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Energy

Whiting Petroleum Raises Cash (WLL)

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By Douglas A. McIntyre Updated Published
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Money_stack_pic_3It looks like we have more offerings coming to market, or at least more and more are being contemplated.  Whiting Petroleum Corporation (NYSE: WLL) announced that its secondary offering for 8 million shares of common stock was priced at $29.00 per share. 

Merrill Lynch & Co. is the book-running manager, and they weregranted a 30-day overallotment option to purchase an additional 1.2million shares.

Whiting sees the net proceeds at roughly $222.2 million afterdiscounts, commissions, and expenses.  The company intends totemporarily reduce amounts outstanding under its credit facility and toincrease its 2009 base capital budget to develop incrementalopportunities it has identified in the Northern and Central Rockies.But the company can also either further develop these incrementalprojects or it can expand previously announced projects under the 2009base capital budget.

This looks like it is at no discount on the surface since it closed at$29.14, but this was anticipated to be coming at the end of this weekor the start of next.  Shares closed down 7% at $29.14 today, andshares were at $36.00 on Monday before the intent to offer the stockwas announced.

Jon C. Ogg
January 29, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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