Whiting USA Trust II (NYSE: WHZ) announced the first Trust distribution in 2012, which relates to net profits generated during the first quarterly payment period of 2012.
Unitholders of record on May 20, 2012 (which results in an actual effective record date of May 18, 2012 due to the 20 th of May falling on a non-trading day) will receive a distribution amounting to $17,563,791 or $0.954554 per unit, which is payable on or before May 30, 2012.
Volumes, average sales prices and net profits for the quarterly payment period were:
|Natural Gas (Mcf)||456,862|
|Average Sales Prices:|
|Oil (per Bbl)||$||93.00|
|Natural gas (per Mcf) (1)||$||5.29|
|Natural Gas Sales||2,417,580|
|Total Gross Proceeds||$||30,441,131|
|Lease Operating Expenses||$||7,268,925|
|Percentage allocable to Trust’s Net Profits Interest||90||%|
|Total cash available for the Trust||$||18,078,189|
|Provision for estimated Trust expenses||(500,000||)|
|Montana state income taxes withheld||(14,398||)|
|Net cash proceeds available for distribution||$||17,563,791|
|Trust units outstanding||18,400,000|
|Cash distribution per Trust unit||$||0.954554|
(1) The average sales price of natural gas for the gas production months within the distribution period exceeded the average NYMEX gas prices for those same months within the period due to the “liquids rich” content of a portion of the natural gas volumes produced by the underlying properties.