July 30, 2008

Whiting Petroleum Corporation’s Second Quarter 2008 Earnings Reach a Record $80.4 Million or $1.90 Per Share $216.3 Million in Discretionary Cash Flow

DENVER, July 30 /PRNewswire-FirstCall/ -- Whiting Petroleum Corporation today reported record second quarter 2008 net income of $80.4 million, or $1.90 per basic and diluted share, on total revenues of $345.8 million. This compares to second quarter 2007 net income of $26.5 million, or $0.72 per basic and diluted share, on total revenues of $192.9 million. During the second quarter of 2008, as a result of rising commodity prices, Whiting recognized a non-cash, after-tax unrealized loss on commodity derivative contracts of $12.9 million, or $0.30 per share.

Discretionary cash flow in the second quarter of 2008 totaled a record $216.3 million, more than double the $100.2 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 increases in net income and discretionary cash flow in the second quarter of 2008 versus the comparable 2007 period were primarily the result of an 8% increase in the Company's total equivalent production, a 67% increase in the Company's net realized oil price and a 44% increase in its net realized gas price.

Production in the second quarter of 2008 totaled a record of 4.02 million barrels of oil equivalent (MMBOE), of which 2.80 million barrels were crude oil (70%) and 1.22 MMBOE was natural gas (30%). This second quarter 2008 production total equates to a daily average production rate of 44,200 barrels of oil equivalent (BOE), compared to the 40,920 BOE per day average rate in 2007's second quarter. The second quarter 2008 daily average production rate of 44,200 BOE also represents a 7.5% increase from the first quarter 2008 daily average rate of 41,120 BOE. June 2008 average production of 47,100 BOE per day represents a 12.7% increase from the March 2008 average daily rate of 41,800 BOE.

The net profits interest in properties conveyed to third-party holders of Whiting USA Trust I, which closed April 30, 2008, represented production of approximately 3,100 BOE per day in April 2008. These volumes were included in Whiting's production totals only for the month of April 2008. Whiting's acquisition of the Flat Rock field in the Uinta Basin closed May 30, 2008. Net production of 3,010 BOE per day from the Uinta Basin properties was included in Whiting's production totals only for the month of June 2008.

Production increases were due to a combination of successful drilling in the prolific Piceance and Bakken projects and continued increases in the Company's CO2 flood projects. The primary contributor to Whiting's production increases in the second quarter of 2008 came from new wells in the Middle Bakken formation in the Sanish and Parshall fields in Mountrail County, North Dakota. The following table summarizes the Company's net production from the Sanish and Parshall fields in the second quarter and in June 2008:

                                   Average                Number of       Operated and        Q2 08 Net     June Net                Producing          Non-Op.          Production   Production   Field          Wells         WI         NRI       (BOE/D)      (BOE/D)   Sanish           17         63%         51%        2,400        3,400   Parshall         48         25%         20%        4,000        5,000   Totals           65                                6,400        8,400     

Whiting has increased its exploration and development budget $85 million to $850 million for 2008. The increase is due primarily to additional exploration and development activities across the Company's regions.

Six Months Financial and Operating Results

For the six months ended June 30, 2008, Whiting reported net income of $142.8 million, or $3.38 per basic and $3.37 per diluted share, on total revenues of $609.8 million. This compares to first half 2007 net income of $37.1 million, or $1.01 per basic and diluted share, on total revenues of $352.8 million. Discretionary cash flow for the first six months of 2008 totaled $377.8 million, compared to $174.2 million in the comparable 2007 period.

Production in the first half of 2008 totaled 7.76 MMBOE, or 42,660 BOE per day, compared to first half 2007 production of 7.26 MMBOE, or 40,090 BOE per day.

James J. Volker, Whiting's Chairman, President and CEO, commented, "All of our production growth in the first half of 2008 was organic. Our net production from the Middle Bakken formation more than doubled from March to June to a rate of more than 8,400 barrels of oil equivalent per day. Our net production from the Boies Ranch prospect in the Piceance Basin ramped up to more than 6 million cubic feet per day in June from 744 thousand cubic feet per day in March. In addition, combined production from our CO2 projects increased 3% to 11,700 BOE per day in June from 11,400 BOE in March."

