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 $0.721468 per unit, which is payable on or before February 29, 2012.
Volumes, price and net profits for the quarterly payment period were:
|Natural Gas (Mcf)||729,451|
|Average Sales Prices:|
|Oil (per Bbl)||$||82.32|
|Natural gas (per Mcf)||$||3.97|
|Natural Gas Sales||2,897,104|
|Total Gross Proceeds||$||18,036,039|
|Lease Operating Expenses||$||6,822,360|
|Realized Gains on Hedging Settlements||(1,445,433||)|
|Percentage allocable to Trust’s Net Profits Interest||90||%|
|Total cash available for the Trust||$||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.