NYSE: WLL
Redtail Development Program
Geologic Sweet Spot
WYOMING
COLORADO
NE Trending, Right Lateral Wrench Faults
Oil
Redtail Prospect
Nat. Gas
Extension of Colorado Mineral Belt
Energy + Technology = WHITING Growth
15
NYSE: WLL
Redtail Development Program
Economic Sweet Spot
(Weld County, Colorado)
Niobrara Initial 30-Day Average Rate
(Gas converted to oil price equivalent ratio 17:1)
Pre 2013 2013 - 14 BOEPD
1 – 350
350 – 450
450 – 550
550 – 650
650 – 750
> 750
Wattenberg Field Area
Colorado Mineral Belt Trend
Redtail Field Area
Source: IHS and internal Whiting production database
OBJECTIVE
Niobrara “A” Chalk
Niobrara “B” Chalk
Niobrara “C” Chalk
Fort Hays/Codell
DEVELOPMENT PLAN
Mix of 960 and 640-acre spacing units
8 Wells per spacing unit Niobrara “A”
8 Wells per spacing unit Niobrara “B” 3,300+ potential drilling locations based on only Niobrara “A” and “B”
ACREAGE
Whiting has assembled 181,026 gross (129,669 net) acres in our Redtail prospect in the northeastern portion of the DJ Basin.
• Average WI of 72%
• Average NRI of 59%
COMPLETED WELL COST
Horizontal: $5.5 MM
DRILLING HIGHLIGHTS
Recently completed two test wells in the Niobrara “C” and Fort Hays/Codell formations.
- The Razor 25B-2549 well achieved a recent 10-day average rate of 712 BOE/d from the Niobrara “C”
- The Razor 25B-2551 well achieved a recent 10-day average rate of 570 BOE/d from the Fort Hays/Codell
Energy + Technology = WHITING Growth
16
NYSE: WLL
Unconventional Reservoir Characterization
Determining mobile fraction of Oil in Place (MOIP)
Molecular Diameters of Common Hydrocarbons
6 5 4 3 2 1
% of Total
1 Nanometer
1 Micrometer
Hydrocarbon Species
10-9 10-8 10-7 10-6 10-5
Diameter (M)
Conventional Oil Reservoirs
6 5 4 3 2 1
% of Total
Hydrocarbon Species
Pore Throats
10-9 10-8 10-7 10-6 10-5
Diameter (M)
Unconventional Oil Reservoirs (Effective)
6 5 4 3 2 1
% of Total
Hydrocarbon Species
Pore Throats
10-9 10-8 10-7 10-6 10-5
Diameter (M)
Unconventional Oil
Reservoirs (non-effective)
6 5 4 3 2 1
% of Total
Pore Throats
Hydrocarbon Species
10-9 10-8 10-7 10-6 10-5
Diameter (M)
(1000 nanometers = 1 micron)
Energy + Technology = WHITING Growth
17
NYSE: WLL
Unconventional Reservoir Characterization
Denver Rock Lab
Core Layout Facility
Logging / Calibration
Sample Selection
Collaboration & Training
Reservoir Characterization
In-house Facility
Operated + Non-op Core
Collaboration & Training
Over 250 Cores Reviewed
Environmental SEM / Qemscan
Micron-scale Resolution
Rapid Analysis
Alter Atmospheric Conditions
Mineral Model
Quantitative Mineral Composition & Abundance
Petrophysical Calibration
Accurate Log Analysis
Dual-beam SEM
Nanometer Resolution
Dual-beam (Milling & Scanning)
3D Composite Imaging
Reservoir Simulation
