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News Release

Whiting Petroleum Corporation Announces Fourth Quarter and Full-Year 2008 Financial and Operating Results

2008 Production up 19% over 2007 to a Record 17.52 MMBOE

2008 Net Income Reaches an All-Time High of $252.1 Million

2008 Discretionary Cash Flow Increases to a Record $744.4 Million

Record Q4 08 Average Production of 55,540 BOE/D Up 38% from Q4 07 and Up 10% from Q3 08

Q4 08 Net Loss of $3.0 million, or $0.07 per share

Q4 08 Discretionary Cash Flow of $111.0 Million

DENVER, Feb. 23 /PRNewswire-FirstCall/ -- Whiting Petroleum Corporation (NYSE: WLL) today reported a fourth quarter 2008 loss of $3.0 million, or $0.07 per basic and diluted share, on total revenues of $223.9 million. This compares to fourth quarter 2007 net income of $45.8 million, or $1.08 per basic and diluted share, on total revenues of $232.4 million. During the fourth quarter of 2008, Whiting recorded a $10.9 million non-cash impairment charge to income to write down that portion of its $18.4 million cost basis in unproved properties in the central Utah Hingeline play.

Discretionary cash flow in the fourth quarter of 2008 totaled $111.0 million, compared to the $139.9 million reported for the same period in 2007. A reconciliation of discretionary cash flow to net cash provided by operating activities is included at the end of this news release. The decrease in net income in the fourth quarter of 2008 versus the comparable 2007 period was primarily the result of a 34% decline in the Company's realized oil price (net of hedging) and a 31% decrease in its realized natural gas price.

Production in the fourth quarter of 2008 totaled a record of 5.11 million barrels of oil equivalent (MMBOE), of which 3.77 million barrels were crude oil (74%) and 1.34 MMBOE was natural gas (26%). This fourth quarter 2008 production total equates to a daily average production rate of 55,540 barrels of oil equivalent (BOE), compared to the 40,340 BOE per day average rate in 2007's fourth quarter. The fourth quarter 2008 daily average production rate represents a 10% sequential increase from the third quarter 2008 average daily rate of 50,480 BOE. December 2008 average production of 55,140 BOE per day represents a 7% increase from the September 2008 average daily rate of 51,700 BOE.

Production increases in the fourth quarter of 2008 were due to successful drilling results in the prolific Bakken play as well as continued production increases from the Company's CO2 flood projects at the Postle and North Ward Estes fields with the primary contributor coming from new wells in the Bakken formation in the Sanish and Parshall fields in Mountrail County, North Dakota. The following table summarizes the Company's operated and non-operated net production from the Sanish and Parshall fields in the fourth quarter and in December 2008:



              Operated and Non-operated Bakken Net Production by Field
                                      (In BOE)

                            4th Qtr 2008                December 2008
                Parshall     Sanish      Total  Parshall   Sanish     Total
    Whiting
     Operated     92,790    659,065    751,855    28,555  207,060   235,615
    Non-Operated 556,070         --    556,070   170,745       --   170,745
    Other
     Non-
     Operated     24,340     75,135     99,475     7,550   25,235    32,785
                 673,200    734,200  1,407,400   206,850  232,295   439,145

    Daily BOE      7,320      7,980     15,300     6,675    7,495    14,165(1)

    (1)  Crude oil sales volumes in December 2008 were affected by winter
         weather in North Dakota, which caused delays in trucking operations
         and well completion activity.

Full-Year 2008 Financial and Operating Results

For the year ended December 31, 2008, Whiting reported record net income of $252.1 million, or $5.96 per basic share and $5.94 per diluted share, on total revenues of $1.2 billion. This compares to net income of $130.6 million, or $3.31 per basic share and $3.29 per diluted share, on total revenues of $818.7 million in 2007. Discretionary cash flow in 2008 totaled a record $744.4 million, compared to $422.2 million in 2007.

Production in 2008 totaled 17.52 MMBOE, or 47,860 BOE per day, compared to production of 14.71 MMBOE, or 40,290 BOE per day, in 2007. The 19% increase in production for 2008 versus 2007 was primarily the result of organic production growth in the North Dakota Bakken and the Piceance Basin and continued response from Whiting's two CO2 enhanced oil recovery projects.

Proved Reserves at December 31, 2008

As of December 31, 2008, Whiting had estimated proved reserves of 239.1 MMBOE, of which 67% were classified as proved developed. These estimated reserves had a pre-tax PV10% value of approximately $1,603.0 million, of which approximately 89% came from properties located in Whiting's Permian Basin, Rocky Mountains and Mid-Continent core areas. The following table summarizes Whiting's estimated proved reserves as of December 31, 2008 by core area, the corresponding pre-tax PV10% value and the December 2008 average daily production rate:


                             Proved Reserves                         December
                                                          Pre-Tax     2008
                                                           PV10%     Average
                               Natural                     Value(2)    Daily
                     Oil        Gas      Total      %     (In mil-  Production
    Core Area     (MMbbl)(1)   (Bcf)    (MMBOE)   Oil(1)    lions)   (MBOE/d)

    Permian Basin     88.1      57.8      97.7       90%    $455.2      11.7
    Rocky Mountains   49.2     203.9      83.2       59%     548.2      27.7
    Mid-Continent     37.2      11.7      39.1       95%     416.2       7.2
    Gulf Coast         3.1      41.6      10.1       31%     105.2       5.0
    Michigan           2.4      39.7       9.0       27%      78.2       3.5
        Total        180.0     354.8     239.1       75%  $1,603.0      55.1

    (1)  Oil includes natural gas liquids.
    (2)  Pre-tax PV10% may be considered a financial measure that is not
         calculated in accordance with generally accepted accounting
         principles in the United States, or GAAP, as defined by the SEC, and
         is derived from the standardized measure of discounted future net
         cash flows, which is the most directly comparable GAAP financial
         measure. 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. As of December 31, 2008, Whiting's
         discounted future income taxes were $226.6 million and Whiting's
         standardized measure of discounted future net cash flows was $1,376.4
         million. Whiting believes pre-tax PV10% is a useful measure for
         investors for evaluating the relative monetary significance of its
         oil and natural gas properties. Whiting further believes investors
         may utilize its pre-tax PV10% as a basis for comparison of the
         relative size and value of its reserves to other companies because
         many factors that are unique to each individual company impact the
         amount of future income taxes to be paid. Whiting's management uses
         this measure when assessing the potential return on investment
         related to its oil and gas properties and acquisitions. However,
         pre-tax PV10% is not a substitute for the standardized measure of
         discounted future net cash flows. Whiting's pre-tax PV10% and the
         standardized measure of discounted future net cash flows do not
         purport to present the fair value of its oil and natural gas
         reserves.

