1255474--2/28/2006--WHITING_PETROLEUM

related topics

{gas, price, oil}

{cost, regulation, environmental}

{debt, indebtedness, cash}

{acquisition, growth, future}

{loss, insurance, financial}

{loan, real, estate}

{operation, natural, condition}

{personnel, key, retain}

{customer, product, revenue}

Our acquisition activities may not be successful. The development of the proved undeveloped reserves in the North Ward Estes field may take longer and may require higher levels of capital expenditures than we currently anticipate. Substantial acquisitions or other transactions could require significant external capital and could change our risk and property profile. Properties that we acquire may not produce as projected, and we may be unable to identify liabilities associated with the properties or obtain protection from sellers against them. If oil and natural gas prices decrease, we may be required to take write-downs of the carrying values of our oil and natural gas properties. Our debt level and the covenants in the agreements governing our debt could negatively impact our financial condition, results of operations and business prospects. The instruments governing our indebtedness contain various covenants limiting the discretion of our management in operating our business. Our development and exploration operations require substantial capital and we may be unable to obtain needed capital or financing on satisfactory terms, which could lead to a loss of properties and a decline in our natural gas and oil reserves. Reserve estimates depend on many assumptions that may turn out to be inaccurate. Any material inaccuracies in these reserve estimates or underlying assumptions will materially affect the quantities and present value of our reserves. Seasonal weather conditions and lease stipulations adversely affect our ability to conduct drilling activities in some of the areas where we operate. Prospects that we decide to drill may not yield oil or natural gas in commercially viable quantities. We may incur substantial losses and be subject to substantial liability claims as a result of our oil and natural gas operations. We have limited control over activities on properties we do not operate, which could reduce our production and revenues. Our use of 3-D seismic data is subject to interpretation and may not accurately identify the presence of natural gas and oil, which could adversely affect the results of our drilling operations. Market conditions or operational impediments may hinder our access to oil and natural gas markets or delay our production. We are subject to complex laws that can affect the cost, manner or feasibility of doing business. Our operations may incur substantial liabilities to comply with the environmental laws and regulations. Unless we replace our oil and natural gas reserves, our reserves and production will decline, which would adversely affect our cash flows and income. The loss of senior management or technical personnel could adversely affect us. The unavailability or high cost of additional drilling rigs, equipment, supplies, personnel and oil field services could adversely affect our ability to execute on a timely basis our exploration and development plans within our budget. Competition in the oil and natural gas industry is intense, which may adversely affect our ability to compete.

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1255474--2/28/2006--WHITING_PETROLEUM_CORP