Thanks, Demali. Good morning and welcome to Whiting Petroleum Corporation's fourth quarter and full year 2008 earnings conference call. On the call for Whiting this morning is Jim Volker, our President and CEO; Mike Stevens our CFO; Jim Brown, Senior Vice President; Doug Lang, VP of Acquisitions and Reservoir Engineering; Mark Williams, Vice President of Exploration; Dave Seery, VP of Land; Chuck LaCouture, VP of Marketing and Doug Walton, our National Drilling Manager. During this call, we'll review our results for the fourth quarter and full year of 2008, and then discuss the outlook for 2009. This conference call is being recorded and will be available for replay approximately one hour after its completion. Both the conference call with an accompanying slide presentation and our fourth quarter 2008 earnings release can be found on our website at www.whiting.com. To access the call and the website, please click on the Investor Relations box on the menu and then click on the Webcast link. Please be advised that the following remarks including answers to your questions, includes statements that we believe to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently anticipated. Those risks include among others, matters that we have described in our earnings release as well as in our filings with the Securities and Exchange Commission including our Form10-K for the year ended December 31st, 2007. I should mention that we'll be filling our 2008 10-K later this week. We disclaim any obligation to update these forward-looking statements. In this call, we use the terms, probable and possible reserves, which are unproved reserves that we do could not include in our SEC filings. Please refer to our website slides for more information on probable and possible reserves. During this conference call, we will also make references to discretionary cash flow, which is a non-GAAP financial measure. A reconciliation of this non-GAAP measure to the applicable GAAP measure can be found in our earnings release and on our webcast slides. With that, I'll turn the call over to Jim Volker.

Thanks, John. Good morning and welcome everyone to Whiting Petroleum's fourth quarter 2008 conference call. 2008 was the best year in Whiting's history. In line with our discretionary cash flow, as to our base drilling budget, and with the net proceeds of our recent equity sale as merited by the results in our new discovery and development areas, we intend to continue our operational momentum into 2009. Substantially, all of our production growth in the fourth quarter and full year 2008 was organic. Our average net daily production rose 38% to a record 55,540 barrels of oil equivalent in the fourth quarter of 2008, up from 40,340 BOE per day in the fourth quarter of 2007. Our average net daily production rate in the fourth quarter was 74% crude oil and 26% natural gas. Most of this production gain was due to our successful drilling results in the Middle Bakken, and from the favorable response of our two CO2 projects; the Postle and North Ward Estes fields. During the fourth quarter of 2008, our average net daily production from the Bakken rose 43% to 15,300 BOEs a day from 10,700 BOEs per day in the third quarter of 2008. During December 2008, or comparing December 2008 to December 2007, our average net daily production from the Bakken jumped 516% to 14,170 BOEs from 2,300 BOEs. As is often the case at this time of the year, crude oil sales volumes in December of 2008, and the first quarter of 2009, have been affected, that is reduced, by winter weather in North Dakota, which has caused delays in trucking operations, and well completion activity. It's also important to note that we completed our first two infield wells, and our first three horz (ph) well in the Sanish field. Our first infield…

Thanks, Jim. Effective November 1, 2008 Whiting's Bank Group reconfirmed the company's $900 million borrowing base, which matures in August 2010. Our Bank Group is comprised of 23 commercial banks holding between 1.8% and 12.9% of the total facility. As of December 31, 2008, approximately $620 million was drawn on this facility and approximately 3 million in letters of credit were outstanding, resulting in 277 million of availability. Our next bank meeting is scheduled during the first week of March. In February 2009, we completed a public offering of common stock at a price of $29 per share. The offering resulted in the sale of 8,450,000 million shares of Whiting's common stock. The company received net proceeds of approximately 235 million after deducting underwriting discounts, commissions and expenses of the offering. We used all of the net proceeds that we received from the offering to repay a portion of the debt outstanding under our credit agreement. In the fourth quarter of 2008, we reported a loss of $3 million or $0.07 per basic and diluted share on total revenues of 223.9 million. This compares to fourth quarter 2007 net income of 45.8 million, a $1.08 per basic and diluted share on total revenues of 232.4 million. During the fourth quarter 2008, we recorded a 10.9 million non-cash impairment charge to write-down a portion of our cost basis in the central Utah Hingeline play. Discretionary cash flow in the fourth quarter 2008 totaled $111 million, compared to $139.9 million reported for the same period in 2007. The decrease in net income in the fourth quarter of 2008 was primarily the result of a 34% decline in the company's realized oil price and a 31% decrease in our realized natural gas price. For the year ended December 31, 2008, we reported net…