The following is a summary of Whiting's changes in quantities of proved oil and gas reserves for the year ended December 31, 2008:

                                       Oil        Natural Gas    Total
                                     (MBbl)         (MMcf)       (MBOE)
    Balance - December 31, 2007      196,318       326,742      250,775(1)
      Extensions and discoveries      20,395        57,093       29,910
      Sales of minerals in place      (3,919)      (14,277)      (6,298)
      Purchases of minerals
       in place                          513        90,329       15,568
      Production                     (12,448)      (30,419)     (17,517)
      Revisions to
       previous estimates            (20,851)      (74,689)     (33,300)(2)
    Balance - December 31, 2008      180,008       354,779      239,138

    (1)  If the December 31, 2007 total proved reserves had been calculated
         using prices as of December 31, 2008, the total proved reserves would
         have been 207.5 MMBOE as compared to December 31, 2008 total proved
         reserves of 229.9 MMBOE after adjusting 239.1 MMBOE for sales of 6.3
         MMBOE and acquisitions of 15.6 MMBOE during 2008.  The NYMEX prices
         per Bbl of oil as of December 31, 2007 and December 31, 2008 were
         $96.00 and $44.60, respectively.  The NYMEX prices per Mcf of natural
         gas as of December 31, 2007 and December 31, 2008 were $7.10 and
         $5.63, respectively.
    (2)  Includes a 39.0 MMBOE reduction in proved reserves due to decreases
         in prices of oil and natural gas from December 31, 2007 to December
         31, 2008.

Most of the proved reserve additions at December 31, 2008 came from the Company's Bakken play in North Dakota. An estimated 23.6 MMBOE of new Bakken proved reserves were booked at year-end 2008, of which 63% were proved, developed and producing, 37% were proved undeveloped, 70% were attributed to the Sanish field and 30% to Whiting's interests in the Parshall field.

Partially offsetting the 39.0 MMBOE in price-related downward reserve revisions at year-end 2008 were 5.7 MMBOE of upward reserve revisions. These performance-related upward revisions came primarily from the Postle and North Ward Estes CO2 projects.

The table on page 24 of this news release summarizes Whiting's all-in finding and development costs and reserve replacement for the five-year period ended December 31, 2008.

James J. Volker, Whiting's Chairman, President and CEO, commented, "2008 was our fifth full year as a public company and our best. We grew through the acquisition of producing properties in 2004 and 2005 to increase production levels and provide upside potential through further development. We are now more focused on organic drilling activity and on the development of previously acquired properties. We believe the combination of acquisitions, subsequent development and organic drilling provides us a broad set of growth alternatives and allows us to direct our resources to the properties we believe represent the best use of our capital investments. We are now generating substantially all of our production growth organically. During the fourth quarter of 2008, our average net daily production from the Bakken rose 43% to 15,300 BOE per day from 10,700 BOE per day in the third quarter of 2008. Average daily production from our two CO2 projects increased 8.2% to 13,310 BOE per day compared to the third quarter of 2008."

At the height of our drilling activity in 2008, we were active with 18 operated drilling rigs and 51 operated workover rigs. As of February 13, 2009, nine operated drilling rigs and 37 operated workover rigs were active on our properties. We were also participating in the drilling of four non-operated wells, all of which are located in the Parshall field. The breakdown of our operated rigs is as follows:


    Region                              Drilling         Workover
    ------                              --------         --------
    Northern Rockies
       Sanish Field                            7                 4
       Lewis & Clark                           0                 0
    Central Rockies
        Hatch Point                            1                 0
        Hatfield                               0                 1
    CO2 Projects
        Postle                                 1                 6
        North Ward Estes                       0                20
    Permian                                    0                 2
    Mid-Continent/Michigan                     0                 3
    Gulf Coast                                 0                 1
                                             ---               ---
          Totals                               9                37

We expect our operated rig count to drop to four drilling rigs and approximately 25 workover rigs by November 2009.

Commercial Banking Facility

Effective November 1, 2008, Whiting's bank group, as requested, reconfirmed the Company's $900 million borrowing base, maturing in August 2010. The Whiting bank group is comprised of 23 commercial banks holding between 1.8% and 12.9% of the total facility. As of December 31, 2008, approximately $620 million was drawn on the facility and approximately $3 million in letters of credit were outstanding, resulting in $277 million of availability.

Public Offering of Common Stock

In February 2009, Whiting completed a public offering of common stock at a price of $29.00 per share. The offering, including the exercise of the overallotment option, resulted in the total sale of 8,450,000 shares of Whiting's common stock. Whiting received net proceeds of approximately $234.7 million, after deducting underwriting discounts, commissions and expenses of the offering. Whiting used all of the net proceeds that it received from the offering to repay a portion of the debt outstanding under its credit agreement.

2009 Exploration and Development Budget

Our current 2009 capital budget for exploration and development expenditures is $474.0 million, which we expect to fund with net cash provided by our operating activities and a portion of the proceeds from the common stock offering described above. To the extent net cash provided by operating activities is higher or lower than currently anticipated, we would adjust our capital budget accordingly. Our 2009 capital budget currently is allocated among our major development areas as indicated in the chart below. We may use a portion of the balance of the proceeds from our common stock offering to further develop these projects; or, in the event of further oil and gas price declines, to keep our bank debt at lower levels. We believe these projects present the opportunity for the highest return and most efficient use of our capital expenditures:




                                                       2009 Planned
                                                   Capital Expenditures
                                                       (In millions)
                                                       -------------
    Northern Rockies
         Sanish Field                                         $204.9
         Parshall Field                                        $22.0
         Lewis & Clark Prospect                                $15.4
    Central Rockies
         Sulphur Creek Field                                   $39.4
         Flat Rock Field                                       $19.1
         Hatfield Prospect                                      $9.0
         Hatch Point Prospect                                   $3.5
         Rangely Weber Sand Unit                                $1.4
    CO2 Projects
         North Ward Estes (1)                                  $97.8
         Postle (1)                                            $31.5
    Other (2)                                                  $30.0
                                                               -----
    Total                                                     $474.0
                                                               ======

    (1)  2009 planned capital expenditures at our CO2 projects include $36.9
         million for purchased CO2 at North Ward Estes and $15.3 million for
         Postle CO2 purchases.
    (2)  Comprised primarily of exploration salaries, lease delay rentals and
         seismic and other development.