Mr. Volker continued, "We expect the momentum established in the second quarter to continue into the second half of this year and into 2009. We have raised our production guidance for 2008 to a range of 16.5 MMBOE to 16.7 MMBOE. The mid-point of this range would represent a 12.9% increase over our 2007 production total of 14.7 MMBOE."

As of July 30, 2008, 14 operated drilling rigs and 34 operated workover rigs were active on our properties. We were also participating in the drilling of 10 non-operated wells, most of which are located in the Parshall field. The breakdown of our operated rigs is as follows:

   Region                                  Drilling            Workover   Rocky Mountain      Bakken / Williston                       5                   4      Piceance                                 2                   1      Green River                              1                   2   Permian                                     2                   6   Mid-Continent                               0                   2   Gulf Coast                                  1                   1   Postle                                      2                   5   North Ward Estes                            1                  13   Totals                                     14                  34      Other Noteworthy Events and Results   

-- Whiting completed six significant single-lateral Bakken oil and gas producers in the Sanish field during the past 10 weeks. The following table summarizes the results:

                                                      IP                                                   (BOE/D)                                      Completion    24-hr.        1st 30         Well Name        WI   NRI       Date        Test       Days (BOE/D)   Stenseth Trust    11-5H                 73%   59%    07/06/08      3,044          N/A   Lacey 11-1H            86%   70%    07/01/08      2,330          N/A   Behr 11-34H            54%   44%    06/20/08      3,245         1,335   Abbott 11-18H          99%   80%    06/16/08      1,959         1,088   Locken 14-28H          78%   63%    05/31/08      1,719           935   Braaflat 11-11H        97%   78%    05/23/08      2,997         1,505     

-- On May 30, 2008, Whiting completed its acquisition from Chicago Energy Associates, LLC of interests in producing gas wells and development acreage in the Flat Rock field in Uintah County, Utah for $364.4 million in cash. The acquisition also included gas gathering facilities. The effective date of the acquisition was January 1, 2008. Whiting funded the purchase price with borrowings under its existing bank credit facility.

Net production from the Flat Rock field averaged 18.1 million cubic feet (MMcf) of gas per day (3,010 BOE per day) in June 2008. Whiting recently began drilling its first well in Flat Rock. The Ute Tribal 1-30-14-20, in which Whiting holds a 100% working interest, is scheduled to test the Entrada sandstone at a depth of approximately 11,500 feet. Approximately 17.5 MMcf of gas per day of the field's daily gas output of 18.1 MMcf is from seven Entrada gas wells. Whiting expects to drill and complete four additional 100%-owned Entrada wells by year-end 2008.

Forty-nine square miles of 3-D seismic support a current plan of up to 59 additional wells to more fully develop the Entrada and other formations on the 22,029 gross and 11,533 net acres included in the acquisition. Of these 59 additional wells, Whiting expects to operate 15 while 44 are expected to be operated by another experienced area operator.

-- On April 30, 2008, Whiting closed the initial public offering of Whiting USA Trust I at $20.00 per trust unit. Whiting received net proceeds from this offering of $215.1 million. The trust units began trading on the NYSE on April 25, 2008 under the symbol WHX. After completion of the offering, Whiting owns 2,186,389 (15.77%) out of the 13,863,889 total outstanding trust units. Based on the net proceeds from the initial public offering of $215.1 million, Whiting received $31.17 per BOE from the offering.

-- As mentioned previously, Whiting's net production from the Middle Bakken formation in the Sanish and Parshall fields of Mountrail County, North Dakota averaged 8,400 BOE per day in June 2008, more than double the 4,153 BOE average daily rate in March 2008.