Organics Volume & Distribution
Porosity Volume & Distribution
Pore throat geometry and size
Permeability model
Energy + Technology = WHITING Growth
18
NYSE: WLL
Redtail Development Program
Opportunity and Challenge of the Niobrara Reservoir
High-resolution pore structure image from Scanning Electron Microscope
5 microns
(nanometer = 1 thousandth of a micron)
(oil molecules = 20 – 200 nanometers)
5 microns
7% Porosity
9985’
Middle Bakken B Facies
Braaflat 11-11
Sanish Field
Mountrail County, ND
13% Porosity
5580.2’
Niobrara B Chalk
Terrace 36-32M
Redtail Area
Weld County, CO
Energy + Technology = WHITING Growth
19
NYSE: WLL
Redtail Development Program
Niobrara Reservoir
Niobrara Reservoir
Whiting RAZOR 25-2514H
GR Zone PHI Minerals BVFluid RES
0 200 30 -10 0 100 0.2 2000
5550
5575
5600
5625
5650
5675
5700
5725
5750
5775
5800
5825
5850
5875
A
B
C
FRHS
(1) Please refer to the beginning of this presentation for disclosures regarding “Reserve and Resource Information.” Estimates updated as of December 31, 2013
Niobrara Resource Potential (1)
OOIP by Zone
Reservoir Porosity (%) Thickness (ft) OOIP (MMBOE/ 960ac)* % WOGC Wells # Gross Wells
NIO A 13% 35 19 81 1,344
NIO B 13% 65 40 81 1,343
NIO C 11% 25 11 80 1,316
70
Recoverable Oil 16 Well / DSU Density
(Total OOIP A Zone + B Zone = 59 MMBOE/DSU)**
16 wells 16 wells 16 wells
10% Recovery 15% Recovery 20% Recovery
370 MBOE 560 MBOE 740 MBOE
Recoverable Oil 32 Well / DSU Density
(Total OOIP A Zone + B Zone + C Zone = 70 MMBOE/DSU)**
32 wells 32 wells 32 wells
15% Recovery 20% Recovery 25% Recovery
330 MBOE 440 MBOE 550 MBOE
* GOR=500 cf/bo
** Stimulated Rock Volume
Energy + Technology = WHITING Growth
20
NYSE: WLL
Redtail Development Plan
Defining Optimal Well Density
7920 ft.
Razor Pilot
16 Wells / 960ac DSU
27L Pad
Drilling Density
- 16 Wells/DSU
- 330 ft.
Target: B-B-B-B
Status: Producing
NIOBRARA
A
B
C
1320 ft.
27K Pad
Drilling Density
- 16 Wells/DSU
- 330 ft.
Target: A-B-A-B
Status: Producing
Horsetail Pilot
32 Wells / 960ac DSU
7920 ft.
30F Pad
Drilling Density
- 32 Wells/DSU
- 165 ft.
Target: C-B-A-B-
A-B-C-B
Status: Drilling
NIOBRARA
A
B
C
1320 ft.
Producing Wells
Planned Wells
Future Infill Wells
Energy + Technology = WHITING Growth
21
NYSE: WLL
Redtail Development Plan
Drilling Inventory
2014 – 2018 Development Plan
Includes Approximately 1,024
Gross Operated Wells With an
84% Average Working Interest
(Total Locations: 3,310 Gross -
1,654 Net Wells)
Based on 8 A & 8 B zone
wells/DSU as of December 31,
2013
Legend
Redtail 16 Well Planning Well
Status
Existing Wells
Future Locations
Permitted
Township (WOGC %)
Operated
Non-Operated
Energy + Technology
= WHITING Growth
22
NYSE: WLL
Redtail Development Plan
Rig Schedule
July Jan July Jan July Jan July
