DENVER–(BUSINESS WIRE)–Whiting Petroleum Corporation (NYSE: WLL) announced today that it plans to undertake a reverse stock split of Whiting’s common stock at a ratio ranging from any whole number between 1-for-2 to 1-for-6, as determined by Whiting’s Board of Directors, and a reduction in the number of authorized shares of its common stock as set forth in the chart below based on the reverse stock split ratio that is selected.
Number of Shares of
The reverse stock split will reduce the number of Whiting shares of common stock outstanding and is expected to increase the per share trading price of the common stock, which may improve marketability and facilitate its trading.
When the reverse stock split becomes effective, each number of shares between two to six (depending on the reverse stock split ratio selected by the Whiting’s Board of Directors) shares of Whiting’s common stock will automatically be converted into one share of common stock. Whiting does not anticipate issuing fractional shares as a result of the reverse stock split; stockholders entitled to receive fractional shares as a result of the reverse stock split will receive cash payments in lieu of such shares.
The reverse stock split will not change the proportionate equity interests or voting rights of holders of common stock, subject to the treatment of fractional shares.
Whiting will hold a special meeting of stockholders in the fourth quarter of 2017 to seek approval of a proposal to authorize the reverse stock split and authorized share reduction. The affirmative vote of the holders of a majority of the shares entitled to vote at the special meeting is required to adopt and approve such proposal. Holders of record of Whiting’s common stock as of the close of business on September 18, 2017, will be entitled to notice of and to vote at the special meeting. Whiting has filed a preliminary proxy statement regarding the special meeting with the U.S. Securities and Exchange Commission (the “SEC”).
The reverse stock split is subject to market and other customary conditions, including stockholder approval. Whiting reserves the right, at its sole discretion, to abandon the reverse stock split and authorized share reduction at any time prior to filing the applicable certificate of amendment with the Secretary of State of the State of Delaware.
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. The Company trades publicly under the symbol WLL on the New York Stock Exchange. For further information, please visit http://www.whiting.com.