June 24, 2009 (FinancialWire) — Whiting Petroleum Corp. (NYSE: WLL) has completed its public offering of 3.45 million shares of 6.25% convertible perpetual preferred stock at $100 per share.

The number of shares sold included the sale of 450,000 shares due to the full exercise of the underwriters’ over-allotment option.

Each share has a liquidation preference of $100 per share and is convertible, at a holder’s option, initially into 2.3033 shares of Whiting’s common stock based on an initial conversion price of $43.4163 per share.

Whiting received net proceeds of around $334.2 million, and used all of those net proceeds to repay a portion of the debt currently outstanding under its credit agreement. The amounts repaid under the credit agreement are available for Whiting to reborrow in the future, according to the company.

Denver-based Whiting Petroleum 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.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.