Published: August 17, 2020 |

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Whiting Petroleum Corporation has appointed Lynn Peterson, a 40-year oil and gas industry veteran, as chief executive officer, effective as of the company’s anticipated emergence from chapter 11, which is projected to occur on September 1, 2020. Mr. Peterson succeeds Bradley J. Holly, who will resign effective at that time to pursue other interests following the company’s restructuring.

“We thank Brad for his leadership and strategic contributions that built the foundation for Whiting to expeditiously complete its financial restructuring and implement pivotal enhancements with a stronger balance sheet and improved cost structure. During this period of unprecedented volatility for the industry, Whiting set the standard for executing on a challenging business plan. In addition, over his tenure Brad built a strong management team and advanced the company’s efforts in sustainability with a focus on diversity and inclusion,” said James Catlin, Whiting’s lead director.

“As a board, and in partnership with Brad, we are committed to conducting an orderly emergence from chapter 11 and transitioning seamlessly to the new executive leadership team which has a strong track record of maximizing shareholder value through transactions in the basins where Whiting operates,” added Catlin.

A hearing to consider confirmation of the company’s chapter 11 plan is scheduled for August 14, 2020, and if the bankruptcy court confirms the plan, the company expects to emerge from chapter 11 on September 1, 2020. Upon its expected emergence from chapter 11, Whiting will also welcome a new independent board of directors.

“We believe that Lynn brings strong leadership, extensive industry knowledge and unique perspective to Whiting’s business in the Williston and DJ basins, leveraging his deep experience that includes operating the same cornerstone asset during his tenure at Kodiak prior to its acquisition by Whiting. Lynn’s strategic and operating experience will allow us to enhance and capitalize on the company’s attractive portfolio as we look to create value for our shareholders,” said new incoming Chairman Kevin McCarthy.

Lynn Peterson most recently served as chief executive officer and chairman of SRC Energy before its combination with PDC Energy in January 2020. Prior to SRC Energy, Peterson was co-founder, chief executive officer, and chairman of Kodiak Oil & Gas Corp. before its integration with Whiting in December 2014. Peterson began his career in accounting and auditor roles at Ernst & Young and holds a Bachelor of Science in Accounting from the University of Northern Colorado.

“I am honored to join and lead the Whiting team of talented employees and eager to work alongside our new board of directors, which is one of the finest assembled in the E&P sector, to build upon the momentum achieved through the restructuring for a bright Whiting future,” said Lynn Peterson.

“With a keen focus on excellence, discipline in all facets of our operations, continuing emphasis on environmental, health and safety, and good citizenship within the communities in which we live and operate, I am confident that Whiting will create value even in this challenging environment,” added Peterson.

“As we emerge from chapter 11, the company has significantly reduced its leverage and strengthened its balance sheet. Moving forward, we expect to focus on the development of our top-tier Bakken acreage, further reducing our leverage, and driving down operating and G&A costs. This should position the company well for the anticipated industry consolidation that we expect to see in the coming years, particularly in the opportunity-rich landscape of the Williston Basin,” said Peterson.

About Whiting Petroleum Corporation
Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company that explores for, develops, acquires and produces crude oil, natural gas and natural gas liquids primarily in the Rocky Mountain region of the United States. The company’s largest projects are in the Bakken and Three Forks plays in North Dakota and Niobrara play in northeast Colorado.

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