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Whiting USA Trust I Announces Trust Quarterly Distribution

Stocks in this article: WHX

Whiting USA Trust I (NYSE: WHX) announced the first Trust distribution in 2013, which relates to net profits generated during the fourth quarterly payment period of 2012.

Unitholders of record on February 19, 2013 will receive a distribution amounting to $8,008,030 or $0.577618 per unit, which is payable on or before March 1, 2013.

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

Sales volumes:                
Oil (Bbl) 184,257
Natural gas (Mcf)   647,344  
Total (BOE) 292,148
Average sales prices:
Oil (per Bbl) $ 77.86
Natural gas (per Mcf) $ 3.08
 
Gross proceeds:
Oil sales $ 14,347,061
Natural gas sales   1,992,164  
Total gross proceeds $ 16,339,225  
Costs:
Lease operating expenses (1) $ 7,471,849
Production taxes 1,166,362
Realized gains on hedging settlements   (1,380,969 )
Total costs $ 7,257,242  
 
Net profits $ 9,081,983
Percentage allocable to Trust’s Net Profits Interest   90 %
 
Total cash available for the Trust $ 8,173,785
Provision for estimated Trust expenses (100,000 )
Montana state income taxes withheld   (65,755 )
Net cash proceeds available for distribution $ 8,008,030
 
Trust units outstanding   13,863,889  
Cash distribution per Trust unit $ 0.577618  
 

(1) The Trust’s underlying properties incurred increases in lease operating expenses during 2012 related to a higher level of workover activity and increased costs of oil field goods and services associated with higher demand in the industry.

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