    Operations Update

    Core Development Areas
    --  Bakken Play.  Whiting's net production from the Middle Bakken
        formation in the Sanish and Parshall fields of Mountrail County, North
        Dakota averaged 14,165 BOE per day in December 2008, up 14% from the
        12,420 BOE average daily rate in September 2008 and up 516% from the
        2,300 BOE average daily rate in December 2007.

    --  Sanish Field.  Whiting's net production from the Sanish field in
        December 2008 averaged 7,495 BOE per day, an increase of 28% over the
        field's September 2008 average daily rate of 5,860 BOE and up more
        than eight-fold from its December 2007 average rate of 800 BOE per
        day.  As is often the case at this time of year, crude oil sales
        volumes in December 2008 and the first quarter of 2009 have been
        affected by winter weather in North Dakota, which has caused delays in
        trucking operations and well completion activity.  Whiting expects its
        17-mile oil line connecting the Sanish field to the Enbridge pipeline
        in Stanley, North Dakota to be in service at the end of the second
        quarter of 2009.  The Company holds interests in a total of 125,557
        gross acres (83,606 net acres) in the Sanish field.  Whiting intends
        to drill an additional 40 operated Bakken wells in the Sanish field
        during 2009, with an average working interest of 71%.  Eight of these
        wells were being drilled or completed as of February 13, 2009 and one
        had been completed as a producer.

Whiting completed the Niemitalo 11-35H in the Sanish field on February 5, 2009 flowing at an initial rate of 3,547 BOE per day from the Middle Bakken formation. Whiting, the operator of the well, holds a 71% working interest and a 58% net revenue interest in the new producer.

Whiting has completed and placed on production its first Bakken infill well in the Sanish field, the McNamara 42-26H. This well was drilled between two horizontal Bakken producers, the Locken 11-22H and the Liffrig 11-27H. The initial production rate at the McNamara well was 2,170 BOE per day (measured December 8, 2008), which falls between the initial production rates of the two offset wells. There was no indication of communication or interference with either of the offset wells. Based on these results, Whiting expects to develop its leases with two 10,000-foot horizontal wells in each 1,280-acre spacing unit. This adds 78 potential infill well locations.

Whiting has also completed its first Three Forks horizontal well in the Sanish field, the Braaflat 21-11TFH. The initial production rate at the Braaflat well, which was drilled in the east-central portion of the Sanish field, was 1,005 BOE per day (measured January 1, 2009). Production and pressure data from this well will be analyzed over several months to determine the viability of developing the Three Forks in the Sanish field. The Company is currently drilling a second Three Forks test on the southwest part of the Sanish field. Results from the Hansen 21-3TFH will also be used to determine future drilling potential in the Three Forks formation in the Sanish field. Whiting holds a 100% working interest and an 81% net revenue interest in the Hansen well. The Company is currently drilling or completing eight other operated wells in the Sanish field with an 80% average working interest.

The following chart shows the completed well costs for Whiting-operated Bakken wells in the Sanish and Parshall fields. The reduction in costs are the result of drilling and completion efficiencies which have recently reduced the average time from spud date to completion to approximately 41 days from 60 days earlier in our drilling program.

(Photo: http://www.newscom.com/cgi-bin/prnh/20090223/LA74063)

Whiting completed the expansion of its Robinson Lake gas plant to a capacity of 30 MMcf of gas per day in December 2008. As wells have been connected to the plant, net gas and NGL sales have increased to 4.2 million cubic feet (MMcf) and 1,060 barrels per day, respectively, from approximately 1.0 MMcf of gas per day and approximately 130 barrels of NGLs per day prior to the expansion. Whiting expects net daily sales to reach approximately 20 MMcf of gas and 3,000 barrels of NGLs by mid-2010.

    --  Parshall Field.  Immediately east of the Sanish field is the Parshall
        field, where we own interests in 73,760 gross acres (18,315 net
        acres).  Our net production from the Parshall field averaged 6,675 BOE
        per day in December 2008, a 345% increase from 1,500 BOE per day in
        December 2007.  As of February 13, 2009, we have participated in 97
        Bakken wells, the majority of which are operated by EOG Resources,
        Inc., of which 86 are producing, seven are in the process of
        completion and four are drilling.  Of these wells, 64 were completed
        in 2008.  Whiting intends to participate in the drilling of an
        additional 18 wells in the Parshall field during 2009, with an average
        working interest of about 17%.

    --  North Ward Estes Field.  The North Ward Estes field includes six base
        leases with 100% working interest in 58,000 gross and net acres in
        Ward and Winkler Counties, Texas.  The North Ward Estes field is
        responding positively to Whiting's water and CO2 floods, which Whiting
        initiated in May 2007.  As of December 31, 2008, Whiting was injecting
        123 MMcf per day of CO2 in this field.  Production from the field has
        increased 29% from a net 5,100 BOE per day in December 2007 to a net
        6,600 BOE per day in December 2008.  In this field, Whiting is
        developing new and reactivated wells for water and CO2 injection and
        production purposes.  Additionally, Whiting plans to install oil, gas
        and water processing facilities in five phases through 2015, and it
        estimates that the first three phases will be substantially complete
        by December 2009.

    --  Postle Field.  The Postle field, located in Texas County, Oklahoma,
        includes five producing units and one producing lease covering a total
        of approximately 25,600 gross (24,225 net) acres with working
        interests of 94% to 100%.  Four of the units are currently active CO2
        enhanced recovery projects.  As of December 31, 2008, Whiting was
        injecting 142 MMcf per day of CO2 in this field.  Production from the
        field has increased 22% from a net 5,800 BOE per day in December 2007
        to a net 7,100 BOE per day in December 2008.  Operations are under way
        to expand CO2 injection in the northern part of the fourth unit, HMU,
        and to optimize flood patterns in the existing CO2 floods, with one
        drilling rig and six workover rigs in the field as of February 13,
        2009.  These expansion projects include the restoration of shut-in
        wells and the drilling of new producing and injection wells.