2013 2014 2014 2015 2015 2016 2016
Six Rigs
4/1/2015
Five Rigs
11/15/2014
Four Rigs
7/20/2014
Three Rigs
2/14/2014
Two Rigs
11/7/2013
One Rig
7/17/2013
Energy + Technology = WHITING Growth
23
NYSE: WLL
Drilling Process Overview
Doug Walton – Vice President National Drilling
Redtail Drilling Rig on the Razor 26L pad
Energy + Technology = WHITING Growth
24
NYSE: WLL
Typical Well Construction
SURFACE:
•HOLE SIZE: 13.500”
•DEPTH: 1,600’
•MUD: SPUD MUD 8.3-8.8PPG
•BIT/BHA: PDC/MM/MWD
•CASING: 9.625” 36PPF J-55 LTC
•CEMENT: 1,600’ TO SURFACE
•DURATION: 1.25 DAYS
•ISSUES: NA
CONDUCTOR:
•HOLE SIZE: 20”
•DEPTH: 95’
•PRESET PRIOR TO THE DRILLING RIG ARRIVING ON LOCATION
VERTICAL:
•HOLE SIZE: 8.750”
•DEPTH: 5,100’
•MUD:
•ABOVE NIOBRARA:
FW/POLYMER 8.4-9.0PPG
•NIOBRARA AND BELOW: LSND
9.5-9.7PPG
•BIT/BHA: PDC/MM/MWD
•CASING: NA
•CEMENT: NA
•DURATION: 0.75-DAYS
•ISSUES: SHARON SPRINGS
LATERAL:
•HOLE SIZE: 6.000”
•DEPTH:
•640 -10,500’ (4,000’ LL)
•960 – 12,500’ (6,000’ LL)
•TARGET: +/-40’ THICK
•MUD: KCL/POLYMER 8.4-9.4PPG
•BIT/BHA: PDC/MM/MWD/GAMMA
•LINER: 4.500” 11.6PPF L-80 LTC OIL
SWELL PKRS AND SLVS/CEMENTED
•640 – 24-STAGES (150’/STAGE)
•960 – 40-STAGES (150’/STAGE)
•CEMENTED – TD TO TOL
•DURATION: 5-DAYS
•ISSUES: GEO-STEERING – DIFFICULTIES
SLIDING
CURVE:
•HOLE SIZE: 8.750”
•KOP: 5,100’
•DEPTH: 6,300’
•BUILD RATES: 11-DEG/100’ (LP –
90-DEG)
•MUD: LSND 9.5-9.7PPG
•BIT/BHA:
PDC/MM/MWD/GAMMA
•CASING: 7.000” 29PPF L-80 LTC
•CEMENT: 6,300’ TO SURFACE
•DURATION: 2-DAY
•ISSUES: TARGET CHANGES NOT
DETECTABLE UNTIL IN THE
NIOBRARA
Energy + Technology = WHITING Growth
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NYSE: WLL
Frontier 26 Rig Inventory
DRAWWORKS: 1,000 HP National 80UE Dual Fuel
MAST: 142’ High 750,000 LB Static Hook Load
SUBSTRUCTURE: 21’ High Box on Box
GENERATORS: (3) Caterpillar 3512C Diesel Engines
SCR: 4-Bay
TOP DRIVE: CanRig 500 Ton
IRON ROUGHNECK: ST80
ROTARY TABLE: 27.5” National
BOP: 11” 5,000 PSI
MUD PUMPS: (2) 1600 HP Triplex p/b (2) HP Traction Motors
MUD SYSTEM: 1,100 BBL with 5x6 Centrifugal Mixing Pumps and 10 HP
Agitators, Desander, Desilter
SHALE SHAKERS: (3) Swaco Linear Motion
CHOKE MANIFOLD: 5,000 LB Skid Mounted Choke Manifold
FUEL TANK: 10,000 Gallon with 4 Compartment Lubster
WATER TANK: 500 BBL
DOG HOUSE: 10’ x 8’ x 30’
CHANGE HOUSE: 10’ x 8’ x 30’
BLOCK HOOK: 350 Ton
SKID PACKAGE: X/Y Walking System
MISCELLANEOUS: Tool Pusher House, Catwalk, Pipe Racks, Handling Tools,
Spare Parts and Complete Winterization with Boiler
Energy + Technology = WHITING Growth
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Drilling Time / Cost Projection
Spud to TD (Days)
NYSE: WLL
Spud to TD (Days)
25 20 15 10 5 0
Spud to TD (Days)
10 Well Moving Average
10 Well Avg Drlg Cost before Comp
$1.35 MM
6.7 Days
