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Whiting USA Trust II Announces Trust Quarterly Distribution

Whiting USA Trust II (NYSE: WHZ) announced the third 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 $13,995,405 or $0.760620 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 (Bbls) 346,924
Natural gas (Mcf)   684,368  
Total (BOE) 460,985
Average sales prices:
Oil (per Bbl) $ 80.97
Natural gas (per Mcf) (1) $ 4.13
 
Gross proceeds:
Oil sales $ 28,089,482
Natural gas sales   2,823,831  
Total gross proceeds $ 30,913,313  
Costs:
Lease operating expenses $ 11,907,881
Production taxes 1,682,277
Development costs   1,377,691  
Total costs $ 14,967,849  
 
Net profits $ 15,945,464
Percentage allocable to Trust’s Net Profits Interest   90 %
 
Total cash available for the Trust $ 14,350,918
Provision for estimated Trust expenses (350,000 )
Montana state income taxes withheld   (5,513 )
Net cash proceeds available for distribution $ 13,995,405
 
Trust units outstanding   18,400,000  
Cash distribution per Trust unit $ 0.760620  

(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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