Whiting USA Trust I Announces Trust Quarterly Distribution
August 05 2011 - 3:15PM
Business Wire
Whiting USA Trust I (NYSE: WHX) announced the third Trust
distribution in 2011, which relates to net profits generated during
the second quarterly payment period of 2011.
Unitholders of record on August 19, 2011 will receive a
distribution amounting to $11,425,247 or $0.824101 per unit, which
is payable on or before August 29, 2011.
Volumes, price and net profits for the payment period were:
Sales Volumes: Oil (Bbls) 183,888 Natural Gas (Mcf)
675,812 Total (BOE) 296,523 Average Sales Prices: Oil (per
Bbl) $ 91.40 Natural gas (per Mcf) $ 4.19 Gross Proceeds:
Oil Sales $ 16,807,025 Natural Gas Sales 2,832,373
Total Gross Proceeds $ 19,639,398 Costs: Lease Operating
Expenses $ 5,973,936 Production Taxes 1,425,362 Realized Gains on
Hedging Settlements (742,137 ) Total Costs $ 6,657,161
Net Profits $ 12,982,237 Percentage allocable to
Trust’s Net Profits Interest 90 % Total cash
available for the Trust $ 11,684,013 Provision for estimated Trust
expenses (175,000 ) Montana state income taxes withheld
(83,766 ) Net cash proceeds available for distribution $ 11,425,247
Trust units outstanding 13,863,889 Cash
distribution per Trust unit $ 0.824101
This press release contains forward-looking statements,
including all statements made in this press release other than
statements of historical fact. No assurances can be given that such
statements will prove to be correct. The announced distributable
amount is based, in part, on the amount of cash received or
expected to be received by the Trust from Whiting Petroleum
Corporation pursuant to the net profits interest with respect to
the relevant quarterly period. Any differences in actual cash
receipts by the Trust could affect this distributable amount. Other
important factors that could cause actual results to differ
materially include expenses of the Trust, fluctuations in oil and
natural gas prices, uncertainty of estimates of oil and natural gas
reserves and production, risks inherent in operation and production
of oil and gas properties and future production costs. Statements
made in this press release are qualified by the cautionary
statements made in this press release. The Trustee does not intend,
and assumes no obligation, to update any of the statements included
in this press release.
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