Razor 27I-3415A Razor 21C-2805A Razor 21C-2807A Razor 26K-2306B Razor 26K-2308B Razor 26K-3508B Razor Federal 26J-… Razor 11E-0202B Razor 26K-2305A Razor Federal 26J-… Razor 11E-0204B Razor Federal 26J-… Razor Federal 26L-… Razor 26L-3502B
Razor 26I-2314B Razor Federal 26J-… Razor Federal 26L-… Razor Federal 26L-… Razor 26L-3501A
Razor 26L-3503A
Razor 26L-3504B
Horsetail 30F-3105 Razor 25B-2551 Horsetail 33M-2804 Horsetail 30F-3108 Horsetail 30F-1948 Razor 27J-2212B Horsetail 30F-1947 Razor 21C-0907 Razor 21C-0906 Razor 27J-2210B Horsetail 30F-1945 Horsetail 30F-1944 Razor Fed 30K-3107 Horsetail 30F-1943 Horsetail 02D-0204 Horsetail 30F-1942 Horsetail 29G-2012B
Razor 21A-0913 Horsetail 30F-1941 Cottonwood 08E-0504
$3.0
$2.5
$2.0
$1.5
$1.0
$0.5
$0.0
Drilling Cost before Completion (Millions)
Energy + Technology = WHITING Growth
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Well Completion and Operations Overview
Mike Stahl - Operations Manager
NYSE: WLL
Redtail Tank Battery
Energy + Technology = WHITING Growth
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Optimizing Completions
NYSE: WLL
Reducing completion cost through increased efficiency, high volume of work, and aggressive bidding.
Improving well performance
– Right-sizing jobs
– Implementing new technologies
Reducing cycle time
– Decreasing payout time, higher NPV & DCF-ROR
– Simultaneous operations
Driving completed well cost to $5.5 million.
Energy + Technology = WHITING Growth
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Total Proppant Pumped per Well
NYSE: WLL
9.0
8.0
7.0
6.0
5.0 Million Lbs
4.0
3.0
2.0
1.0
0.0
Optimizing Frac Design Avg. 5.5 mm # sand
Well Count
Energy + Technology = WHITING Growth
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NYSE: WLL
Well Stimulation Cost
Well Stim Costs per Lb of Sand Down Approx. 50% per Econ. of Scale
$/ LB
$1.00
$0.90
$0.80
$0.70
$0.60
$0.50
$0.40
$0.30
$0.20
$0.10
$0.00
Well Count
Energy + Technology = WHITING Growth
31
NYSE: WLL
Frac Stages Per Well: 3 Entry Points per Stage = 120 Entry Points
Stages
50 45 40 35 30 25 20 15 10 5 0
Well Count
Energy + Technology = WHITING Growth
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NYSE: WLL
Redtail Frac Water Forecasting
Assumes 13 Stages per day per pad, 3,200 bbl per Stage
Storage (bbl)
Eliminating 15,000 truck trips per month = $1.8 million per month in cost savings based on six rigs working
Water Balance Available Storage
5,000,000
4,500,000
4,000,000
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15
Energy + Technology = WHITING Growth
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NYSE: WLL
Developing Infrastructure: Saving $1/Bbl Water
Redtail Water
Completion (fresh) water supply and distribution system.
