exv99w1

Exhibit 99.1

(WHITING PETROLEUM CORPORATION LETTER HEAD)


Company contact:		John B. Kelso, Director of Investor Relations 303.837.1661 or john.kelso@whiting.com

Whiting Petroleum’s Third Quarter Earnings Increase 49%
to a Record $1.35 per Share

Third Quarter Production Reaches a Record 42,260 BOE Per Day

DENVER – October 30, 2006 – Whiting Petroleum Corporation (NYSE: WLL) today reported record third quarter 2006 net income of $49.5 million, or $1.35 per basic and diluted share, on total revenues of $207.6 million. This compares to third quarter 2005 net income of $33.3 million, or $1.12 per basic and diluted share, on total revenues of $139.8 million. The increase in third quarter 2006 net income versus the comparable 2005 period was primarily the result of greater production volumes and higher crude oil prices.

Third quarter 2006 earnings were positively impacted by adjustments of $5.5 million, or $0.15 per share, to income tax expense, relating primarily to a change in the Company’s effective income tax rate and the recording of additional 2005 enhanced oil recovery tax credits. The Company currently estimates its effective income tax rate at 36% going forward.

Discretionary cash flow in the third quarter of 2006 totaled $126.7 million, representing a 59% increase over the $79.5 million reported for the same period in 2005. A reconciliation of discretionary cash flow to net cash provided by operating activities is included at the end of this news release.

Third Quarter Production

Production in the third quarter of 2006 totaled 3.89 million barrels of oil equivalent (MMBOE), of which 2.52 million barrels was crude oil (65%) and 1.37 MMBOE was natural gas (35%). This third quarter 2006 production total equates to a daily average production rate of 42,260 barrels of oil equivalent (BOE), representing a 32% increase over the 32,030 BOE per day average rate in 2005’s third quarter. Whiting exited the third quarter of 2006 producing approximately 42,490 BOE per day. The primary contributors to the increase were the acquisitions of the Postle field in the Oklahoma Panhandle on August 4, 2005 and the North Ward Estes field in the Permian Basin of West Texas on October 4, 2005 as well as other positive drilling results year-to-date.

First Nine Months 2006 Results

For the nine months ended September 30, 2006, Whiting reported record net income of $128.4 million, or $3.50 per basic share and $3.49 per diluted share, on total revenues of $592.2 million. This compares to net income of $83.6 million, or $2.82 per basic share and $2.81 per diluted share, on total revenues of $354.5 million in the corresponding period of 2005. Discretionary cash flow for the first nine months of 2006 reached a record $342.4 million, representing a 63% increase compared to the $209.5 million generated in the 2005 nine-month period.

Oil and gas production in the first nine months of 2006 totaled 11.36 MMBOE, or an average of 41,600 BOE per day. This rate represents a 35% increase compared to the 8.40 MMBOE, or 30,750 BOE per day average, produced in the first nine months of 2005.

“Sequentially, third quarter 2006 total production increased 2.4% from the second quarter 2006 total of 3.80 MMBOE. At the end of the third quarter, our average daily production was up 4.5% compared to our 2005 exit rate. While we expect to continue to convert proved undeveloped reserves to proved producing reserves during the fourth quarter of 2006, we also plan to embark on several exploratory plays, including our first drilling in the Piceance Basin of northwest Colorado and the Hingeline play in central Utah,” commented James J. Volker, Whiting’s Chairman, President and CEO. “Currently, we have 10 drilling rigs and 35 workover rigs active on our properties. We are also participating in the drilling of four non-operated wells.”

Mr. Volker concluded, “Based on our level of drilling expenditures in the first nine months of 2006, we have increased our expected total drilling budget for 2006 to a range of $420 million to $440 million. We have invested $341.7 million of this drilling budget in the first

nine months of 2006. We anticipate using approximately 75% of this drilling budget to bring proved undeveloped properties into production and about 25% to add new reserves.”

Third Quarter 2006 Operating Highlights

• Construction of a gas plant facility at North Ward Estes field began in the third quarter. The same design and crew that Whiting used to expand the Dry Trail Gas Plant in the Postle field is being employed at North Ward Estes field. Construction of the new gas plant is expected to be completed and CO₂ injection into the field’s producing reservoir is expected to begin in the second quarter of 2007.

