Whiting reports record production, more Niobrara wells

Whiting Petroleum Corp., an oil and gas producer active in Weld County, said its fourth-quarter production of 6.5 million barrels of oil equivalent set a company record.

Whiting’s fourth-quarter production represents a daily average production rate of nearly 71,000 barrels of oil equivalent, also a company record, according to a statement issued by the Denver-based company Thursday. Whiting maintained an average daily rate of almost 68,000 barrels of oil equivalent during the fourth quarter of 2010.

Whiting said it plans to drill eight wells in the Niobrara formation this year.

Controlling more than 73,000 net acres in the area, Whiting recently completed its first Niobrara well, which maintains an initial production rate of 718 barrels of oil equivalent. Whiting plans to operate one rig in the area this year.

The company also reported 2011 revenue of nearly $1.9 billion vs. $1.5 billion the year before. Whiting saw a 21-percent increase in revenue during the fourth quarter, from $414 million to $499 million.

Production in 2011 rose 5 percent, setting a company record of 24.8 million barrels of oil equivalent compared with 23.6 million the year before.

The company expects to produce even more oil and gas this year. In January, Whiting’s production average already exceeded 76,000 barrels of oil equivalent per day.

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