Whiting Petroleum Corp. (WLL)

[OilStockReport]

Whiting (WLL) was the second largest oil producer in North Dakota at the end of 2010. It has 680,137 net acres in the Bakken hydrocarbon system. It has 65056 net acres in the Sanish area. This has been a great performer.

In 2011, Whiting has drilled 21 wells in the Sanish with an average IP rate of 2020 Boe/d. These wells have a 90 day IP rate of 545 Boe/d. Whiting has an aggressive 2011 Bakken drilling program:

Sanish/Parshall-95 wells
Lewis & Clark-48 wells
Hidden Bench/Tarpon-26 wells
Starbuck-7 wells
Missouri Breaks-1 well
Cassandra-8 wells
Big Island-3 wells

Whiting has a 2011 exploration and development budget of $1.6 billion. 48% or $767 million will be spent on the Bakken.

I believe Whiting is a good investment. It is levered to the Williston Basin and is spending to develop the play quickly.