• Also in the third quarter, Whiting acquired 1.4 MMBOE of proved reserves in Michigan from a privately held seller for $26 million. The reserves are 99% proved producing, primarily from the Niagaran and Prairie du Chien formations. The acquisition included 65 producing properties, a gathering line, a gas processing plant and 30,437 net acres of leasehold held by production. The net proved reserves are composed of 702,000 barrels of oil and natural gas liquids (NGL’s) and 4.2 billion cubic feet of natural gas. Net production at the time of the closing on August 15, 2006 was 355 barrels of oil and NGL’s and 1.7 million cubic feet of gas per day. Whiting operates 85% of the acquired properties. Acquisition metrics were $18.55 per BOE of proved producing reserves and $40,750 per net daily barrel. It was funded using availability under Whiting’s credit agreement.

• Whiting’s banks have increased its borrowing base to $875 million effective November 1, 2006. At September 30, 2006, Whiting had drawn $330 million under the credit agreement.

2006 Drilling Summary

The table below summarizes Whiting’s drilling activity and capital spending incurred for the three months and nine months ended September 30, 2006:

Gross/Net Wells Drilled

Capital

Total New

% Success

Spending

Producers

Unsuccessful

Drilling

Rate

(In Millions)

Q306

94 /81.9

4 / 2.2

98 / 84.1

96% / 97

107.3

9M06

323 / 256.1

16 / 11.0

339 / 267.1

95% / 96

341.7

The following table summarizes the Company’s net production and commodity price realizations for the 2006 and 2005 quarters ended September 30:


	Three Months Ended
Production	9/30/06			9/30/05			Change
Oil and condensate (MMBls)		2.52			1.71			47	%
Natural gas (Bcf)		8.19			7.40			11	%
Equivalent (MMBOE)		3.89			2.95			32	%

Average Sales Price
Oil and condensate (per Bbl):
Price received	$	62.11		$	57.84			7	%
Effect of crude oil hedging		(0.15	)		(6.98	)

Realized price	$	61.96		$	50.86			22	%

Average NYMEX price	$	70.55		$	63.16


Natural gas (per Mcf):
Price received	$	6.23		$	7.34			(15	%)
Effect of natural gas hedging		—			(0.24	)

Realized price	$	6.23		$	7.10			(12	%)

Average NYMEX price	$	6.58		$	8.51

Whiting realized a loss of $0.4 million on its crude oil hedges during the third quarter of 2006, as compared to a loss of $13.7 million on its crude oil and natural gas hedges in the third quarter of 2005. The Company realized a $2.3 million gain on its natural gas hedges in October 2006. A summary of Whiting’s outstanding crude oil and natural gas hedges is included later in this news release.

Third Quarter and First Nine Months Costs and Margins

A summary of realized sales prices and cash costs on a per BOE basis is as follows:


	Per BOE
	Three Months					Nine Months
	Ended Sept. 30,					Ended Sept. 30,
	2006			2005		2006		2005
Sales price, net of hedging	$	53.34		$	47.40	$	52.07	$	42.18
Lease operating expense	$	11.88		$	9.43	$	11.91	$	8.42
Production tax	$	3.21		$	3.43	$	3.24	$	2.93
General & administrative	$	2.58		$	2.29	$	2.58	$	2.38
Exploration	$	1.44		$	1.49	$	1.86	$	1.17
Cash interest expense	$	4.40		$	3.38	$	4.32	$	2.43
Cash income tax expense	$	(1.05	)	$	1.51	$	0.05	$	1.09

	$	30.88		$	25.87	$	28.11	$	23.76

All of Whiting’s financial and operating statistics for the third quarter were in line with the Company’s guidance except for depletion, depreciation and amortization (DD&A) expense and our oil price differential. Our third quarter 2006 DD&A expense of $10.99 per BOE was less than 1% above the high end of our guidance. During the third quarter of 2006, our company-wide basis differential for crude oil compared to NYMEX improved. It was $8.44 per barrel, compared to our third quarter guidance of $8.75 to $9.25 per barrel. We expect this differential to continue to narrow in the fourth of 2006 to between $7.75 and $8.25 per barrel as the differential on our Rocky Mountain Region and Permian Region oil sales continues to improve.

Outlook for Fourth Quarter and Full-year 2006

The following table provides a summary of certain estimates for the fourth quarter and full-year 2006 based on current forecasts. Whiting expects its full-year 2006 drilling budget to range between $420 million and $440 million (excluding any acquisition costs).

