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Whiting USA Trust II Announces Trust Quarterly Distribution

Whiting USA Trust II (NYSE: WHZ) announced the second Trust distribution in 2014, which relates to net profits generated during the first quarterly payment period of 2014.

Unitholders of record on May 20, 2014 will receive a distribution of $0.670762 per unit, which is payable on or before May 30, 2014.

Volumes, average sales prices and net profits for the quarterly payment period were:
Sales volumes:
Oil (Bbl) (1) 297,248
Natural gas (Mcf)   528,361  
Total (BOE) 385,308
Average sales prices:
Oil (per Bbl) (1) $ 86.77
Natural gas (per Mcf) (2) $ 6.16

Gross proceeds:
Oil sales (1) $ 25,792,026
Natural gas sales   3,254,627  
Total gross proceeds $ 29,046,653  
Lease operating expenses (3) $ 10,950,361
Production taxes 1,528,483
Development costs 2,573,164
Cash settlement (gains) losses on commodity derivatives (4)   -  
Total costs $ 15,052,008  

Net profits
$ 13,994,645
Percentage allocable to Trust’s Net Profits Interest   90 %

Total cash available for the Trust
$ 12,595,181
Provision for estimated Trust expenses (250,000 )
Montana state income taxes withheld   (3,157 )
Net cash proceeds available for distribution $ 12,342,024

Trust units outstanding
Cash distribution per Trust unit $ 0.670762  
(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.

The Trust’s underlying properties experienced an increase in lease operating expenses on a per BOE basis during the first quarterly payment period of 2014 due to i) production declines occurring at a faster rate than corresponding decreases in fixed and semi-variable costs attributable to the underlying properties, and ii) the timing of invoice payments on non-operated properties.
(4) There were no realized gains or losses on hedge settlements during the first quarterly payment period of 2014. All costless collar hedge contracts terminate as of December 31, 2014. Consequently, for all distributions after the February 2015 distribution, 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 Trust’s 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.

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