Whiting Petroleum Corporation (NYSE:WLL) Files An 8-K Unregistered Sales of Equity Securities
Item3.02
| Unregistered Sales of Equity Securities. |
On December9, 2016, Whiting Petroleum Corporation (the Company)
gave notice to mandatorily convert $716.8 million of outstanding
mandatory convertible notes into shares of the Companys common
stock, par value $0.001 per share (the Common Stock) on
December19, 2016 (the Conversions). Prior to such notice, holders
of $4.2 million of outstanding mandatory convertible notes had
voluntarily converted such notes into shares of Common Stock. As
a result, the Company will have issued approximately 77.6million
shares of Common Stock to retire all of the $721.0 million of
mandatory convertible senior notes and mandatory convertible
senior subordinated notes identified in the chart below (the
Convertible Notes).
The following table sets forth the aggregate principal amount of
each series of Convertible Notes that have been or will be
converted into shares of Common Stock.
|
|
PrincipalAmount |
|||
(inthousands) |
||||
|
|
$ | 5,975 | ||
|
|
$ | 4,651 | ||
|
|
$ | 467,789 | ||
|
|
$ | 125,218 | ||
|
|
$ | 117,333 | ||
|
|
$ | 720,966 |
to the terms of the convertible notes, holders of the Convertible
Notes will also receive accrued and unpaid interest to the
conversion date.
The Company issued the shares of Common Stock to the Conversions
in reliance on the exemption from registration provided by
Section3(a)(9) of the Securities Act of 1933, as amended.
-2-
About Whiting Petroleum Corporation (NYSE:WLL)
Whiting Petroleum Corporation is an independent oil and gas company. The Company is engaged in development, production, acquisition and exploration activities primarily in the Rocky Mountains and Permian Basin regions of the United States. The Company operates in the segment of exploration and production of crude oil, natural gas liquid (NGLs) and natural gas. The Company’s estimated proved reserves totaled approximately 820.6 Million Barrels of Oil Equivalent (MMBOE). The Company has interests in approximately 5,889 gross (3,177 net) productive wells on approximately 948,600 gross (593,900 net) developed acres across all its geographical areas. The Company’s Rocky Mountains operations include assets in the states of Colorado, Montana and North Dakota. The Company’s Permian Basin operations include its North Ward Estes field in the Ward and Winkler counties of Texas. Its other operations primarily relate to non-core assets in Colorado, Mississippi, North Dakota, Texas and Wyoming. Whiting Petroleum Corporation (NYSE:WLL) Recent Trading Information
Whiting Petroleum Corporation (NYSE:WLL) closed its last trading session up +0.06 at 12.14 with 16,279,999 shares trading hands.