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 $0.894326 per unit, which is payable on or before August 29, 2012.
Volumes, average sales prices and net profits for the quarterly payment period were:
|Natural gas (Mcf)||655,398|
|Average sales prices:|
|Oil (per Bbl)||$||84.06|
|Natural gas (per Mcf) (1)||$||4.48|
|Natural gas sales||2,936,249|
|Total gross proceeds||$||32,912,686|
|Lease operating expenses||$||11,447,340|
|Percentage allocable to Trust’s Net Profits Interest||90||%|
|Total cash available for the Trust||$||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.