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Whiting USA Trust I Announces Trust Quarterly Distribution

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

Unitholders of record on November 19, 2012 will receive a distribution amounting to $7,102,969 or $0.512336 per unit, which is payable on or before November 29, 2012.

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

         
Sales volumes:
Oil (Bbl) 189,433
Natural gas (Mcf)   672,805  
Total (BOE) 301,567
Average sales prices:
Oil (per Bbl) $ 75.26
Natural gas (per Mcf) $ 2.69
 
Gross proceeds:
Oil sales $ 14,256,943
Natural gas sales   1,810,836  
Total gross proceeds $ 16,067,779  
Costs:
Lease operating expenses $ 7,897,842
Production taxes 1,098,277
Realized gains on hedging settlements   (1,238,466 )
Total costs $ 7,757,653  
 
Net profits $ 8,310,126
Percentage allocable to Trust’s Net Profits Interest   90 %
 
Total cash available for the Trust $ 7,479,113
Provision for estimated Trust expenses (325,000 )
Montana state income taxes withheld   (51,144 )
Net cash proceeds available for distribution $ 7,102,969
 
Trust units outstanding   13,863,889  
Cash distribution per Trust unit $ 0.512336  
 

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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