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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 third Trust distribution in 2013, which relates to net profits generated during the second quarterly payment period of 2013.

Unitholders of record on August 19, 2013 will receive a distribution of $0.739362 per unit, which is payable on or before August 29, 2013.

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

Sales volumes:  
Oil (Bbl) (1) 314,344
Natural gas (Mcf)   594,295  
Total (BOE) 413,393
Average sales prices:
Oil (per Bbl) (1) $ 85.19
Natural gas (per Mcf) (2) $ 4.89
 

Gross proceeds:

Oil sales (1) $ 26,780,380
Natural gas sales   2,906,540  
Total gross proceeds $ 29,686,920  
Costs:
Lease operating expenses $ 10,909,428
Production taxes 1,509,166
Development costs 1,919,337
Realized (gains) losses on hedging settlements (3)   -  
Total costs $ 14,337,931  
 

Net profits

$ 15,348,989
Percentage allocable to Trust’s Net Profits Interest   90 %
 

Total cash available for the Trust

$ 13,814,090
Provision for estimated Trust expenses (200,000 )
Montana state income taxes withheld   (9,832 )
Net cash proceeds available for distribution $ 13,604,258
 

Trust units outstanding

  18,400,000  
Cash distribution per Trust unit $ 0.739362  
 
(1)   Oil includes natural gas liquids.
 
(2) 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.
 
(3) There were no realized gains or losses on hedge settlements during the second quarterly payment period of 2013. All costless collar hedge contracts terminate as of December 31, 2014, at which time there will be no further cash settlement gains or losses on commodity hedges, and the Trust will have increased exposure to oil and natural gas price volatility.
 

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 properties located primarily in the Rocky Mountains, Permian Basin, Gulf Coast and Mid-Continent regions of the United States. The net profits interest will terminate on the later to occur of (1) December 31, 2021, or (2) the time when 11.79 MMBOE have been produced from the underlying properties and sold (which amount is equivalent to 10.61 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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