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DENVER–(BUSINESS WIRE)–Whiting Petroleum Association (NYSE: WLL) and assertive subsidiaries (collectively, “Whiting” or the “Company”) today appear that they accept entered into a restructuring abutment acceding (the “RSA”) with assertive holders (the “Supporting Noteholders”) of its 1.25% convertible chief addendum due 2020, 5.750% chief addendum due 2021, 6.250% chief addendum due 2023 and 6.625% chief addendum due 2026 (collectively, the “Senior Notes”). In addition, the Aggregation has filed a consensual affiliate 11 plan of about-face (the “Plan”) and a accompanying acknowledgment account (the “Disclosure Statement”) with the United States Defalcation Cloister for the Southern District of Texas (the “Court”). The Plan outlines a proposed aisle to strengthen the Company’s antithesis sheet, abbreviation debt and convalescent clamminess in adjustment to appear from defalcation as a financially stronger aggregation in accordance with the acceding of the RSA.

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The RSA and the Plan accommodate for, amid added things: (1) cogent de-leveraging of the Company’s basic anatomy by over $2.3 billion through the barter of all of the Chief Addendum as able-bodied as assertive added accepted apart claims for 97% of the new disinterestedness of the reorganized Aggregation to be issued pursuant to the Plan; (2) acquittal in abounding of the Company’s revolving acclaim facility, added anchored creditors, tax and added antecedence claimants, employees, alive absorption ally and assertive barter creditors (other than action and bounce amercement claimants); and (3) absolute disinterestedness holders to accept 3% of the new disinterestedness of the reorganized Aggregation and warrants to acquirement added disinterestedness of the reorganized Company. Consummation of the Plan will be accountable to acceptance by the Cloister in accession to added altitude to be set alternating in the Plan, the RSA and accompanying transaction documents.

Bradley J. Holly, the Company’s Chairman, President and CEO, commented, “We are admiring to accept anchored a awful effective RSA with assertive holders of our Chief Notes. Through the proposed acceding of the plan of reorganization, we accept a right-sized antithesis area will accredit us to capitalize on our added amount structure, high-quality asset abject and auspiciously attempt in the accepted environment.”

A audition will be appointed with the Cloister to accede approval of the Acknowledgment Account accompanying to the Plan. Following Cloister approval of the Acknowledgment Statement, the Aggregation will administer the Plan and Acknowledgment Account to voting creditors and added parties in absorption for their consideration.

This columnist absolution is not advised as address for a vote on the Plan.

Moelis & Aggregation is acting as banking adviser for the Company, Kirkland & Ellis and Jackson Walker are acting as acknowledged advisors, Alvarez & Marsal is acting as restructuring adviser and Jeffrey S. Stein of Stein Admiral LLC is the Company’s Chief Restructuring Officer.

PJT Ally is acting as banking adviser for the Ad Hoc Committee of Noteholders and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP are acting as acknowledged advisors.

For inquiries apropos the restructuring, amuse alarm the hotline accustomed by the Company’s acquainted agent, Stretto, at (800) 330-2531 (toll-free domestic). The abounding acceding of the Plan and Acknowledgment Statement, as able-bodied as the accompanying pleadings, are accessible online at cases.stretto.com/whitingpetroleum.

About Whiting Petroleum Association

Whiting Petroleum Corporation, a Delaware corporation, is an absolute oil and gas aggregation that explores for, develops, acquires and produces awkward oil, accustomed gas and accustomed gas liquids primarily in the Rocky Mountain arena of the United States. The Company’s better projects are in the Bakken and Three Forks plays in North Dakota and Niobrara comedy in northeast Colorado. The Aggregation trades about beneath the attribute WLL on the New York Stock Exchange. For added information, amuse appointment http://www.whiting.com.

Forward-Looking Statements

This account absolution contains statements that we accept to be “forward-looking statements” aural the acceptation of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Barter Act of 1934. All statements added than absolute facts, including, after limitation, statements apropos our approaching banking position, business strategy, projected revenues, earnings, costs, basic expenditures and debt levels, and affairs and objectives of administration for approaching operations, are advanced statements. When acclimated in this account release, words such as we “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe” or “should” or the abrogating thereof or variations after or agnate analogue are about advised to analyze advanced statements. Such advanced statements are accountable to risks and uncertainties that could account absolute after-effects to alter materially from those bidding in, or adumbrated by, such statements.

These risks and uncertainties include, but are not bound to: the Company’s adeptness to admission defalcation cloister approval with account to motions or added requests fabricated to the defalcation court; the adeptness of the Aggregation to negotiate, develop, affirm and able a plan of reorganization; the furnishings of the affiliate 11 cases on the Company’s clamminess or after-effects of operations or business prospects; the furnishings of the affiliate 11 cases on the Company’s business and the interests of assorted constituents; the breadth of time that the Aggregation will accomplish beneath affiliate 11 protection; risks associated with third-party motions in the affiliate 11 cases; declines in, or continued periods of low oil, NGL or accustomed gas prices; our akin of success in exploration, development and assembly activities; risks accompanying to our akin of indebtedness, our adeptness to accede with debt covenants, alternate redeterminations of the borrowing abject beneath our acclaim acceding and our adeptness to accomplish acceptable banknote flows from operations to account our indebtedness; our adeptness to accomplish acceptable banknote flows from operations to accommodated the internally adjourned allocation of our basic expenditures budget; our adeptness to admission alien basic to accounts analysis and development operations; the appulse of abrogating accouterment in broker affect appear the oil and gas industry; impacts consistent from the allocation of assets amid our cardinal opportunities; the geographic absorption of our operations; impacts to banking statements as a aftereffect of crime write-downs and added banknote and noncash accuse to abate banking advantage and complication and lower our basic expenditures; federal and accompaniment initiatives apropos to the adjustment of hydraulic fracturing and air emissions; revisions to assets estimates as a aftereffect of changes in article prices, adjustment and added factors; inaccuracies of our assets estimates or our assumptions basal them; the timing of our analysis and development expenditures; risks apropos to decreases in our acclaim rating; our disability to admission oil and gas markets due to bazaar altitude or operational impediments; bazaar availability of, and risks associated with, carriage of oil and gas; our adeptness to auspiciously complete asset dispositions and the risks accompanying thereto; our adeptness to assignment bearing wells on abortive acreage above-mentioned to its charter expiration; shortages of or delays in accepting able cadre or equipment, including conduct rigs and achievement services; attenuated differentials impacting the amount we accept for oil and accustomed gas; risks apropos to any abrupt liabilities of ours; the impacts of ambiguity on our after-effects of operations; adverse acclimate altitude that may abnormally appulse development or assembly activities; uninsured or underinsured losses consistent from our oil and gas operations; abridgement of ascendancy over non-operated properties; abortion of our backdrop to crop oil or gas in commercially applicable quantities; the appulse and costs of acquiescence with laws and regulations administering our oil and gas operations; the abeyant appulse of changes in laws that could accept a abrogating aftereffect on the oil and gas industry; impacts of bounded regulations, altitude change issues, abrogating accessible acumen of our industry and accumulated babyminding standards; our adeptness to alter our oil and accustomed gas reserves; abrogating impacts from action and acknowledged proceedings; abrupt underperformance of or liabilities associated with acquired backdrop or added cardinal partnerships or investments; antagonism in the oil and gas industry; any accident of our chief administration or abstruse personnel; cyber aegis attacks or failures of our telecommunication and added advice technology infrastructure; and added risks declared beneath the explanation “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the aeon concluded December 31, 2019. We accept no obligation, and abandon any duty, to amend the advanced statements in this account release.

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