Whiting's net production from the Sanish field in June 2008 averaged 3,400 BOE per day, compared to a net daily rate of 1,175 BOE in March 2008. Whiting is currently drilling or completing seven operated wells in the Sanish field with an average working interest of 82%. The Company currently has five operated rigs working in the field and expects to have nine operated rigs drilling in the area by year-end 2008. Whiting has completed nine operated wells in the Sanish field in 2008 and expects to complete an additional 20 to 25 wells during the balance of the year. Whiting expects all of these to be single-lateral wells drilled on 1,280-acre spacing units. Ultimately, Whiting estimates that it has 128 operated locations in the Sanish field that are expected to be drilled during the next 36 months. Potential in-fill drilling (drilling an 8,000-foot to 10,000-foot lateral across two 1,280-acre spacing units) would add to this total. In addition, Whiting plans to test the Three Forks/Sanish formation in Mountrail County in the third quarter of 2008. We hold a total of 118,571 gross acres (83,310 net acres) in the Sanish field.

In late June, the Company completed construction of the first phase of its Robinson Lake gas processing plant in the Sanish field and was selling approximately 170 net barrels per day of natural gas liquids (NGLs) in July 2008. The installation of a 17-mile natural gas pipeline in the Sanish field is nearing completion. Gas sales from Sanish of approximately 1 MMcf per day are expected to begin in the fourth quarter of 2008. Following the anticipated expansion of the Robinson Lake gas plant in the first quarter of 2009, Whiting-operated net gas sales are expected to approximate 3 MMcf to 4 MMcf per day.

In the Parshall field, Whiting owns interests in 72,790 gross acres (14,982 net acres). As of June 30, 2008, Whiting had participated in a total of 48 wells that produce from the Bakken formation, 24 of which were completed in 2008. Whiting expects to participate in a total of 60 to 70 wells (up from the previous estimate of 50 to 60 wells) in the Parshall field in 2008 with an average working interest of 25%. Eight drilling rigs were working in the Parshall field as of July 30, 2008. Whiting's net production from the Parshall field in June 2008 averaged 5,000 BOE per day, compared to a net daily rate of 2,978 BOE in March 2008.

-- At our Boies Ranch prospect in Rio Blanco County, Colorado, 13 wells were producing at a combined average net rate to Whiting of 6.1 MMcf of gas per day in June 2008. Whiting holds an average working interest of 71% and an average net revenue interest of 62% in the 13 gas wells. In addition, two wells are being drilled and eight wells are being completed or waiting on completion. Of these eight wells, Whiting expects five to be completed and producing into a sales line by the end of August 2008 and the remaining three by the end of September.

Whiting recently completed a 3-mile, 10-inch diameter pipeline that has a total daily capacity of approximately 80 MMcf of gas at its Boies Ranch prospect (Sulphur Creek field). Start-up of the pipeline facilities occurred on May 13, 2008. The new pipeline connects to a supply trunk line feeding a 750 MMcf per day treating and processing facility connected to the Rockies Express pipeline (REX) that gives Whiting access to multiple intrastate and interstate markets. The new pipeline connection will allow Whiting to market all of its gas at Boies Ranch without restriction. The 42-inch diameter REX pipeline currently has a capacity of transporting 1.5 Bcf of gas per day.

Whiting holds 2,760 gross acres (1,570 net acres) on the Boies Ranch and Jimmy Gulch prospects. In addition, we own 14,133 gross federal lease acres (2,501 net acres) in this immediate area. Based on 20-acre spacing units, Whiting plans to drill a total of 110 wells on Boies Ranch and Jimmy Gulch, 24 of which are planned for 2008. Downspacing to 10 acres in certain areas of the field would generate additional locations. Drilling operations are expected to commence at Jimmy Gulch in August 2008.

-- Whiting's expansion of its CO2 flood at the Postle field, located in Texas County, Oklahoma, continues to generate positive results. Production from the field has increased from a net 4,200 BOE per day at the time of its acquisition in August 2005 to a net 6,300 BOE per day in June 2008, an increase of 50%. This project is part of the Company's plan to expand the existing water and CO2 flood from the eastern half of the Postle field to the western half of the field. The field includes six producing units covering a total of approximately 25,600 gross acres (24,223 net acres) with working interests of 94% to 100%.

-- The North Ward Estes field in Ward and Winkler Counties, Texas is responding to the Company's CO2 injection, which was initiated in May 2007. Net production from North Ward Estes in June 2008 averaged 5,400 BOE per day, up from 3,600 BOE per day during the first quarter of 2005, just prior to our July 2005 agreement to acquire the North Ward Estes field. The current rate continues to increase over the net daily rate of 5,200 BOE per day in March of 2008 and 5,050 BOE per day in December 2007.

