Whiting Petroleum plans $200M IPO

Whiting Petroleum Corp. has priced its initial public offering at $20 per trust unit and expects the IPO to generate net proceeds of $200 million, the company reported Friday.

Denver-based Whiting (NYSE: WLL) will offer 10.85 million units in Whiting USA Trust I, trading on the New York Stock Exchange under the symbol "WHX."

Whiting expects to close the offering on Wednesday, April 30. It has granted the underwriters an option to buy up to 1,627,500 additional trust units to cover over-allotments.

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The company said it will use the proceeds to repay a portion of its debt.

Whiting is an independent oil and gas company that handles crude oil, natural gas and natural gas liquids primarily in the Permian Basin, Rocky Mountains, Mid-Continent and Gulf Coast regions, and in Michigan.