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Whiting USA Trust I Announces Trust Quarterly Distribution And 2011 Reserve Data And Updates Termination Forecast

Whiting USA Trust I (NYSE: WHX) announced the first Trust distribution in 2012, which relates to net profits generated during the fourth quarterly payment period of 2011.

Unitholders of record on February 17, 2012 will receive a distribution amounting to $10,002,347 or $0.721468 per unit, which is payable on or before February 29, 2012.

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

Sales Volumes:    
Oil (Bbls) 183,896
Natural Gas (Mcf)   729,451  
Total (BOE) 305,471
Average Sales Prices:
Oil (per Bbl) $ 82.32
Natural gas (per Mcf) $ 3.97
 
Gross Proceeds:
Oil Sales $ 15,138,935
Natural Gas Sales   2,897,104  
Total Gross Proceeds $ 18,036,039  
Costs:
Lease Operating Expenses $ 6,822,360
Production Taxes 1,273,751
Realized Gains on Hedging Settlements   (1,445,433 )
Total Costs $ 6,650,678  
 
Net Profits $ 11,385,361
Percentage allocable to Trust’s Net Profits Interest   90 %
 
Total cash available for the Trust $ 10,246,825
Provision for estimated Trust expenses (175,000 )
Montana state income taxes withheld   (69,478 )
Net cash proceeds available for distribution $ 10,002,347
 
Trust units outstanding   13,863,889  
Cash distribution per Trust unit $ 0.721468  
 

The net profits interest represents the right to receive 90% of the net proceeds from Whiting Petroleum Corporation’s interests in certain existing oil and natural gas producing properties located primarily in the Rocky Mountains, Mid-Continent, Permian Basin and Gulf Coast regions of the United States. The net profits interest will terminate when 9.11 MMBOE have been produced and sold from the underlying properties (which amount is equivalent to 8.20 MMBOE attributable to the net profits interest), and the Trust will soon thereafter wind up its affairs and terminate, after which it will pay no further distributions.

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