Data Points From WLL's Earnings Transcript -- 1Q12

Data points from WLL's earnings transcript, 1Q12 (some numbers rounded):

• 1Q11 production at high end of guidance; nearly 15% increase sequentially
• will raise full year guidance despite conveyance of 4,500 boepd for Whiting US Trust II (WHZ)
• project 17 - 22% growth increase for 2012 over 2011 (vs forecast of 15 - 20%)
• reducing long-term debt
• production now up to 81,000 boepd  

• the Bakken: >2,500 drilling locations; >10 years inventory at current pace
• CAPEX: raised to $1.8 billion from $1.6 billion; represents high pace of activity in Williston Basin
• the Bakken: 701,751 net acres; increased by 20,000 net acres y-o-y

Reservoirs:

• Lewis & Clark/Pronghorn: Pronghorn Sand and upper Three Forks, with one (1) wellbore
• Hidden Bench, Tarpon, Missouri Breaks, Starbuck: dual targets (MB and upper TF)
• will test WLL's first lower Three Forks at Hidden Bench in May, 2012

• EURs: 350,000 to 600,000
• average cost of wells: $7 million

• very upbeat on Pronghorn; preliminary results suggest similar to Sanish

WLL continues to lead all Bakken operators in cumulative production

• 6-month production is 4,000 bbls BOE higher than 2nd-ranked operater
• 6-month production is 27,000 bbls BOE better than average of the next 25 operators

Takeaway capacity for the Bakken area: > 1 million bbls by end of 2012; will expand by 412,000 bopd for 2012

Finance notes

• some of the best cash margins "in the business": $49
• for 2012, 45% hedged; $67 floors and $109 ceilings
• 20% of well head natural gas in excess of $5.40/Mcf

Q&A

• Joint Venture? that was the original plan, but results are so good, WLL may not want a partner

• cost of a completed Niobrara well? drilling, $2 million; completion, $2 million; total: about $4.3 million

• drilling inventory? in the Sanish, WLL has completed almost all of their middle Bakken wells; maybe 14 more middle Bakken wells in the Sanish to drill; the remainder will be TF wells

• cost of a WLL well? $6 million Sanish; $7 million elsewhere

• in the Pronghorn: fewer rigs will be needed, because all wells off of the pad; 2 or 3 wells/pad; save time on moving rigs

• Pronghorn: could be 100,000 acres de-risked before it's all over

• Missouri Breaks, the wells don't look so good? correct -- lower IPs, but smaller decline; EURs should be 300,000 to 340,000 boe range; well cost in Missouri Breaks? $7 million; hope to bring it down over time

• rigs? 19 in Williston Basin

• 7 rigs in the Sanish; will keep busy for 2, almost 2.5 years; 5 in the Pronghorn; 1 at Lewis & Clark; 2 at Hidden Bench; 2 at Missouri Breaks; and 1 in Starbuck. That totals 18.

• Robinson Lake Gas Plant: netting $3 million/month (50% interest)

• ability to acquire any more acreage in the Williston Basin? 60,000 to 80,000 net acres, maybe