S&P: Whiting Petroleum unaffected

Standard & Poor's said Whiting Petroleum Corp.'s (B+/stable/--) announcement that it had completed its public offering of 8,625,000 shares of its common stock at $29.02 per share supports overall credit quality, but will not affect the ratings or outlook.

At the same time, an affiliate of Alliant Energy Corp., the former parent of Whiting, completed the offering of 1.08 million shares of Whiting common stock at the same price per share. As a result of this sale, S&P said Alliant Energy and its subsidiaries have no remaining ownership in Whiting.

Net proceeds and cash on hand were used to repay about $240 million of debt under its bank credit facility. S&P said it expects Whiting to further reduce bank debt with excess cash flow during 2004 and 2005.

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