Thank you, Mike. I would like to emphasize that with the current volatility in oil and gas prices and their effect on our revenues, we plan to adjust our base 320 million exploration and development expenditures to approximate our discretionary cash flow. Second, as warranted by the results of our new exploration and development areas, we've employed the capital raise in our recent stock offering. That being said, our current 2009 capital budget for exploration and development expenditures is 474 million which you can see itemized on page 7 of our news release. We expect to fund that 474 million with net cash provided by our operating activities, and a portion of the proceeds from the common stock offering. As I just indicated, to the extent net cash provided by operating activities is higher or lower than currently anticipated, we intend to adjust our base $320 million budget accordingly. Our 2009 capital budget currently is allocated among our major development areas. As stated in our recent prospectus, we may use a portion of the proceeds from our common stock offering to further develop the properties in our base $320 million drilling budget, develop our new exploration and development areas or to keep our bank debt at lower levels. We believe the projects, I am about to discuss, present the opportunity for the highest return and most efficient use of our capital expenditures. Our planned capital expenditures for the Sanish field in 2009 are $204.9 million which would be used for the drilling and completion of approximately 40 wells. We hold interest in a total of 125,557 gross, 83,606 net acres in the Sanish field and the adjacent Parshall field where we own interest in 73,760 gross acres, 18,315 net. We plan to invest 22 million for the drilling and completion…

Sure. (Operator Instructions). Your first question comes from the line Eric Hagen with Bank of America. Please proceed.

Hey, good morning Jim.

Hi, Eric.

Hi there. The question on your CapEx, the $30 million in other, I think if I heard you right, you said that was a spillover from 2008. Is any of that discretionary or is that pretty much something we can add on to that base 320 and will be spent this year?

Base, it would be a definite add-on to the base 320, Eric.

Okay. So you're basically your sort of lower case CapEx then is actually around 350 all-in?

Yes.

Okay. And then when do you make the decision whether you spend the additional $124 million or whether you keep that on the balance sheet to just retain your flexibility and at what point do you think you will be ready to make that. Is it a 2Q issue after you could go back and see how the bank re-determination goes?

Well, I'll try to be as direct as I can to answer that question. I really believe that we will probably be making parts of that decision within the next 30 days Eric as we watch oil prices primarily and secondarily the results on drilling that's been done out there on the new incremental projects. And part B of your question, I will say that I have high confidence in what the banks are going to do, having had good meetings with our top three banks, and I have high confidence that we are going to get a great outcome on our borrowing base. So I am not really worried about our borrowing base. If I had to guess I'd say it will go up.

Your next question comes from the line of Dwain Rupert with PRT Capital. Please proceed.

Yes Jim, on the upward performance revision from the CO2 projects, can you talk a little bit about how conservative or aggressive you think you're postured in terms of this particular level of revisions? And what will you be looking for in the future to maybe get even more confident, would be more aggressive on performance revisions?

Well Erik I will try to... I am sorry, Dwain I will try to be as succinct as I can here. In general, as you know what happened to us when we bought this project was that we were pretty much limited in terms of the kind of response that the independent engineers could work with in projecting future proved reserves. And I was pretty much limited to roughly a kind of a 5.5% recovery that the private project that was done by the major oil company that used to own this field had achieved. But in reality, we thought certainly 9% was more likely based upon other floods in the area and essentially just the fact when you implement a big project you create a bigger sweet spot and consequently just as the recovery factor and sort of the sweet spot that got benefit of four-way push in the project may have been higher than 5.5%, same way (ph) like 9%. We expected that as we implemented the entire project and created essentially a huge sweet spot for benefiting from four-way push that the P2 and P3 reserves that we set out for you here which are roughly at 78 million barrels could be achieved. And we do think, it's going to be added in over several years. As I said I think we'll start to see, I am hopeful that we will start to see some of that at year end 2009 and more even at year end 2010. And of course that we would also see some rising production levels obviously above what you see on the proved curve at North Ward Estes on page 32 of our slides. So I hope that's direct enough for you and I hope to say that we will be seeing that essentially over about the next three to five years.