Guidance for the fourth quarter of 2006 and full-year 2006 is as follows:


	Guidance
	Fourth Quarter		Full-Year
	2006		2006
Production (MMBOE)		3.85 - 3.95		15.20 - 15.35
Lease operating expense per BOE	$	11.80 - $12.10	$	11.85 - $12.00
General and administrative expense per BOE	$	2.55 - $2.65	$	2.55 - $2.65
Interest expense per BOE	$	4.90 - $5.00	$	4.80 - $4.90
Depr., depletion and amort. per BOE	$	11.30 - $11.70	$	10.50 - $10.70
Production taxes (% of production revenue)		6.0% - 6.5%		6.0% - 6.5%
Oil Price Differentials to NYMEX per Bbl	$	7.75 - $8.25	$	8.25 - $8.75
Gas Price Differentials to NYMEX per Mcf	$	0.30 - $0.50	$	0.40 - $0.60

Oil and Gas Hedges

Whiting’s outstanding hedges and fixed price contracts as of October 16, 2006 are summarized below:


	Contracted Volume								As a Percentage of
	Natural Gas		Oil						Sept. 2006
	MMBtu per		Bbls per		NYMEX Price Collar Range				Production for
Hedges	Month		Month		Gas (per MMBtu)		Oil (per Bbl)		(Gas/Oil)
2006
Q4		600,000		125,000	$	6.00 - $12.28	$	45.00 - $81.10		23%/15	%
Q4		1,000,000		215,000	$	6.00 - $12.18	$	50.00 - $72.05		39%/25	%
Q4		—		110,000		—	$	50.00 - $74.30		— /13	%

2007
Q1		600,000		125,000	$	6.00 - $15.20	$	45.00 - $81.00		23%/15	%
Q1		1,000,000		215,000	$	6.00 - $15.52	$	50.00 - $70.90		39%/25	%
Q1		—		110,000		—	$	50.00 - $73.15		— /13	%
Q2		—		110,000		—	$	50.00 - $72.00		— /13	%
Q2		—		300,000		—	$	50.00 - $78.50		— /35	%
Q3		—		110,000		—	$	50.00 - $70.90		— /13	%
Q3		—		300,000		—	$	50.00 - $77.55		— /35	%
Q4		—		110,000		—	$	49.00 - $71.50		— /13	%
Q4		—		300,000		—	$	50.00 - $76.50		— /35	%

2008
Q1		—		110,000		—	$	49.00 - $70.65		— /13	%
Q2		—		110,000		—	$	48.00 - $71.60		— /13	%
Q3		—		110,000		—	$	48.00 - $70.85		— /13	%
Q4		—		110,000		—	$	48.00 - $70.20		— /13	%


					As a Percentage of
	Natural Gas Volumes in		2006 Contract Price (1)		Sept. 2006
Fixed Price Contracts	MMBtu per Month		(per MMBtu)		Gas Production
Jan. 2002 – Dec. 2011		51,000	$	4.57		2	%
Jan. 2002 – Dec. 2012		60,000	$	4.05		2	%


(1)		Annual 4% price escalation on fixed price contracts.

Selected Operating and Financial Statistics


	Three Months Ended Sept. 30,						Nine Months Ended Sept. 30,
	2006			2005			2006			2005
Selected Operating Statistics
Production
Oil and condensate, MBbl		2,523			1,713			7,333			4,666
Natural gas, MMcf		8,191			7,400			24,146			22,377
Oil equivalents, MBOE		3,888			2,946			11,357			8,396
Average Prices
Oil, Bbl (excludes hedging)	$	62.11		$	57.84		$	59.52		$	50.37
Natural gas, Mcf (excludes hedging)	$	6.23		$	7.34		$	6.83		$	6.25
Per BOE Data
Sales price (including hedging)	$	53.34		$	47.40		$	52.07		$	42.18
Lease operating	$	11.88		$	9.43		$	11.91		$	8.42
Production taxes	$	3.21		$	3.43		$	3.24		$	2.93
Depreciation, depletion and amortization	$	10.99		$	7.91		$	10.30		$	7.67
General and administrative	$	2.58		$	2.29		$	2.58		$	2.38
Selected Financial Data
(In thousands, except per share data)
Total revenues	$	207,587		$	139,795		$	592,236		$	354,459
Total costs and expenses	$	138,772		$	85,590		$	401,611		$	218,343
Net income	$	49,544		$	33,282		$	128,414		$	83,575
Net income per common share, basic	$	1.35		$	1.12		$	3.50		$	2.82
Net income per common share, diluted	$	1.35		$	1.12		$	3.49		$	2.81

