On the heels of the news that the Department of Energy may pay producers to leave production in the ground, Whiting Petroleum made news today by claiming they did not actually file bankruptcy. According to the press release, a disgruntled legal analyst kicked off the proceedings and that the company is in amazing shape. In addition, recently hired Reserve Auditing Firm, Had Brolley and Associates, has discovered 50 times the reserves stated in the companies last 10-K filing.
CEO Brad Holley commented, “We trust Had’s analysis; his single-person team is filled with amazing analysts. While we now believe we have enough inventory to last hundreds of years, we have decided that the US government would do a much better job at managing these assets and have decided to provide these to the DoE at the low price of $10/bbl of Proven Reserves”.
In a separate filing, the $14.5 million in bonuses paid to the executives during the mistaken bankruptcy filing has been doubled, while all staff salaries have been cut by 75%.
Startup Reserve Auditing Firm Had Brolley has been inundated with requests. Recent additions Loug Dawler, Fark Mischer, Wavid Dood, and Harold Hamm should help relieve the load from Had’s shoulders.