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Whiting USA Trust I Announces Trust Quarterly Distribution

Whiting USA Trust I (NYSE: WHX) announced the fourth Trust distribution in 2010, which relates to net profits generated during the third quarterly payment period of 2010.

Unitholders of record on November 19, 2010 will receive a distribution amounting to $8,246,180 or $0.594796 per unit, which is payable on or before November 29, 2010.

Volumes, price and net profits for the payment period were:

Sales Volumes:  
Oil (Bbls)

205,290

Natural Gas (Mcf)  

797,279

 
Total (BOE)  

338,170

 
Average Sales Prices:

 

Oil (per Bbl)

$

62.21

Natural Gas (per Mcf)

$

4.19

Gross Proceeds:

 

Oil Sales

$

12,770,735

Natural Gas Sales  

3,342,874

 
Total Gross Proceeds

$

16,113,609

 
Costs:

 

Lease Operating Expenses

$

6,468,142

Production Taxes

1,107,841

Realized Gains on Hedge Settlements  

(798,136

)

Total Costs $ 6,777,847  
 
Net Profits $ 9,335,762

Percentage allocable to Trust’s Net Profits Interest

  90 %
 
Total cash available for the Trust $ 8,402,186
Provision for estimated Trust expenses (100,000 )
Montana state income taxes withheld   (56,006 )
Net cash proceeds available for distribution $ 8,246,180
 
Trust units outstanding   13,863,889  
Cash distribution per Trust unit $ 0.594796  
 
 

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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