    --  Sulphur Creek Field.  In the Sulphur Creek field in Rio Blanco County,
        Colorado in the Piceance Basin, we executed an acreage trade effective
        December 1, 2008 with a third party that consolidated our acreage
        position.  As a result of such trade, we now own 8,424 gross (4,338
        net) acres in the Sulphur Creek field area.

    --  Boies Ranch.  At our Boies Ranch prospect in the Sulphur Creek field,
        a total of 32 wells have been drilled.  On February 13, 2009, 25 were
        producing at a combined average net rate to Whiting of 7.9 MMcf of gas
        per day.  Seven wells were awaiting completion or pipeline connection.
        The Company holds an average 68% working interest and an average 60%
        net revenue interest in the 25 Boies Ranch gas wells.

    --  Jimmy Gulch.  The Jimmy Gulch prospect in the Sulphur Creek field area
        in the Piceance Basin is one square mile in area and is located three
        miles southeast of the Boies Ranch prospect.  Jimmy Gulch was tested
        with three wells that were producing at a combined gross rate of 3.9
        MMcf of gas per day (3.0 MMcf net) on February 13, 2009.  Whiting
        currently expects to drill nine Mesaverde wells at Jimmy Gulch in 2009
        with an average working interest of 90%.

    --  In the Flat Rock field area in Uintah County, Utah, we have an acreage
        position consisting of 22,029 gross (11,533 net) acres.  In this area,
        initial production rates of 10 wells drilled in the Entrada formation
        by other operators have ranged from 0.7 MMcf of gas per day to 6.1
        MMcf of gas per day.  We recently completed two wells in the Entrada
        formation that had initial gross production rates of 4.1 MMcf of gas
        per day and 9.3 MMcf of gas per day.  We are also the operator of six
        Entrada wells drilled by a prior operator on our acreage that had
        initial production rates ranging from 1.9 MMcf per day to 6.5 MMcf per
        day.  Whiting currently has four additional Entrada wells planned for
        this field for 2009 with a working interest of 100%.

    New Prospect and New Zone Drilling Areas

    --  Lewis & Clark Prospect.  Whiting has assembled 181,249 gross (111,501
        net) acres in its Lewis & Clark prospect along the Bakken Shale
        pinch-out in the southern Williston Basin.  In this area, the Upper
        Bakken shale is thermally mature, moderately over pressured, and has
        charged reservoir zones within the immediately underlying Three Forks
        formation.  On December 13, 2008 Whiting completed its first
        horizontal test well in this area, which had an initial production
        rate of over 1,000 BOE per day.  A second Three Forks test on this
        prospect, the MOI 22-15H, is a casing exit of an existing vertical
        wellbore that has reached total measured depth.  Whiting holds a 91%
        working interest in the MOI 22-15H, which is expected to be completed
        by the end of February.  The Company intends to drill an additional
        six Three Forks wells on the prospect in 2009 with an average working
        interest of 64%.

    --  Hatfield Prospect.  In southern Wyoming in the Hatfield prospect area,
        Whiting has a large acreage position covering over 80 square miles and
        encompassing 53,164 gross (31,907 net) acres.  In this area,
        cumulative production from three vertical Niobrara wells drilled by
        other operators has ranged from approximately 22,000 to 124,000
        barrels of oil per well.  In September 2008, Whiting drilled the
        Beckman Canyon 21-24D, a vertical well to test the Niobrara formation
        as well as a deeper zone.  During drilling operations in the Niobrara
        at a depth of approximately 3,500 feet, oil flowed to the surface and
        oil shows were seen in the drill cuttings.  Completion operations are
        under way at this well.  In December 2008, Whiting drilled the Artus
        19-33, a horizontal Niobrara well.  Whiting has also commenced
        completion operations on this well.  Whiting believes that current
        horizontal drilling techniques will improve recovery compared to
        vertical drilling used at historic wells in this area.  The Company
        plans to drill an additional six wells on the Hatfield prospect in
        2009 with an average working interest of 100%.

    --  Sulphur Creek Field - Wasatch.  Whiting drilled its first Wasatch zone
        well in the Sulphur Creek field in the Piceance Basin in late 2008 and
        early 2009.  Whiting targeted the Wasatch based on its observation of
        gas shows seen while drilling through the Wasatch zone at depths of
        approximately 5,000 feet while drilling to the deeper Mesaverde and
        Iles targets at depths of approximately 10,000 feet.  These results
        along with a study of the production data from Wasatch wells drilled
        in the 1970's and 1980's in the area of Whiting's Boies Ranch prospect
        provided the basis for drilling this well.  Gas shows were seen while
        drilling, gas was indicated on well logs and the first well penetrated
        approximately 50 feet of net Wasatch zone and testing is under way.

The following table summarizes the Company's net production and commodity price realizations for the quarters ended December 31, 2008 and 2007:


                                        Three Months Ended
                                        ------------------
    Production                      12/31/08         12/31/07    Change
    ----------                      --------         --------    ------
    Oil and condensate (MMBbls)         3.77             2.47      53%
    Natural gas (Bcf)                   8.03             7.43       8%
    Total equivalent (MMBOE)            5.11             3.71      38%

    Average Sales Price
    -------------------
    Oil and condensate (per Bbl):
      Price received                  $47.37           $82.38     (42%)
      Effect of crude
       oil hedging (1)                  1.65            (7.72)
                                        ----           ------
    Realized price                    $49.02           $74.66     (34%)
                                      ======           ======

    Natural gas (per Mcf):
      Price received                   $4.38            $6.37     (31%)
      Effect of natural gas hedging     0.01                -
                                        ----
    Realized price                     $4.39            $6.37     (31%)
                                       =====            =====

    (1)  Whiting realized a cash gain of $6.2 million before tax on its crude
         oil hedges during the fourth quarter of 2008.  A summary of Whiting's
         outstanding hedges is included later in this news release.

