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Whiting USA Trust I Announces Trust Quarterly Distribution

Second graph of release should read: Unitholders of record on August 20, 2012 will receive...(sted Unitholders of record on August 19, 2012 (which results in an actual effective record date of August 17, 2012 due to the 19 th of August falling on a non-trading day) will receive...).

The corrected release reads:

WHITING USA TRUST I ANNOUNCES TRUST QUARTERLY DISTRIBUTION

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

Unitholders of record on August 20, 2012 will receive a distribution amounting to $9,550,187 or $0.688853 per unit, which is payable on or before August 29, 2012.

Volumes, average sales prices and net profits for the quarterly payment period were:

Sales volumes:  
Oil (Bbls) 200,283
Natural gas (Mcf)   746,709  
Total (BOE) 324,735
Average sales prices:
Oil (per Bbl) $ 79.47
Natural gas (per Mcf) $ 2.68
 
Gross proceeds:
Oil sales $ 15,917,351
Natural gas sales   2,000,844  
Total gross proceeds $ 17,918,195  
Costs:
Lease operating expenses $ 7,346,695
Production taxes 1,130,347
Realized gains on hedging settlements   (1,497,169 )
Total costs $ 6,979,873  
 
Net profits $ 10,938,322
Percentage allocable to Trust’s Net Profits Interest   90 %
 
Total cash available for the Trust $ 9,844,490
Provision for estimated Trust expenses (245,000 )
Montana state income taxes withheld   (49,303 )
Net cash proceeds available for distribution $ 9,550,187
 
Trust units outstanding   13,863,889  
Cash distribution per Trust unit $ 0.688853  
 

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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