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Whiting USA Trust II Announces Trust Quarterly Distribution

Stocks in this article: WHZ

Whiting USA Trust II (NYSE: WHZ) announced the second 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 $16,455,602 or $0.894326 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) 356,599
Natural gas (Mcf)   655,398  
Total (BOE) 465,832
Average sales prices:
Oil (per Bbl) $ 84.06
Natural gas (per Mcf) (1) $ 4.48
 
Gross proceeds:
Oil sales $ 29,976,437
Natural gas sales   2,936,249  
Total gross proceeds $ 32,912,686  
 
Costs:
Lease operating expenses $ 11,447,340
Production taxes 1,706,238
Development costs   1,321,279  
Total costs $ 14,474,857  
 
Net profits $ 18,437,829
Percentage allocable to Trust’s Net Profits Interest   90 %
 
Total cash available for the Trust $ 16,594,046
Provision for estimated Trust expenses (125,000 )
Montana state income taxes withheld   (13,444 )
Net cash proceeds available for distribution $ 16,455,602
 
Trust units outstanding   18,400,000  
Cash distribution per Trust unit $ 0.894326  
 

(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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