    Fourth Quarter and Full-Year Costs and Margins
    A summary of production, cash revenues and cash costs on a per BOE basis
    is as follows:




                                           Per BOE, Except Production
                                         Three Months        Twelve Months
                                     Ended December 31,    Ended December 31,
                                        2008      2007      2008      2007
    Production (MMBOE)                  5.11      3.71     17.52     14.71

    Sales price, net of hedging       $43.08    $62.52    $69.06    $53.57
    Lease operating expense            12.41     14.65     13.77     14.20
    Production tax                      3.05      4.72      5.00      3.56
    General & administrative            1.91      2.99      3.52      2.66
    Exploration                         1.52      2.23      1.67      1.86
    Cash interest expense               2.90      3.88      3.37      4.49
    Cash income tax
     expense (benefit)                  0.20     (1.35)     0.13      0.04
                                      $21.09    $35.40    $41.60    $26.76

During the fourth quarter, the company-wide basis differential for crude oil compared to NYMEX was $11.38 per barrel, which compared to $8.25 per barrel in the fourth quarter of 2007 and $10.09 per barrel in the third quarter of 2008. The primary reason for the change was increasing differentials on production from both the Sanish and Parshall fields during the fourth quarter of 2008. Subsequent to year end, crude oil differentials in these areas have improved by approximately $2.00 per barrel. In addition, by the end of the second quarter of 2009, Whiting expects to complete its crude oil sales line out of the Sanish field which Whiting estimates to have an additional $2.00 per barrel positive effect on the crude oil differential in this area.

The company-wide basis differential for natural gas compared to NYMEX in the fourth quarter was $2.58 per Mcf, which compared to $0.60 per Mcf in the fourth quarter of 2007 and $1.62 per Mcf in the third quarter of 2008.

Fourth Quarter and Full-Year 2008 Drilling Summary

    The table below summarizes Whiting's drilling activity and exploration and
development costs incurred for the three and twelve months ended December 31,
2008:


                         Gross/Net Wells Completed
                                                                Expl. & Dev.
                              Non-       Total New    % Success    Cost
               Producing    Producing    Drilling       Rate    (in millions)
    Q408       84 / 32.0     6 / 3.3     90 / 35.3    93% / 91%    $263.9
    12M08     285 / 115.2   23 / 10.5   308 / 125.7   93% / 92%    $947.4


Outlook for First Quarter and Full-Year 2009

The following table provides a summary of certain estimates for the first quarter and full-year 2009 based on current forecasts, including Whiting's full-year 2009 capital budget of $474.0 million (excluding any potential acquisition costs).

    Guidance for the first quarter and full-year 2009 is as follows:


                                                   Guidance
                                                   --------
                                     First Quarter            Full-Year
                                         2009                   2009
                                         ----                   ----
    Production (MMBOE)               4.70  -    4.90       19.40  -   19.80
    Lease operating expense per    $12.70  -  $13.00      $11.70  -  $12.00
     BOE
    General and admin. expense per  $1.90  -   $2.20       $2.20  -   $2.50
     BOE
    Interest expense per BOE        $3.00  -   $3.20       $3.30  -   $3.50
    Depr., depletion and amort.    $19.75  -  $20.25      $20.10  -  $20.60
     per BOE
    Prod. taxes (% of production      7.0% -     7.5%        7.2% -     7.6%
     revenue)
    Oil Price Differentials to     $10.50  -  $11.50      $10.00  -  $11.00
     NYMEX per Bbl
    Gas Price Differentials to      $1.75  -   $2.25       $1.50  -   $2.00
     NYMEX per Mcf

Oil prices declined from record levels in early July 2008 of over $140 per barrel to below $40 per barrel in December 2008, while natural gas prices have declined from over $13 per Mcf to below $6 per Mcf over the same period. In addition, the closing Nymex price for crude oil was $34.62 and natural gas was $4.21 on February 18, 2009. Lower oil and gas prices have the effect of decreasing our revenues, cash flows and reported levels of earnings (loss), and could have the effect of decreasing our capital budget and future production guidance.

Oil Hedges

The following summarizes Whiting's crude oil hedges as of January 1, 2009 and includes Whiting Petroleum Corporation's 24.2% share of the Whiting USA Trust I hedges:



                               Weighted Average
                                  NYMEX Price          As a Percentage of
    Hedge   Contracted Volume    Collar Range             December 2008
    Period   (Bbls per Month)      (per Bbl)             Oil Production

    2009
    Q1         556,129         $51.29 - $64.24              45.4%
    Q2         529,808         $55.58 - $67.28              43.3%
    Q3         507,497         $57.54 - $71.07              41.4%
    Q4         489,190         $61.39 - $76.28              40.0%

    2010
    Q1         440,910         $60.66 - $76.30              36.0%
    Q2         425,643         $63.02 - $81.46              34.8%
    Q3         415,398         $60.68 - $78.43              33.9%
    Q4         400,146         $60.69 - $79.67              32.7%

    2011
    Q1         369,917         $60.69 - $81.93              30.2%
    Q2         369,696         $60.68 - $81.90              30.2%
    Q3         369,479         $60.67 - $81.87              30.2%
    Q4         369,255         $60.66 - $81.85              30.2%

    2012
    Q1         339,054         $60.71 - $83.29              27.7%
    Q2         338,850         $60.71 - $83.27              27.7%
    Q3         338,650         $60.70 - $83.23              27.7%
    Q4         338,477         $60.69 - $83.21              27.6%

    2013
    Q1         290,000         $60.40 - $81.66              23.7%
    Q2         290,000         $60.40 - $81.66              23.7%
    Q3         290,000         $60.40 - $81.66              23.7%
    Oct        290,000         $60.40 - $81.66              23.7%
    Nov        190,000         $59.29 - $78.43              15.5%

The following summarizes Whiting Petroleum Corporation's 24.2% share of the Whiting USA Trust I natural gas hedges as of January 1, 2009:


                                        Weighted Average    As a Percentage of
    Hedge                                  NYMEX Price         December 2008
    Period         Contracted Volume      Collar Range             Gas
                  (MMBtu per Month)       (per MMBtu)           Production

    2009
    Q1                   52,353             $7.00 - $22.50              1.8%
    Q2                   48,706             $6.00 - $14.85              1.7%
    Q3                   46,675             $6.00 - $15.60              1.6%
    Q4                   44,874             $7.00 - $14.85              1.5%

    2010
    Q1                   43,295             $7.00 - $18.65              1.5%
    Q2                   41,835             $6.00 - $13.20              1.4%
    Q3                   40,555             $6.00 - $14.00              1.4%
    Q4                   39,445             $7.00 - $14.20              1.4%

