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

Unitholders of record on November 19, 2013 will receive a distribution of $0.888253 per unit, which is payable on or before November 29, 2013.

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

Sales volumes:  
Oil (Bbl) (1) 327,640
Natural gas (Mcf)   583,177  
Total (BOE) 424,836
Average sales prices:
Oil (per Bbl) (1) $ 95.56
Natural gas (per Mcf) (2) $ 4.77

Gross proceeds:

Oil sales (1) $ 31,308,824
Natural gas sales   2,781,773  
Total gross proceeds $ 34,090,597  
Costs:
Lease operating expenses $ 11,139,591
Production taxes 1,770,588
Development costs 2,787,155
Realized (gains) losses on hedging settlements (3)   -  
Total costs $ 15,697,334  

Net profits

$ 18,393,263
Percentage allocable to Trust’s Net Profits Interest   90 %

Total cash available for the Trust

$ 16,553,937
Provision for estimated Trust expenses (200,000 )
Montana state income taxes withheld   (10,079 )
Net cash proceeds available for distribution $ 16,343,858

Trust units outstanding

  18,400,000  
Cash distribution per Trust unit $ 0.888253  
 

(1) Oil includes natural gas liquids.

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