Yeah, that is very helpful. And in terms of your debt management, when you look at your covenant, for example, with debt to EBITDAX ratio and if you look at your potentially larger capital spending going forward, do you have in mind in an ideal case, if prices were to improve a little bit, a debt pay-down goal?

Yes, and I would think that... well, first of all as I suppose I should have answered part A of that question that, I think is embedded in your question. And that is... an answer to your question and an answer to Eric's question previously asked, when are we going to be making these determinations? And that I think we're going to be doing that over roughly the next 30 to 60 days, so that we can adjust our CapEx if prices are going to stay down, let's say at $35 a barrel. Then we would trim back on our CapEx, so that it wouldn't be as high as this 474. We might lay down some rigs perhaps 3 or 4. And that my opinion would probably not somewhere between 80 and 100 million bucks off of $474 million number. And the prices continue to stay down there. We have the flexibility I think to knock off another 80 million or so. So that's... we are over all there Eric and you too, Dwain. We're all over that, we're watching it very closely, and we'll make the adjustments necessary to... I guess I'd put it to you this way, stay within 100 million or less overspent of our cash flow. And perhaps even less than that amount. I hope that's direct enough for you.

Yes, that is helpful. And then just one follow-up kind of grabbing on to something you said about laying down rigs. If you do trim back do you think of it more as, I want to do all these different programs and I might do some of them less or is it more like some programs will either be funded or not funded?

It would be the latter, Dwain. And the ones that probably would get funded to the greatest degree would be Sanish and Parshall. I don't think you'd see more than maybe a $4 million reduction at North Ward Estes and Postle. And where you would see the big cut is probably in the central Rockies where that might decline from something in the $72 million range as currently anticipated to maybe only 8 or 9 million.

Your next question comes from the line of Biju Perincheril with Jefferies & Company. Please proceed. Biju Perincheril - Jefferies & Co.: Hi, good morning.

Hi Bi. Biju Perincheril - Jefferies & Co.: A quick question on the borrowing base Jimmy, your comment about being flat or perhaps going up with obviously, the prices that banks are using is lower. Is it because you are able to pledge more reserves, or your higher production, or can you give us some more color into that?

Yes sir. I think the direct answer there is that we have got a higher rate of production, and we have got... and of course with the banks what you look at is your proved developed producing reserves. And so we have shifted reserves from the undeveloped or P2 or P3 category in the proved developed producing. That's really what affects your borrowing base. And so that's the primary reason for what I could call the potential for an increase in our borrowing base. Biju Perincheril - Jefferies & Co.: Okay. That's helpful. And then, just to clarify, did you say that if prices stayed lower... did I hear this right that your flexibility to cut CapEx is total of about 180 million?

Yeah, I would say something in that range, 150 to perhaps 180 million. Biju Perincheril - Jefferies & Co.: Okay.

That's on the upside. And you ought to think about that and sort of cut that number in half. In other words, we might cut half of it first, and half of it later if prices continue to stay down. Biju Perincheril - Jefferies & Co.: Got it, got it. Okay, thanks. Well one more question actually. Do you have the offset wells to the second infill well that you drilled at Sanish, the flat line?

Yes, yes. That one was basically about 1800 BOEs a day.

Your next question comes from the line of Joe Magner with Tristone. Please proceed.

Good morning. Just wondered if you could address the revised production outlook from the time of the equity offering. I think you were talking around 15% growth off of a increased CapEx budget. Now, it's 12%. And then also, along the lines of some of these CapEx reductions if prices stay lower, what are the sensitivities from the 12% range, when and if some of that capital gets carved out of the budget?

