Production in the first quarter of 2008 totaled 3.74 million barrels of oil equivalent (mmboe), of which 2.59 million barrels were crude oil (69%) and 1.15mmboe was natural gas (31%).
This first quarter 2008 production total equates to a daily average production rate of 41,120 barrels of oil equivalent (boe), compared to the 39,260boe per day average rate in the same period of 2007. Whiting has increased its exploration and development budget by $100 million to $740 million for 2008.
James Volker, chairman, president and CEO of Whiting Petroleum, said: We are pleased with the execution of our drilling programs and on the implementation and expansion of our two CO2 projects. We continue to generate excellent results from our Bakken drilling program in North Dakota where we recently brought on the Maynard Uran Trust 11-24H with an initial production rate of 2,132boe per day.
