Whiting Petroleum Corp (NYSE:WLL) reported that following nod of the authorized share reduction and reverse stock split by company stockholders, the Board has decided to effect the reverse stock split of WLL at a ratio of 1-for-4. The pertinent Certificate of Amendment to the firm’s Restated Certificate of Incorporation was submitted with the Delaware Secretary of State and became effective on November 8, 2017. Moreover, the total count of shares of common stock Whiting is approved to issue will change to 225 million shares from 600 million shares.
Whiting common stock will start trading on a split-adjusted basis after markets starts trading on November 9, 2017. WLL will continue to trade on the NYSE under the same ticker. No fractional shares have been released in connection with the announced reverse stock split. Stockholders otherwise eligible to get fractional share(s) as an outcome of the reverse stock split will obtain cash payments in lieu of such equities.
Additional information pertaining to the reverse stock split can be seen in Whiting Petroleum’s definitive proxy statement on Schedule 14A submitted with the U.S. Securities and Exchange Commission, available at the SEC’s website as well as at Whiting’s website.
Whiting Petroleum comes in the list of independent oil and gas firms that develops, produces, explores and acquires for natural gas, natural gas liquids and crude oil mainly in the Rocky Mountains area of the United States.
In the third quarter, Whiting posted an adjusted loss of $50.1 million, that was $0.06 a share better than the projections. The better-than-expected performance came despite the impact of selling certain assets in North Dakota and a sudden outage at a natural gas plant in the respective region.
In the last trading session, the stock price of Whiting declined more than 5% to close the day at $6.61.