The following table summarizes the Company's net production and commodity price realizations for the quarters ended June 30, 2008 and 2007:

                                              Three Months Ended   Production                                 6/30/08     6/30/07    Change   Oil and condensate (MMbbls)                  2.80        2.38       18%   Natural gas (Bcf)                            7.34        8.06       (9%)   Equivalent (MMBOE)                           4.02        3.72        8%    Average Sales Price   Oil and condensate (per Bbl):     Price received                          $113.28      $57.38       97%     Effect of crude oil hedging              (17.19)          -   Realized price                             $96.09      $57.38       67%    Natural gas (per Mcf):     Price received                           $10.02       $6.95       44%     Effect of natural gas hedging                 -           -   Realized price                             $10.02       $6.95       44%     

The decline in gas sales was primarily the result of the sale of South Texas properties, which was effective July 1, 2007.

Whiting recorded a loss of $48.1 million on its crude oil hedges during the second quarter of 2008, and no gain or loss on its natural gas hedges in the second quarter of 2008. A summary of Whiting's outstanding hedges is included later in this news release.

Second Quarter and First Half 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       Six Months                                           Ended June 30,     Ended June 30,                                           2008      2007     2008     2007   Production (MMBOE)                      4.02      3.72     7.76     7.26    Sales price, net of hedging           $85.14    $51.74   $78.08   $48.56   Lease operating expense                14.29     13.96    14.58    13.92   Production tax                          6.48      3.24     5.63     2.99   General & administrative                5.72      2.38     4.46     2.36   Exploration                             1.45      1.16     1.83     1.54   Cash interest expense                   3.52      5.13     3.63     5.09   Cash income tax expense                (0.21)     0.41     0.11     0.30                                         $53.89    $25.46   $47.84   $22.36     

With the exception of the Company's basis differentials, all of its financial and operating statistics for the second quarter were in line with or better than its previously announced guidance.

During the second quarter, the company-wide basis differential for crude oil compared to NYMEX was $10.72 per barrel, which compared to $7.64 per barrel in the second quarter of 2007 and $8.38 per barrel in the first quarter of 2008. Whiting expects its oil price differential to remain at $10.00 to $11.00 in the second half of 2008.

During the second quarter, the company-wide basis differential for natural gas compared to NYMEX was $0.92 per Mcf, which compared to $0.60 per Mcf in the second quarter of 2007 and $0.14 per Mcf in the first quarter of 2008. Whiting expects its gas price differential to be in the range of $0.50 to $1.00 in second half of 2008.

Second Quarter 2008 Drilling Summary

The table below summarizes Whiting's drilling activity and exploration and development costs incurred for the three months and six months ended June 30, 2008:

                           Gross/Net Wells Completed                                                                 Expl. & Dev.                                         Total New    % Success     Cost               Producing  Non-Producing  Drilling        Rate   (in millions)   Q208        84 / 30.1     4 / 1.6     88 / 31.7    96% / 95%     $222.4   6M08       131 / 55.8     9 / 2.1    140 / 57.9    94% / 96%     $410.3      Outlook for Third Quarter and Full-year 2008  

The following table provides a summary of certain estimates for the third quarter and full-year 2008 based on current forecasts. Whiting's full-year 2008 capital budget is $850 million (excluding acquisition costs).

Whiting has adjusted third quarter production guidance for planned maintenance on the pipeline that transports crude oil from the Sanish and Parshall fields. The maintenance is scheduled to take place from August 19 through August 23, 2008 and could affect as much as 40,000 barrels, or less than 1%, of total net production during the third quarter. Whiting is looking at different markets for its crude oil production from this area during that period.

In addition, Whiting is making alternative marketing arrangements for its Piceance Basin gas production to mitigate the impact of scheduled testing on a section of the REX pipeline for most of September. As previously mentioned, net production from the Company's Boies Ranch prospect averaged 6.1 MMcf of gas per day in June 2008.