Average shares outstanding, basic		36,751			29,707			36,742			29,688
Average shares outstanding, diluted		36,838			29,725			36,810			29,705
Net cash provided by operating activities	$	132,635		$	73,406		$	351,880		$	211,182
Net cash used in investing activities	$	(160,981	)	$	(445,615	)	$	(428,692	)	$	(607,560	)
Net cash provided by financing activities	$	20,023		$	364,130		$	70,180		$	402,260

Conference Call

The Company’s management will host a conference call with investors, analysts and other interested parties on Tuesday, October 31, 2006 at 11:00 a.m. EST (10:00 a.m. CST, 9:00 a.m. MST) to discuss Whiting’s third quarter 2006 financial and operating results. Please call (866) 314-4483 (U.S./Canada) or (617) 213-8049 (International) to be connected to the call and enter the pass code 11671947. Access to a live Internet broadcast will be available at www.whiting.com by clicking on the link titled “Webcasts.”

Slides for the conference call will be available on this website beginning at 11:00 a.m. (EST) on October 31, 2006.

A telephonic replay will be available beginning approximately two hours after the call on Tuesday, October 31, 2006 and continuing through November 7, 2006. You may access this replay at (888) 286-8010 (U.S./Canada) or (617) 801-6888 (International) by entering the pass code 56831412. You may also access a web archive at http://www.whiting.com beginning approximately one hour after the conference call.

About Whiting Petroleum Corporation

Whiting Petroleum Corporation is a growing energy company based in Denver, Colorado. Whiting Petroleum Corporation is a holding company engaged in oil and natural gas acquisition, exploitation, exploration and production activities primarily in the Permian Basin, Rocky Mountains, Mid-Continent, Gulf Coast and Michigan regions of the United States. The Company trades publicly under the symbol WLL on the New York Stock Exchange. For further information, please visit http://www.whiting.com.

Forward-Looking Statements

This press release contains statements that Whiting believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including, without limitation, statements regarding Whiting’s future business strategy, projected production, reserves, production expenses, net profit margins, cash flows from operations and capital expenditures, and plans and objectives of management for future operations, are forward-looking statements. When used in this press release, words such as “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe” or “should” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Some, but not all, of the risks and uncertainties include: our level of success in exploitation, exploration, development and production activities; the timing of our exploration and development expenditures, including our ability to obtain drilling rigs; our ability to identify and complete acquisitions and to successfully integrate acquired businesses and properties; unforeseen underperformance of or liabilities associated with acquired properties; inaccuracies of our reserve estimates or our assumptions underlying them; failure of our properties to yield oil or natural gas in commercially viable quantities; our inability to access oil and natural gas markets due to market conditions or operational impediments; and our ability to replace our oil and natural gas reserves. Whiting assumes no obligation, and disclaims any duty, to update the forward-looking statements in this press release.

SELECTED FINANCIAL DATA

For further information and discussion on the selected financial data below, please refer to Whiting Petroleum Corporation’s Form 10-Q for the three months and nine months ended September 30, 2006, to be filed with the Securities and Exchange Commission.

WHITING PETROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands)


	September 30,			December 31,
	2006			2005
ASSETS

CURRENT ASSETS:
Cash and cash equivalents	$	3,750		$	10,382
Accounts receivable trade, net		91,424			101,066
Deferred income taxes		2,646			15,121
Prepaid expenses and other		8,691			5,595

Total current assets		106,511			132,164

PROPERTY AND EQUIPMENT:
Oil and gas properties, successful efforts method:
Proved properties		2,722,492			2,353,372
Unproved properties		56,811			21,671
Other property and equipment		42,323			26,235


Total property and equipment		2,821,626			2,401,278

Less accumulated depreciation, depletion and amortization		(452,874	)		(338,420	)


Total property and equipment-net		2,368,752			2,062,858


DEBT ISSUANCE COSTS		20,328			23,660

OTHER LONG-TERM ASSETS		17,066			16,514


TOTAL	$	2,512,657		$	2,235,196

WHITING PETROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands, except share and per share data)


