Denver-based independent Whiting Petroleum Corp. estimated its full-year 2005 production will be 0.5-2% lower than previous guidance because of pipeline curtailments and weather-related shut ins in November and December. Whiting estimates 4Q2005 output will approximate 22.1 Bcfe, which would bring total 2005 production to 72.5 Bcfe. Based on current commodity price levels, Whiting expects to take a cash hedging loss of approximately $12.7 million in 4Q2005, a loss expected to come exclusively from a 1.5 Bcf/month contract with a ceiling of $10/MMBtu. The contract expires on Saturday (Dec. 31). Whiting also announced a preliminary 2006 drilling budget of $360 million, excluding acquisitions, which is 70% higher than this year. Whiting plans to direct 60% of its estimated 2006 capital expenditures to the development of its proved undeveloped reserves and 40% to the development of currently non-proved reserve categories.

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