   Guidance for the third quarter and full-year 2008 is as follows:                                                             Guidance                                               Third Quarter      Full-Year                                                   2008             2008    Production (MMBOE)                          4.30 -   4.40   16.50 -  16.70   Lease operating expense per BOE           $13.70 - $14.00  $14.00 - $14.30   General and admin. expense per BOE         $3.90 -  $4.10   $4.20 -  $4.40   Interest expense per BOE                   $4.05 -  $4.25   $4.00 -  $4.20   Depr., depletion and amort. per BOE       $14.10 - $14.50  $14.00 - $14.40   Prod. taxes (% of production revenue)       6.6% -   6.9%    6.6% -   6.9%   Oil Price Differentials to NYMEX per Bbl  $10.00 - $11.00   $9.50 - $10.00   Gas Price Differentials to NYMEX per Mcf   $0.50 -  $1.00   $0.50 -  $0.70      Oil Hedges and Fixed-Price Gas Contracts  

Whiting Petroleum Corporation's outstanding hedges and fixed-price gas contracts as of July 1, 2008 are summarized below:

                                                                  As a                     Contracted      NYMEX Price Collar       Percentage of   2008                Volume              Range                June 2008   Hedges         (Bbls per Month)       (per Bbl)            Oil Production    Q3                  110,000        $48.00 - $70.85              12%   Q3                  120,000        $60.00 - $75.60              13%   Q3                  100,000        $65.00 - $81.00              10%   Q4                  110,000        $48.00 - $70.20              12%   Q4                  120,000        $60.00 - $75.85              13%   Q4                  100,000        $65.00 - $81.20              10%                                 Natural Gas                          As a                              Volumes in      2008 Contract    Percentage of   Fixed Price                 MMBtu per        Price (1)        June 2008   Contracts                     Month          per MMBtu      Gas Production    July 2008 -  May 2011        25,000            $4.94               1%    July 2008 - Sep. 2012        67,000            $4.38               2%     (1) Annual 4% price escalation on fixed price contracts.    

In conjunction with the Whiting USA Trust I, Whiting entered into certain oil and natural gas hedges on the underlying properties. Whiting's retained 10% interest in the underlying properties combined with its ownership of 2,186,389 trust units results in third-party public holders of trust units receiving 75.8%, and Whiting retaining 24.2%, of the future economic results of the hedge contracts listed below.

              Contracted Volume            NYMEX Price Collar Range              Oil     Natural Gas            Bbls per    Mcf per            Oil                    Gas   Hedges    Month       Month          (per Bbl)             (per MMBtu)    2008      52,177     235,314      $82.00 - $132.81        $7.00 - $17.38   2009      48,166     198,974      $76.00 - $137.43        $6.50 - $17.11   2010      43,488     170,589      $76.00 - $134.98        $6.50 - $15.06   2011      39,614     150,313      $74.00 - $140.15        $6.50 - $14.62   2012      36,189     132,232      $74.00 - $141.72        $6.50 - $14.27                   Selected Operating and Financial Statistics                                    Three Months Ended    Six Months Ended                                        June 30,              June 30,                                    2008       2007       2008       2007   Selected operating statistics   Production     Oil and condensate, Mbbl       2,798      2,381      5,392      4,626     Natural gas, MMcf              7,344      8,056     14,234     15,785     Oil equivalents, MBOE          4,022      3,724      7,764      7,257   Average Prices     Oil, Bbl (excludes hedging)  $113.28     $57.38    $101.88     $53.48     Natural gas, Mcf (excludes      hedging)                     $10.02      $6.95      $8.99      $6.65   Per BOE Data     Sales price (including      hedging)                     $85.14     $51.74     $78.08     $48.56     Lease operating               $14.29     $13.96     $14.58     $13.92     Production taxes               $6.48      $3.24      $5.63      $2.99     Depreciation, depletion and      amortization                 $13.63     $13.25     $13.56     $12.94     General and administrative     $5.72      $2.38      $4.46      $2.36   Selected Financial Data     (In thousands, except per      share data)     Total revenues and other      income                     $345,775   $192,904   $609,825   $352,826     Total costs and expenses    $217,911   $151,305   $383,179   $294,708     Net income                   $80,449    $26,471   $142,763    $37,137     Net income per common share,      basic                         $1.90      $0.72      $3.38      $1.01     Net income per common share,      diluted                       $1.90      $0.72      $3.37      $1.01      Average shares outstanding,      basic                        42,320     36,808     42,296     36,789     Average shares outstanding,      diluted                      42,446     36,905     42,416     36,936     Net cash provided by      operating activities       $206,638    $87,592   $329,091   $149,953     Net cash used in investing      activities                $(398,163) $(117,890) $(568,664) $(242,729)     Net cash provided by      financing activities       $210,000    $30,000   $250,000    $90,294      Conference Call  

