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Whiting USA Trust II Announces Trust Quarterly Distribution

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

Unitholders of record on August 19, 2014 will receive a distribution of $0.828699 per unit, which is payable on or before August 29, 2014.

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

     
Sales volumes:
Oil (Bbl) (1) 299,440
Natural gas (Mcf)   567,303  
Total (BOE) 393,991
Average sales prices:
Oil (per Bbl) (1) $ 90.55
Natural gas (per Mcf) (2) $ 5.67
 

Gross proceeds:

Oil sales (1) $ 27,112,941
Natural gas sales   3,213,874  
Total gross proceeds $ 30,326,815  
Costs:
Lease operating expenses $ 10,094,786
Production taxes 1,550,819
Development costs 1,454,152
Cash settlement (gains) losses on commodity derivatives (3)   -  
Total costs $ 13,099,757  
 

Net profits

$ 17,227,058
Percentage allocable to Trust’s Net Profits Interest   90 %
 

Total cash available for the Trust

$ 15,504,352
Provision for estimated Trust expenses (250,000 )
Montana state income taxes withheld   (6,297 )
Net cash proceeds available for distribution $ 15,248,055
 

Trust units outstanding

  18,400,000  
Cash distribution per Trust unit $ 0.828699  
 
(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 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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