	September 30,			December 31,
	2006			2005
LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:
Accounts payable	$	71,113		$	68,033
Accrued interest		20,509			11,894
Oil and gas sales payable		23,464			21,154
Accrued employee compensation and benefits		16,191			15,351
Production taxes payable		19,184			13,259
Current portion of tax sharing liability		4,057			4,254
Current portion of derivative liability		2,782			34,569


Total current liabilities		157,300			168,514

NON-CURRENT LIABILITIES:
Long-term debt		945,169			875,098
Asset retirement obligations		34,827			32,246
Production Participation Plan liability		25,229			19,287
Tax sharing liability		26,322			24,576
Deferred income taxes		153,908			91,577
Long-term derivative liability		9,801			21,817
Other long-term liabilities		4,489			4,219


Total non-current liabilities		1,199,745			1,068,820

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY:
Common stock, $.001 par value; 75,000,000 shares authorized, 36,948,618 and 36,841,823 shares issued and outstanding as of September 30, 2006 and December 31, 2005, respectively		37			37
Additional paid-in capital		753,729			753,093
Accumulated other comprehensive loss		(7,951	)		(34,620	)
Deferred compensation		—			(2,031	)
Retained earnings		409,797			281,383


Total stockholders’ equity		1,155,612			997,862


TOTAL	$	2,512,657		$	2,235,196

WHITING PETROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(In thousands, except per share data)


	Three Mos. Ended Sept. 30,						Nine Mos. Ended Sept. 30,
	2006			2005			2006			2005
REVENUES AND OTHER INCOME:
Oil and natural gas sales	$	207,752		$	153,386		$	601,259		$	374,829
Loss on oil and natural gas hedging activities		(375	)		(13,744	)		(9,859	)		(20,689	)
Interest income and other		210			153			836			319

Total		207,587			139,795			592,236			354,459


COSTS AND EXPENSES:
Lease operating		46,183			27,792			135,236			70,732
Production taxes		12,492			10,103			36,819			24,558
Depreciation, depletion and amortization		42,737			23,318			116,947			64,400
Exploration and impairment		6,647			4,384			22,903			11,740
General and administrative		10,035			6,744			29,285			20,017
Change in Production Participation Plan Liability		1,799			1,609			5,942			1,878
Interest expense		18,879			11,640			54,479			25,018

Total costs and expenses		138,772			85,590			401,611			218,343


INCOME BEFORE INCOME TAXES		68,815			54,205			190,625			136,116

INCOME TAX EXPENSE:
Current		(4,075	)		4,440			537			9,177
Deferred		23,346			16,483			61,674			43,364

Total income tax expense		19,271			20,923			62,211			52,541


NET INCOME	$	49,544		$	33,282		$	128,414		$	83,575

NET INCOME PER COMMON SHARE, BASIC	$	1.35		$	1.12		$	3.50		$	2.82

NET INCOME PER COMMON SHARE, DILUTED	$	1.35		$	1.12		$	3.49		$	2.81

WEIGHTED AVG. SHARES OUTSTANDING, BASIC		36,751			29,707			36,742			29,688

WEIGHTED AVG. SHARES OUTSTANDING, DILUTED		36,838			29,725			36,810			29,705

WHITING PETROLEUM CORPORATION AND SUBSIDIARIES
Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow
(In Thousands)


	Three Months Ended
	September 30,
	2006			2005
Net cash provided by operating activities	$	132,635		$	73,406
Exploration	$	5,618		$	4,384
Changes in working capital	$	(11,533	)	$	1,706

Discretionary cash flow (1)	$	126,720		$	79,496


	Nine Months Ended
	September 30,
	2006			2005
Net cash provided by operating activities	$	351,880		$	211,182
Exploration	$	21,161		$	9,812
Changes in working capital	$	(30,662	)	$	(11,540	)

Discretionary cash flow (1)	$	342,379		$	209,454


(1)		Discretionary cash flow is computed as net income plus exploration costs, depreciation, depletion and amortization, deferred income taxes, non-cash interest costs, non-cash compensation plan charges, and change in Production Participation Plan liability and other non-current amounts, less the gain on sale of properties and marketable securities. The non-GAAP measure of discretionary cash flow is presented because management believes it provides useful information to investors for analysis of the Company’s ability to internally fund acquisitions, exploration and development. Discretionary cash flow should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, cash flow or liquidity measures under GAAP and may not be comparable to other similarly titled measures of other companies.