Whiting Announces 35 Mln Stock Offering

(RTTNews) - Whiting Petroleum Corp (WLL) on Monday said it has commenced a registered public offering of 35 million shares of its common stock. Whiting expects to grant the underwriter a 30-day option to purchase up to an additional 5.25 million shares.

Whiting also said it has commenced private unregistered offerings to eligible purchasers of $1.0 billion aggregate principal amount of convertible senior notes due 2020 and $750 million aggregate principal amount of senior notes due 2023.

Whiting expects to use the net proceeds from the offerings to repay all or a portion of the amount outstanding under its credit agreement and any remainder for general corporate purposes.

J.P. Morgan Securities LLC is acting as sole book-running manager for the stock offering.