Whiting USA Trust I (NYSE: WHX) announced the second 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 $10,028,962 or $0.723387 per unit, which is payable on or before May 30, 2012.
Volumes, average sales prices and net profits for the quarterly payment period were:
|Natural Gas (Mcf)||655,938|
|Average Sales Prices:|
|Oil (per Bbl)||$||86.21|
|Natural gas (per Mcf)||$||3.31|
|Natural Gas Sales||2,168,060|
|Total Gross Proceeds||$||18,396,505|
|Lease Operating Expenses||$||7,427,876|
|Realized Gains on Hedging Settlements||(1,756,390||)|
|Percentage allocable to Trust’s Net Profits Interest||90||%|
|Total cash available for the Trust||$||10,285,376|
|Provision for estimated Trust expenses||(175,000||)|
|Montana state income taxes withheld||(81,414||)|
|Net cash proceeds available for distribution||$||10,028,962|
|Trust units outstanding||13,863,889|
|Cash distribution per Trust unit||$||0.723387|
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.