Thanks Joe. Good to hear from you. By the way, what we were talking about at the time of CapEx raise was roughly a 9% growth year-over-year based upon the $320 million budget. We've raised that to 12%, including the incremental capital. And to give you a range, I still think even with what I would call the laying down, perhaps four rigs, I am still optimistic that we would be somewhere in terms of the production growth year-over-year of between 5 and 9%. We are just getting great results up there at Sanish. And of course, every time we drill one, we essentially derisk our projection. So, I'm still highly optimistic that we'll show some production growth year-over-year, even if we have to cut the budget. By the way, I think some of you may have follow-up questions. Feel free to call back in, we'll stay on till you have all your questions answered. I'd see that some of you are getting cut off after I give my answers. So, if you have a follow-up question, feel free to call back in. We'd be happy to answer it.

Your next question comes from the line of Jane Li with JP Morgan. Please proceed.

Hi Jim. Question on your CapEx in the Parshall field, EOG has reduced its rigs in the area. Wondering, if your current budget in the area is based on EOG's current drilling plans?

Yes. Our budget is based on EOG's essentially 18 well within the area where we have joint acreage with them drilling plant. Where they currently have five rigs operating, and as set forth, there were essentially nine wells in our base drilling budget, and nine wells from the incremental capital raise that we would participate in.

Okay. And also, you say you plan to reduce rig numbers from nine to four by November this year. I'm wondering, if that's in the base plan, or it's in the 474 million case?

That's in the base plan.

Okay. Thank you.

Thank you.

Your next question comes from the line of Kevin Smith with Raymond James. Please proceed.

Thank you. I just had one or two questions here. First, when do you plan on completing the Hansen well, I believe you've already drilled if that's correct?

We are still drilling that. We'll be completing that in the next or finishing drilling in the next couple of weeks. And then, I would expect about four weeks after that we will finish the completion of the well.

Okay.

Thank you, Rick. That was Rick's first answer here, starting around so, good job, Rick.

Thanks.

We do have 7 Sanish wells that you are in various processes of drilling. How many of those do you think you're going to be able to complete by Q1?

This is Jim Brown. Currently on our schedule, we have five perhaps scheduled for the month of March. So that's going to get it to fairway down the line to get those online.

Okay. So that would be... they'd be typically at kind of the end of March, middle or any specific?

With five cracks we are going to be doing basically one week, so we are going to be hitting it hard the first and probably do, there is ramped out on in there some place, but it's going to be one week through March.

Okay. Thanks. And just one follow-up question now Jim Brown. On the Parshall field, I know EOG it's hot about setting in half to its production. Have they communicated any of that to you that any of your wells will possibly be shut in?

Well, what I would say is that they've been curtailed there as a result of operational issues, having to do mostly with the weather. And we think EOG is doing a great job up there. We are pleased to be their partner and we share information with them openly. And all I can say is I think given the right thing based upon the situation that they have at Parshall and what I would call their particular takeaway capacity. Fortunately, we have what I consider to be a crack marketing department here and fortunate we haven't been restricted significantly anyway on our takeaway capacity as we have seven different purchasers who we sell to up there, so that's a bit of a scramble for all of us right now, I think EOG is doing the right thing and it's kind of waiting to complete some wells until March when some normal weather shows up. I think it's probably a good plan on their part. I think they'd probably be in April or May, railroading out fewer barrels than they are today and I think that's going to help their differential up there as well, so hats off to them and kudos to our people in the field for dealing with what I would call the tight market as well as the inclement conditions.

Thank you very much.

Thanks.

Your next question comes from the line of Eric Kalamaras with Wachovia Capital Market. Please proceed.

Hi, Eric.

Hi, Jim. Good morning. How are you?

Great, thanks.

A question on the current revolver availability. Where does that stand today?

Well, as you know we have $900 million of availability under our borrowing base. And Michael tell you here we're little over 500 million in the quarter, about 540 currently drawn.

540 drawn today.

Okay, great. And also regarding the hedges, what is the portion there that is exclusive of the trust that is just triple to Whiting Corp?

Basically, it's almost everything that you see there in the corporate oil column.

Everything we put on our slide presentation is our net position.

Okay.

Whether it be in the trust or outside the trust. So we have the economics on all of the hedges we showed.

