Whiting USA Trust I (NYSE: WHX) announced the Trust distribution of net profits for the first quarterly payment period of 2010.

Unitholders of record on May 20, 2010 will receive a distribution amounting to $9,718,398 or $0.700986 per unit payable May 28, 2010.
 

Volumes, prices and net profits for the payment period were:
     
Sales Volumes:
Oil (Bbls) 192,249
Natural Gas (Mcf) 841,967
Total (BOE) 332,576
Average Sales Prices:
Oil (per Bbl) $ 68.14
Natural Gas (per Mcf) $ 5.02
Gross Proceeds:
Oil Sales $ 13,100,077
Natural Gas Sales 4,224,054
Total Gross Proceeds $ 17,324,131
Costs:
Lease Operating Expenses $ 5,813,105
Production Taxes 1,223,641
Realized Gains on Hedge Settlements (849,253)
Total Costs $ 6,187,493
 
Net Profits $ 11,136,638

Percentage allocable to Trust’s Net Profits Interest
90%
 
Total cash available for the Trust $ 10,022,974
Provision for estimated Trust expenses (250,000)
Montana state income taxes withheld (54,576)
Net cash proceeds available for distribution $ 9,718,398
 
Trust units outstanding 13,863,889
Cash distribution per Trust unit $ 0.700986
 

This press release contains forward-looking statements, including all statements made in this press release other than statements of historical fact. No assurances can be given that such statements will prove to be correct. The announced distributable amount is based, in part, on the amount of cash received or expected to be received by the Trust from Whiting Petroleum Corporation pursuant to the net profits interest with respect to the relevant quarterly period. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause actual results to differ materially include expenses of the Trust, fluctuations in oil and natural gas prices, uncertainty of estimates of oil and natural gas reserves and production, risks inherent in operation and production of oil and gas properties and future production costs. Statements made in this press release are qualified by the cautionary statements made in this press release. The Trustee does not intend, and assumes no obligation, to update any of the statements included in this press release.