Whiting Petroleum starts roadshow for $217 million offering of units

By Paul A. Harris

St. Louis, April 14 - Whiting Petroleum Corp. plans to raise about $217 million via the sale of 10.85 million Whiting USA Trust I units, which are talked at $19 to $21.

A roadshow started on Monday, according to an informed source.

The deal is expected to price on April 24.

The units will trade on the New York Stock Exchange under the ticker "WHX."

Raymond James and Wachovia Securities are joint bookrunners. The syndicate also includes RBC Capital Markets, Oppenheimer & Co. and Stifel Nicolaus.

There is a 1,627,500 unit over-allotment option.

The trust will have 13,863,889 trust units outstanding upon completion of this offering.

Whiting Petroleum intends to use its share of the proceeds from the public sale of the units to pay down bank debt.

Whiting Petroleum is a Denver-based independent oil and gas company that acquires, exploits, develops and explores for crude oil, natural gas and natural gas liquids primarily in the Permian Basin, Rocky Mountains, Mid-Continent, Gulf Coast and Michigan regions of the United States.

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