Okay, great. Thanks. And I guess, regarding some of the changes in the G&A line that you got going into the full year of '09. Can you kind of highlight to me what are some of the changes there in terms of some of the increase you got from the run rate, first quarter?

Well, our guidance for the first quarter of '09 of $1.90 to $2.20 is actually a lot less than it's been historically.

Agreed. But it's moving, it then moves higher for the full year?

Well, it has to do with where we project primarily our net revenue position to be revenue less LOE and taxes. As the year goes out, our differentials come together. We produce little more net revenue. Why that's important is the biggest line item within G&A historically has been our production participation plan, which is our bonus program here, and as net revenues increase G&A will increase along with it.

Okay, great. All right guys. Thank you very much.

Thank you.

Your next question comes from the line of Scott Lumis (ph) with Simmons and Company. Please proceed.

Hi, guys. One question on the Flat Rock Entrada wells. 5 million of oil, is that a good estimate on the well cost?

That's a reasonable estimate. We're going to potentially come in a little bit below that, but it's somewhat weather dependent.

And based on the results you guys have seen, what kind of EUR are you expecting from your wells?

Our reserve estimates are recurring on the books there. And what we've seen based on our current drilling and we drilled two wells out there since the acquisition. We're still up in the range of between 7 and 8 Bcf per well. So we've got very good results with especially one of our wells out there. And so we don't really see any reason to change there.

Okay. And then one last question just, I know December production averaged 55.1 and what was the exit rate for '08 and where do you guys expect that to be in, in '09?

55.1 was the exit rate because that was December. That was down from 55.5 for the quarter. That is set forth on the slides and then the press release. That's the result of the increment (ph) weather at Sanish and in terms of... go ahead Mike if you want to give him a rate based upon the 12% overall.

For all of '09?

Just the exit rate for Q4

It's around when it comes right back right around 54 to 55,000 barrels BOEs a day.

Okay. Thanks guys.

Your next question comes from a follow-up from the line of Eric Hagen with Banc of America. Please proceed.

Hey Jim. Just a question on Bakken differentials, I was just wondering if you could just help to break it down a little bit, how much it costs to ship via the pipeline versus, I mean maybe trucking it out of state or railing it and how that mix might be shifting going forward?

Okay. Chuck will take a crack at that one.

Eric, are you talking about shipping on Enbridge or are you talking about shipping on our barrels in the field?

On Enbridge?

Currently the tariff rate on Enbridge is about $2.08 to 2 LX (ph). To get into there is about $3 on trucking. So that is the net transportation cost to get it to the market at Clearbrook. Once we have our pipeline in place later this year, it would be reduced by approximately $2. So we will see a roughly $3 or $3.50 at the least pricing to Clearbrook.

Okay, great. Thanks a lot.

Good thanks for calling back Eric.

(Operator Instructions) And you have no further questions at this time. I would now like to turn the call over to Jim Volker for closing remarks. Please proceed.

Thank you. In closing, I'd like to emphasize our intent to keep our CapEx in line, I'd say approximately with our discretionary cash flow in 2009 as it relates to our base drilling budget. And at the same time, we continue to expect production growth in 2009. Despite the current volatility in commodity prices in the markets, I would like to underscore the excitement all of us at Whiting are feeling about continuing to execute on our Bakken drilling play as well as our Postle and North Ward Estes CO2 projects. As a result of these projects, we expect to show year-over-year organic production growth in 2009. I'd also like to mention several events that Whiting will be participating in over the next several weeks that may give us the opportunity to meet with you personally. We'll be presenting at the Raymond James 30th Annual Institutional Investors Conference at the JW Marriott in Orlando, Florida. We're scheduled at 2:15 PM Eastern Time on Monday, March 9th. We will also be presenting at the Oil and Gas Symposium at the Sheraton the New York Hotel and Towers which is scheduled for April 20th and we'll be there until the 22nd. We look forward to seeing and speaking with you at those events. And in closing, I would like to thank all of you on this call for your new or continuing increase in Whiting Petroleum Corporation, and I want to express my personal thanks to all Whiting employees and our directors for their contributions to Whiting's performance. Again, all the best and we look forward to seeing and speaking with you soon.

Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Have a good day.