    2011
    Q1                   38,139             $7.00 - $17.40              1.3%
    Q2                   36,954             $6.00 - $13.05              1.3%
    Q3                   35,855             $6.00 - $13.65              1.2%
    Q4                   34,554             $7.00 - $14.25              1.2%

    2012
    Q1                   33,381             $7.00 - $15.55              1.1%
    Q2                   32,477             $6.00 - $13.60              1.1%
    Q3                   31,502             $6.00 - $14.45              1.1%
    Q4                   30,640             $7.00 - $13.40              1.1%

Whiting also has the following fixed-price natural gas contracts in place as of January 1, 2009:



                         Natural Gas       2008 Contract   As a Percentage of
    Fixed Price           Volumes in         Price (1)       December 2008
     Contracts         MMBtu per Month      per MMBtu       Gas Production
    ----------         ---------------       ---------       --------------

    Jan. 2009 - May
     2011                   23,000            $5.14              1.0%
    Jan. 2008 - Sep.
     2012                   67,000            $4.56              2.0%

    (1) Annual 4% price escalation on fixed-price contracts.




                    Selected Operating and Financial Statistics
                          Three Months Ended        Twelve Months Ended
                          ------------------        -------------------
                                 December 31,              December 31,
                                 ------------              ------------
                              2008         2007         2008          2007
                              ----         ----         ----          ----
    Selected
     operating
     statistics
    Production
       Oil and
        condensate,
        MBbl                3,772        2,473       12,448         9,579
       Natural gas,
        MMcf                8,025        7,427       30,419        30,764
       Oil equivalents,
        MBOE                5,109        3,711       17,517        14,706
    Average Prices
       Oil, Bbl
        (excludes
        hedging)           $47.37       $82.38       $86.99        $64.57
       Natural gas, Mcf
        (excludes
        hedging)            $4.38        $6.37        $7.68         $6.19
    Per BOE Data
       Sales price
        (including
        hedging)           $42.90       $62.52       $69.01        $53.57
       Lease operating     $12.41       $14.65       $13.77        $14.20
       Production taxes     $3.05        $4.72        $5.00         $3.56
       Depreciation,
        depletion and
        amortization       $19.16       $13.37       $15.84        $13.11
       General and
        administrative      $1.91        $2.99        $3.52         $2.66
    Selected
     Financial Data
       (In thousands,
        except per
        share data)
       Total revenues
        and other
        income           $223,861     $232,363   $1,222,119      $818,718
       Total costs and
        expenses         $218,634     $160,666     $813,299      $611,556
       Net income
        (loss)            $(3,037)     $45,750     $252,143      $130,600
       Net income
        (loss) per
        common share,
        basic              $(0.07)       $1.08        $5.96         $3.31
       Net income
        (loss) per
        common share,
        diluted            $(0.07)       $1.08        $5.94         $3.29

       Average shares
        outstanding,
        basic              42,323       42,237       42,310        39,483
       Average shares
        outstanding,
        diluted            42,428       42,388       42,447        39,645
       Net cash
        provided by
        operating
        activities       $151,577     $121,423     $763,029      $394,032
       Net cash used in
        investing
        activities      $(279,361)   $(141,924) $(1,134,947)    $(466,971)
       Net cash
        provided by
        financing
        activities       $116,764      $26,574     $366,764       $77,345

Conference Call

The Company's management will host a conference call with investors, analysts and other interested parties on Tuesday, February 24, 2009 at 11:00 a.m. EST (10:00 a.m. CST, 9:00 a.m. MST) to discuss Whiting's fourth quarter and full-year 2008 financial and operating results. Please call (866) 713-8567 (U.S./Canada) or (617) 597-5326 (International) and enter the pass code 97894251 to be connected to the call. Access to a live Internet broadcast will be available at www.whiting.com by clicking on the "Investor Relations" box on the menu and then on the link titled "Webcasts." Slides for the conference call will be available on this website beginning at 11:00 a.m. (EST) on February 24, 2009.

A telephonic replay will be available beginning approximately two hours after the call on Tuesday, February 24, 2009 and continuing through Tuesday, March 3, 2009. You may access this replay at (888) 286-8010 (U.S./Canada) or (617) 801-6888 (International) and entering the pass code 21461084. You may also access a web archive at http://www.whiting.com beginning approximately one hour after the conference call.

About Whiting Petroleum Corporation

Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company that acquires, exploits, develops and explores for crude oil, natural gas and natural gas liquids primarily in the Permian Basin, Rocky Mountains, Mid-Continent, Gulf Coast and Michigan regions of the United States. The Company trades publicly under the symbol WLL on the New York Stock Exchange. For further information, please visit www.whiting.com.

Forward-Looking Statements

This news release contains statements that we believe to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including, without limitation, statements regarding our future financial position, business strategy, projected revenues, earnings, costs, capital expenditures and debt levels, and plans and objectives of management for future operations, are forward-looking statements. When used in this news release, words such as we "expect," "intend," "plan," "estimate," "anticipate," "believe" or "should" or the negative thereof or variations thereon or similar terminology are generally intended to identify 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: declines in oil or natural gas prices; impacts of the global financial crisis; our level of success in exploitation, exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities; the timing of our exploration and development expenditures, including our ability to obtain drilling rigs and CO2; inaccuracies of our reserve estimates or our assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; risks related to our level of indebtedness and periodic redeterminations of Whiting Oil and Gas Corporation's borrowing base under our credit agreement; our ability to generate sufficient cash flows from operations to meet the internally funded portion of our capital expenditures budget; our ability to obtain external capital to finance exploration and development operations and acquisitions; our ability to identify and complete acquisitions and to successfully integrate acquired businesses; unforeseen underperformance of or liabilities associated with acquired properties; our ability to successfully complete potential asset dispositions; failure of our properties to yield oil or gas in commercially viable quantities; uninsured or underinsured losses resulting from our oil and gas operations; our inability to access oil and gas markets due to market conditions or operational impediments; the impact and costs of compliance with laws and regulations governing our oil and gas operations; our ability to replace our oil and natural gas reserves; any loss of our senior management or technical personnel; competition in the oil and gas industry in the regions in which we operate; risks arising out of our hedging transactions; and other risks described under the caption "Risk Factors" in our Form 10-K for the year ended December 31, 2008. We assume no obligation, and disclaim any duty, to update the forward-looking statements in this news release.