PIT H PIT C PIT E
GAS PLANT PIT I PIT D
PIT A PIT B
Google earth
Distribution System
- 16 miles of line
Delivered Cost of $1.60 per Bbl Water versus approximately $2.60 truck costs
1 mile N
As of September 30, 2014
Energy + Technology = WHITING Growth
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NYSE: WLL
Niobrara Development
Current Plans
Drilling Orientation
Both N-S and E-W lateral orientation produces good results
Current Stimulation Job Size
Utilizing a hybrid design – slick water/crosslinked gel system
Averaging 5.5 million lbs of sand and 150,000 bbl of water per well
Stage Density
Early jobs utilized stage lengths of 200-250 ft/stage
Currently completing 150-180 ft/stage, 40 stages per well (3 entry points per stage)
Fuel
Supplying processed gas from plant to fuel drilling rigs and frac fleets
Conversion started Q3 2014
Energy + Technology = WHITING Growth
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NYSE: WLL
Niobrara Development
Future Plans
Completion Hardware
Evaluating sleeve systems versus plug & perf (cost, performance, speed)
Performed two CT actuated sleeve completions, initial results equal 10% - 15% higher cost and same production level
Frac Fluids
Comparing complex premium fluids versus simpler/lower cost systems
Pumped two slickwater tests; initial results equal lower cost and comparable production
Water
Installing freshwater pits and transfer lines to pipe water directly to location; planned
4.0 million bbl of storage in the system
All freshwater sources are non-tributary sources
Saves approx. $1 per Bbl ($150,000 per well)
Evaluating produced water recycling
Logistics
Reducing spud-to first production cycle times
Evaluating Sim-Ops (multiple operations on one pad)
Target reduction in spud-to first production from nine months to six months for a 16 well pad
Energy + Technology = WHITING Growth
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NYSE: WLL
Midstream Plans
Phil Archer - Midstream Manager
Redtail Gas Plant
Energy + Technology = WHITING Growth
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NYSE: WLL
Midstream Plans
Complete oil field development underway
– 3 Gathering services
Gas, Oil and Produced Water
– 3 Utility supply services
Electricity, Fuel Gas and Fresh Water
– 1 Communication service: Fiber Optic cable
Sales pipelines by others
– Trailblazer gas pipeline lateral in service
– Pony Express oil pipeline lateral contracted: $4.75 per Bbl differential to NYMEX
– Future planned sales pipelines
Second gas pipeline
NGL y-grade pipeline to OPPL
Energy + Technology = WHITING Growth
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NYSE: WLL
Redtail Infrastructure Plan: A Great Place to Find an Oil Field!
September 2014
Redtail Facilities Plan
Planned Gathering System
Gas Gathering Lines 141 Miles
Oil Gathering Lines 111 Miles
SW Gathering Lines 54 Miles
Frac Water Supply Lines 16 Miles
Redtail Gas Plant
Train 1 Capacity (Online) 20 MMcf/d
Train 2 Capacity (Q1 2015) 50 MMcf/d
Train 3 Capacity (2016) 70 MMcf/d
Takeaway Capacity (2016) 140 MMcf/d
Capital Investment
Gas Plant $100 MM
Gas Gathering / Field Compression $95 MM
Oil Gathering / LACTs $80 MM
Electricity $40 MM
Total $315 MM
Trailblazer to KC area hub
REX to East OH hub
Trailblazer/REX Laterals
Pony Express to Cushing,OK
Redtail Gas Plant
Tallgrass NGL to OPPL
UET Pawnee Oil Terminal
Pony Express Lateral
OPPL to Conway,KS hub
WY NE
CO
3rd Party Pipelines
Other
OIL
GAS
NGL
Energy + Technology = WHITING Growth
39
NYSE: WLL
Redtail Central Production Batteries (CPB)
CPB Drivers
Construct simultaneous with drilling/completions
Reduce capital and labor requirements
Reduce equipment relocation requirements
Centralized Equipment on CPB
Oil Tanks/ Water Tanks up to 1 MM gal
Treaters, Measurement combined + test
LACT, Gas Sales combined
Gas Lift 1st year
VRUs/ECDs combined
Capital Investment
Traditional well sites (32 wells) $16 MM
CPBs (32 wells) $8 MM
Total Savings 2014 – 2018
Operated Wells $512 MM
DSU
Utilities Sales
Pad A Pad B CPB Pad C Pad D
Energy + Technology = WHITING Growth
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