Crude Oil Prices per barrel declined 24% from the record $147.27 per barrel to $111.98 during midday Aug. 15.
WLL reported over a 200% increase in Q2 profits due to high oil prices and production. Production also increased in Q2 from 3.72MMBOE in 2007 to 4.02MMBOE.
According to the Q2 2008 earnings report, WLL increased its production to 7.76MBOE versus 7.26MBOE in the first half of 2007.
Whiting acquired the interests to 31 producing gas wells and 11,533 net acres in Uintah County, Utah for $364.4M.