Possible and Probable Reserves

The SEC permits oil and gas companies to disclose in their filings with the SEC only proved reserves, which are reserve estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Whiting uses in this news release the terms "probable" and "possible" reserves, which SEC guidelines prohibit in filings of U.S. registrants. Probable reserves are unproved reserves that are more likely than not to be recoverable. Possible reserves are unproved reserves that are less likely to be recoverable 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. In addition, 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.

SELECTED FINANCIAL DATA


    For further information and discussion on the selected financial data
below, please refer to Whiting Petroleum Corporation's Annual Report on Form
10-K for the year ended December 31, 2008, to be filed with the Securities and
Exchange Commission.



                           WHITING PETROLEUM CORPORATION
                       CONSOLIDATED BALANCE SHEETS (Unaudited)
                                  (In thousands)

                                             December 31,      December 31,
                                                2008              2007
                                               ------            ------

    ASSETS

    CURRENT ASSETS:
       Cash and cash equivalents                 $9,624        $14,778
       Accounts receivable trade, net           122,833        110,437
       Derivative assets                         46,780              -
       Deferred income taxes                          -         27,720
       Prepaid expenses and other                37,837          9,232
                                                 ------          -----
          Total current assets                  217,074        162,167

    PROPERTY AND EQUIPMENT:
       Oil and gas properties, successful
        efforts method:
          Proved properties                   4,423,197      3,313,777
          Unproved properties                   106,436         55,084
       Other property and equipment              91,099         37,778
                                                 ------         ------

          Total property and equipment        4,620,732      3,406,639

       Less accumulated depreciation,
        depletion and amortization             (886,065)      (646,943)
                                              ---------      ---------

    Total property and equipment, net         3,734,667      2,759,696
                                              ---------      ---------

    DEBT ISSUANCE COSTS                          10,779         15,016

    DERIVATIVE ASSETS                            38,104              -

    OTHER LONG-TERM ASSETS                       28,457         15,132
                                                 ------         ------

    TOTAL                                    $4,029,081     $2,952,011
                                             ==========     ==========



                            WHITING PETROLEUM CORPORATION
                        CONSOLIDATED BALANCE SHEETS (Unaudited)
                   (In thousands, except share and per share data)

                                              December 31,       December 31,
                                                 2008              2007
                                                ------            ------
    LIABILITIES AND STOCKHOLDERS' EQUITY

    CURRENT LIABILITIES:
       Accounts payable                           $64,610        $19,280
       Accrued capital expenditures                84,960         58,988
       Accrued liabilities                         45,359         29,551
       Accrued interest                             9,673         11,240
       Oil and gas sales payable                   35,106         26,205
       Accrued employee compensation and
        benefits                                   41,911         21,081
       Production taxes payable                    20,038         12,936
       Deferred gain on sale                       14,650              -
       Derivative liabilities                      17,354         72,796
       Deferred income taxes                       15,395              -
       Tax sharing liability                        2,112          2,587
                                                    -----          -----

          Total current liabilities               351,168        254,664

    NON-CURRENT LIABILITIES:
       Long-term debt                           1,239,751        868,248
       Deferred income taxes                      390,902        242,964
       Deferred gain on sale                       73,216              -
       Production Participation Plan
        liability                                  66,166         34,042
       Asset retirement obligations                47,892         35,883
       Tax sharing liability                       21,575         23,070
       Derivative liabilities                      28,131              -
       Other long-term liabilities                  1,489          2,314
                                                    -----          -----

          Total non-current liabilities         1,869,122      1,206,521

    COMMITMENTS AND CONTINGENCIES

    STOCKHOLDERS' EQUITY:
       Common stock, $0.001 par value;
        75,000,000 shares authorized,
        42,583,218 and 42,480,497 shares
        issued as of December 31, 2008
        and December 31, 2007, respectively            43             42
       Additional paid-in capital                 971,310        968,876
       Accumulated other comprehensive
        loss                                       17,271        (46,116)
       Retained earnings                          820,167        568,024
                                                  -------        -------

          Total stockholders' equity            1,808,791      1,490,826
                                                ---------      ---------

    TOTAL                                      $4,029,081     $2,952,011
                                               ==========     ==========



                         WHITING PETROLEUM CORPORATION
                  CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
                      (In thousands, except per share data)

                               Three Months Ended      Twelve Months Ended
                               ------------------      -------------------
                                  December 31,             December 31,
                                  ------------             ------------
                                2008          2007        2008        2007
                                ----          ----        ----        ----
    REVENUES AND OTHER
     INCOME:
       Oil and natural gas
        sales                $213,821      $251,063  $1,316,480    $809,017
       Gain (loss) on oil
        and natural gas
        hedging activities      5,347       (19,088)   (107,555)    (21,189)
       Gain on sale of
        properties                  -             -           -      29,682
       Amortization of
        deferred gain on
        sale                    4,466             -      12,143           -
       Interest income and
        other                     226           388       1,051       1,208
                                  ---           ---       -----       -----
          Total revenues and
           other income       223,860       232,363   1,222,119     818,718
                              -------       -------   ---------     -------
    COSTS AND EXPENSES:
       Lease operating         63,382        54,354     241,248     208,866
       Production taxes        15,560        17,519      87,548      52,407
       Depreciation,
        depletion and
        amortization           97,893        49,597     277,448     192,811
       Exploration and
        impairment             24,691        11,084      55,257      37,323
       General and
        administrative          9,781        11,105      61,684      39,046
       Change in Production
        Participation Plan
        liability               5,160         2,195      32,124       8,599
       Interest expense        16,318        15,990      65,078      72,504
       Gain on
        mark-to-market
        derivatives           (14,152)       (1,178)     (7,088)          -
                             --------       -------     -------           -
          Total costs and
           expenses           218,633       160,666     813,299     611,556
                              -------       -------     -------     -------
    INCOME BEFORE INCOME
     TAXES                      5,227        71,697     408,820     207,162
    INCOME TAX EXPENSE:
       Current                  1,008        (4,992)      2,361         550
       Deferred                 7,256        30,939     154,316      76,012
                                -----        ------     -------      ------
          Total income tax
           expense              8,264        25,947     156,677      76,562
                                -----        ------     -------      ------
    NET INCOME (LOSS)         $(3,037)      $45,750    $252,143    $130,600
                             ========       =======    ========    ========
    NET INCOME (LOSS)
     PER COMMON SHARE,
     BASIC                     $(0.07)        $1.08       $5.96       $3.31
                              =======         =====       =====       =====
    NET INCOME (LOSS)
     PER COMMON SHARE,
     DILUTED                   $(0.07)        $1.08       $5.94       $3.29
                              =======         =====       =====       =====
    WEIGHTED AVERAGE
     SHARES OUTSTANDING,
     BASIC                     42,323        42,237      42,310      39,483
                               ======        ======      ======      ======
    WEIGHTED AVERAGE
     SHARES OUTSTANDING,
     DILUTED                   42,428        42,388      42,447      39,645
                               ======        ======      ======      ======


