Whiting Petroleum Corporation Announces 1-for 4 Reverse Stock Split
November 08 2017 - 10:37AM
Business Wire
Whiting Petroleum Corporation (NYSE: WLL) announced today
that, following approval of the reverse stock split and authorized
share reduction by Whiting stockholders at a special meeting of
stockholders earlier today, Whiting’s Board of Directors determined
to effect the reverse stock split of Whiting’s common stock at a
ratio of 1-for-4. The applicable Certificate of Amendment to the
Company’s Restated Certificate of Incorporation was filed with the
Delaware Secretary of State and will become effective at 5:00 p.m.
Eastern Time on November 8, 2017. In addition, and at the same
time, the total number of shares of common stock Whiting is
authorized to issue will change from 600,000,000 shares to
225,000,000 shares.
Whiting common stock will begin trading on a split-adjusted
basis when markets open on November 9, 2017. Whiting common stock
will continue to trade on the New York Stock Exchange under the
symbol “WLL,” although a new CUSIP number (966387 409) has been
assigned to it as a result of the reverse stock split.
No fractional shares have been issued in connection with the
reverse stock split. Stockholders otherwise entitled to receive
fractional share(s) as a result of the reverse stock split will
receive cash payments in lieu of such shares.
Additional information about the reverse stock split can be
found in Whiting’s definitive proxy statement on Schedule 14A filed
with the U.S. Securities and Exchange Commission (the “SEC”),
available free of charge at the SEC’s website, www.sec.gov, or at
Whiting’s website, www.whiting.com.
About Whiting Petroleum Corporation
Whiting Petroleum Corporation, a Delaware corporation, is an
independent oil and gas company that develops, produces, acquires
and explores for crude oil, natural gas and natural gas liquids
primarily in the Rocky Mountains region of the United States. The
Company’s largest projects are in the Bakken and Three Forks plays
in North Dakota and Montana and the Niobrara play in northeast
Colorado. The Company trades publicly under the symbol WLL on the
New York Stock Exchange. For further information, please visit
http://www.whiting.com.
Forward-Looking Statements
This news release contains statements that we believe to be
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. 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:
the possibility that the reverse stock split proposal may not have
its intended effects; the possibility that factors unrelated to the
reverse stock split may impact the per share trading price of
Whiting’s common stock; declines in, or extended periods of low
oil, NGL or natural gas prices; our level of success in
exploration, development and production activities; risks related
to our level of indebtedness, ability to comply with debt covenants
and periodic redeterminations of the borrowing base under our
credit agreement; impacts to financial statements as a result of
impairment write-downs; our ability to successfully complete asset
dispositions and the risks related thereto; revisions to reserve
estimates as a result of changes in commodity prices, regulation
and other factors; adverse weather conditions that may negatively
impact development or production activities; the timing of our
exploration and development expenditures; inaccuracies of our
reserve estimates or our assumptions underlying them; risks
relating to any unforeseen liabilities of ours; 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; federal and state initiatives relating to
the regulation of hydraulic fracturing and air emissions;
unforeseen underperformance of or liabilities associated with
acquired properties; the impacts of hedging on our results of
operations; failure of our properties to yield oil or gas in
commercially viable quantities; availability of, and risks
associated with, transport of oil and gas; our ability to drill
producing wells on undeveloped acreage prior to its lease
expiration; shortages of or delays in obtaining qualified personnel
or equipment, including drilling rigs and completion services;
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; the potential impact of changes in laws, including tax
reform, that could have a negative effect on the oil and gas
industry; 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; cyber security attacks or
failures of our telecommunication systems; and other risks
described under the caption “Risk Factors” in Item 1A of our Annual
Report on Form 10-K for the period ended December 31, 2016. We
assume no obligation, and disclaim any duty, to update the
forward-looking statements in this news release.
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version on businesswire.com: http://www.businesswire.com/news/home/20171108006066/en/
Whiting PetroleumEric K. Hagen, 303-837-1661Vice
President, Investor RelationsEric.Hagen@whiting.com
Whiting Petroleum (NYSE:WLL)
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