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Whiting USA Trust II Announces Trust Quarterly Distribution

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:
Sales Volumes:    
Oil (Bbls) 301,325
Natural Gas (Mcf)   456,862  
Total (BOE) 377,469
Average Sales Prices:
Oil (per Bbl) $ 93.00
Natural gas (per Mcf) (1) $ 5.29
 
Gross Proceeds:
Oil Sales $ 28,023,551
Natural Gas Sales   2,417,580  
Total Gross Proceeds $ 30,441,131  
Costs:
Lease Operating Expenses $ 7,268,925
Production Taxes 1,628,493
Development Costs   1,456,836  
Total Costs $ 10,354,254  
 
Net Profits $ 20,086,877
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.

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