Whiting Petroleum Completes Reorganization, Emerges from Chapter 11 Protection
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Whiting Petroleum Corporation has successfully completed its financial restructuring and emerged from Chapter 11 protection. Whiting officially concluded its reorganization after completing all required actions and satisfying the remaining conditions to its plan of reorganization.
“We are excited to begin our new chapter at Whiting, with a focus on capital discipline and free cash flow generation to create long-term value for our shareholders. On behalf of the Company and newly appointed Board of Directors, I would like to thank our employees for their patience and dedication during this process,” said Lynn Peterson, chief executive officer of Whiting.
Whiting’s new capital structure includes a new $750 million reserve based revolving credit facility maturing in April 2024. Whiting’s unsecured claims, including holders of Whiting’s senior unsecured notes, received their proportionate distribution of 97 percent of Whiting’s newly issued common stock (subject to dilution).
New Leadership and Board of Directors
Lynn Peterson has assumed the role of chief executive officer. Additionally, James Henderson has assumed the role of chief financial officer. Henderson succeeds Correne S. Loeffler, who has resigned to pursue other interests following the company’s restructuring. Chip Rimer will continue to serve as Whiting’s chief operating officer.
Whiting has appointed a new board of directors. The new board of directors consists of seven members including: Kevin McCarthy (Chairman), Lynn Peterson (CEO), Janet L. Carrig, Susan Cunningham, Paul Korus, Daniel Rice, and Anne Taylor.
About Whiting Petroleum Corporation
Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company that develops, produces, acquires and explores for 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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