The Company's management will host a conference call with investors, analysts and other interested parties on Thursday, July 31, 2008 at 11:00 a.m. EDT (10:00 a.m. CDT, 9:00 a.m. MDT) to discuss Whiting's second quarter 2008 financial and operating results. Please call (888) 873-4896 (U.S./Canada) or (617) 213-8850 (International) and enter the pass code 40529254 to be connected to the call. Access to a live Internet broadcast will be available at http://www.whiting.com/ by clicking on the link titled "Webcasts." Slides for the conference call will be available on this website beginning at 11:00 a.m. (EDT) on July 31, 2008.

A telephonic replay will be available beginning approximately two hours after the call on Thursday, July 31, 2008 and continuing through Thursday, August 7, 2008. You may access this replay at (888) 286-8010 (U.S./Canada) or (617) 801-6888 (International) and entering the pass code 34686270. 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 http://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 gas prices; 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; our ability to obtain external capital to finance acquisitions; our ability to identify and complete acquisitions and to successfully integrate acquired businesses, including the properties acquired from Chicago Energy; unforeseen underperformance of or liabilities associated with acquired properties, including the properties acquired from Chicago Energy; our ability to successfully complete potential asset dispositions; inaccuracies of our reserve estimates or our assumptions underlying them; 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; risks related to our level of indebtedness and periodic redeterminations of our borrowing base under our credit agreement; our ability to replace our oil and 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, 2007. We assume no obligation, and disclaim any duty, to update the forward-looking statements in this news release.


For further information and discussion on the selected financial data below, please refer to Whiting Petroleum Corporation's Second Quarter Form 10-Q for the three and six months ended June 30, 2008, to be filed with the Securities and Exchange Commission.