                      WHITING PETROLEUM CORPORATION
      Reconciliation of Net Cash Provided by Operating Activities to
                          Discretionary Cash Flow
                              (In thousands)

                                                          Three Months Ended
                                                             December 31,
                                                             ------------
                                                         2008          2007
                                                         ----          ----
                                                     $151,577      $121,423
    Net cash provided by operating activities
                                                        7,752         8,263
    Exploration
                                                      (48,346)       10,208
    Changes in working capital                       --------        ------
                                                     $110,983      $139,894
    Discretionary cash flow (1)                      ========      ========


                                                        Twelve Months Ended
                                                             December 31,
                                                             ------------
                                                         2008          2007
                                                         ----          ----
                                                     $763,029      $394,032
    Net cash provided by operating activities
                                                       29,302        27,344
    Exploration
                                                      (47,955)          785
    Changes in working capital                       --------           ---
                                                     $744,376      $422,161
    Discretionary cash flow (1)                      ========      ========

    (1) Discretionary cash flow is computed as net income plus exploration and
        impairment costs, depreciation, depletion and amortization, deferred
        income taxes, non-cash interest costs, non-cash compensation plan
        charges, gain/loss on mark-to-market derivatives and other non-current
        items less the gain on sale of properties and amortization of deferred
        gain on sale.  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, exploration and development.  Discretionary cash flow
        should not be considered in isolation or as a substitute for net
        income, income from operations, net cash provided by operating
        activities or other income, cash flow or liquidity measures under GAAP
        and may not be comparable to other similarly titled measures of other
        companies.





                               Whiting Petroleum Corp.
                     Finding Cost and Reserve Replacement Schedule
                                      12/31/08
                                   (in thousands)

                                                                  Five Years
                                                                  2004-2008
                 2004      2005      2006      2007       2008    Total/Avg.

    Proved
     Acquis-
     ition   $525,563   $906,208   $29,778    $8,128    $294,056 $1,763,733
    Unproved
     Acquis-
     ition     $4,401    $16,124   $38,628   $13,598     $98,841   $171,592
    Develop-
     ment
     Cost     $74,476   $215,162  $408,828  $506,057    $914,616 $2,119,139
    Explor-
     ation
     Cost      $9,739    $22,532   $81,877   $56,741     $42,621   $213,510
    Change in
     Future
     Develop-
     ment
     Cost    $150,538   $692,229  $267,685   $10,048  $( 204,633)  $915,867
      Total  $764,717 $1,852,255  $826,796  $594,572  $1,145,501 $5,183,841

    Acquis-
     ition
     Reserves
    Acquis-
     ition
     Res. - Oil
     (MBbl)    52,288    115,737       670       691         513    169,899
    Acquis-
     ition
     Res. - Gas
     (MMcf)   114,715    101,082     4,009         -      90,329    310,135
      Total -
       Aqu. Res. -
       MBOE    71,407    132,584     1,338       691      15,568    221,588

    Develop-
     ment
     Reserves
    Develop-
     ment
     Res. - Oil
     (MBbl)     5,175      1,956     4,125    10,973      20,395     42,624
    Develop-
     ment
     Res. - Gas
     (MMcf)    29,133     21,068    19,362    40,936      57,093    167,592
      Total - Dev.
       Res. -
       MBOE    10,031      5,467     7,352    17,796      29,911     70,557

    Revisions
    Reserve
     Revisions -
     Oil (MBbl)  (853)       950     2,053       392     (20,851)   (18,309)
    Reserve
     Revisions -
     Gas
     (MMcf)    (9,862)   (45,322)  (57,780)    8,079     (74,689)  (179,574)
      Total -
       Reserve
       Rev. -
       MBOE    (2,497)    (6,604)   (7,577)    1,739     (33,299)   (48,238)

    Cost Per
     BOE to
     Acquire    $7.36      $6.83    $22.25    $11.76      $18.89      $7.96
    Cost per
     BOE to
     Develop   $31.75         $-        $-    $30.02          $-    $153.25
      All-in
       finding
       cost per
       BOE      $9.69     $14.09   $742.74    $29.40      $94.05(1)  $21.25(2)


              Unrisked Probable and Possible Reserves - BOE (3)     244,812
                               Probable and Possible Cap-Ex (3)  $1,242,331
                                                 All-In Rate(3)    $13.28(4)


    RESERVE REPLACEMENT
    Acquis-
     ition
     Reserves  71,407    132,584     1,338       691      15,568    221,588
    Develop-
     ment
     Reserves  10,031      5,467     7,352    17,796      29,911     70,557
    Reserve
     Revis-
     Ions      (2,497)    (6,604)   (7,577)    1,739     (33,299)   (48,238)
      Total New
       Reserves -
       MBOE    78,941    131,447     1,113    20,226      12,180    243,907

    Production
     (MBOE)     7,841     12,077    15,157    14,706      17,517     67,298
    Reserve
     Replace-
     ment %      1007%      1088%        7%      138%         70%       362%

    (1) $22.38 if the 39.0 MMBOE of reserve reductions for year-end 2008 oil
        and gas prices were not included.
    (2) $18.32 if the 39.0 MMBOE of reserve reductions for year-end 2008 oil
        and gas prices were not included.
    (3) See "Possible and Probable Reserves" later in this release for
        disclosures relating to these types of reserves.
    (4) $12.18 if the 39.0 MMBOE of reserve reductions for year-end 2008 oil
        and gas prices were not included.




SOURCE Whiting Petroleum Corporation

CONTACT:
John B. Kelso,
Director of Investor Relations
of Whiting Petroleum Corporation,
+1-303-837-1661,
john.kelso@whiting.com

Web Site: http://www.whiting.com