                       WHITING PETROLEUM CORPORATION                  CONSOLIDATED BALANCE SHEETS (Unaudited)                               (In thousands)                                                    June 30,     December 31,                                                     2008           2007   ASSETS    CURRENT ASSETS:     Cash and cash equivalents                      $25,205        $14,778     Accounts receivable trade, net                 199,782        110,437     Deferred income taxes                           39,890         27,720     Prepaid expenses and other                      33,152          9,232        Total current assets                        298,029        162,167    PROPERTY AND EQUIPMENT:     Oil and gas properties, successful efforts      method:        Proved properties                         3,874,820      3,313,777        Unproved properties                         131,430         55,084     Other property and equipment                    51,456         37,778         Total property and equipment              4,057,706      3,406,639      Less accumulated depreciation, depletion      and amortization                             (715,426)      (646,943)    Total property and equipment, net              3,342,280      2,759,696    DEBT ISSUANCE COSTS                               12,881         15,016    OTHER LONG-TERM ASSETS                            52,006         15,132    TOTAL                                         $3,705,196     $2,952,011                          WHITING PETROLEUM CORPORATION                  CONSOLIDATED BALANCE SHEETS (Unaudited)              (In thousands, except share and per share data)                                                    June 30,     December 31,                                                     2008           2007   LIABILITIES AND STOCKHOLDERS' EQUITY    CURRENT LIABILITIES:     Accounts payable                              $50,366        $19,280     Accrued capital expenditures                   79,096         59,441     Accrued liabilities                            41,188         29,098     Accrued interest                               10,633         11,240     Oil and gas sales payable                      39,425         26,205     Accrued employee compensation and benefits     25,756         21,081     Production taxes payable                       25,193         12,936     Current portion of deferred gain on sale       16,070              -     Current portion of tax sharing liability        2,587          2,587     Current portion of derivative liability       139,268         72,796         Total current liabilities                  429,582        254,664    NON-CURRENT LIABILITIES:     Long-term debt                              1,118,411        868,248     Asset retirement obligations                   41,067         35,883     Production Participation Plan liability        51,889         34,042     Tax sharing liability                          23,693         23,070     Deferred income taxes                         317,889        242,964     Long-term derivative liability                 37,871              -     Deferred gain on sale                          82,418              -     Other long-term liabilities                     2,290          2,314         Total non-current liabilities            1,675,528      1,206,521    COMMITMENTS AND CONTINGENCIES    STOCKHOLDERS' EQUITY:     Common stock, $0.001 par value;      75,000,000 shares authorized, 42,586,046      and 42,480,497 shares issued and      outstanding as of June 30, 2008 and      December 31, 2007, respectively                   43             42     Additional paid-in capital                    970,387        968,876     Accumulated other comprehensive loss          (81,131)       (46,116)     Retained earnings                             710,787        568,024         Total stockholders' equity               1,600,086      1,490,826    TOTAL                                        $3,705,196     $2,952,011                          WHITING PETROLEUM CORPORATION               CONSOLIDATED STATEMENTS OF INCOME (Unaudited)                   (In thousands, except per share data)                                     Three Months Ended     Six Months Ended                                         June 30,              June 30,                                     2008       2007       2008       2007   REVENUES AND OTHER INCOME:     Oil and gas sales            $390,536   $192,646   $677,267  $352,359     Loss on oil hedging      activities                   (48,111)         -    (71,023)        -     Amortization of deferred      gain on sale                   2,957          -      2,957         -     Interest income and other         393        258        624       467        Total revenues and other         income                    345,775    192,904    609,825   352,826   COSTS AND EXPENSES:     Lease operating                57,470     51,983    113,176   101,037     Production taxes               26,057     12,079     43,743    21,690     Depreciation, depletion and      amortization                  54,811     49,335    105,322    93,906     Exploration and impairment      8,643      6,643     19,627    15,820     General and administrative     23,007      8,876     34,622    17,161     Change in Production      Participation Plan liability  11,690      2,058     17,847     4,150     Interest expense               15,671     20,754     31,217    40,253     Mark-to-market derivative      (gain) loss                   20,562       (423)    17,625       691        Total costs and expenses   217,911    151,305    383,179   294,708   INCOME BEFORE INCOME TAXES      127,864     41,599    226,646    58,118   INCOME TAX EXPENSE:     Current                          (837)     1,515        872     2,141     Deferred                       48,252     13,613     83,011    18,840        Total income tax expense    47,415     15,128     83,883    20,981   NET INCOME                      $80,449    $26,471   $142,763   $37,137   NET INCOME PER COMMON SHARE,    BASIC                            $1.90      $0.72      $3.38     $1.01   NET INCOME PER COMMON SHARE,    DILUTED                          $1.90      $0.72      $3.37     $1.01   WEIGHTED AVERAGE SHARES    OUTSTANDING, BASIC              42,320     36,808     42,296    36,789   WEIGHTED AVERAGE SHARES    OUTSTANDING, DILUTED            42,446     36,905     42,416    36,936                          WHITING PETROLEUM CORPORATION  

Reconciliation of Net Cash Provided by Operating Activities to Discretionary

                                 Cash Flow                               (In thousands)                                                      Three Months Ended                                                           June 30,                                                     2008           2007    Net cash provided by operating activities       $206,638        $87,592    Exploration                                        5,815          4,318    Changes in working capital                         3,887          8,268    Discretionary cash flow (1)                     $216,340       $100,178                                                        Six Months Ended                                                           June 30,                                                     2008           2007    Net cash provided by operating activities       $329,091       $149,953    Exploration                                       14,227         11,178    Changes in working capital                        34,454         13,110    Discretionary cash flow (1)                     $377,772       $174,241    

(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, unrealized derivative losses and other non-current items less the gain on sale of properties and marketable securities. 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 Corporation

CONTACT: John B. Kelso, Director of Investor Relations of WhitingPetroleum Corporation, +1-303-837-1661, [email protected]

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