Whiting USA Trust I (NYSE: WHX) announced the first Trust distribution in 2011, which relates to net profits generated during the fourth quarterly payment period of 2010.

Unitholders of record on February 21, 2011 will receive a distribution amounting to $9,258,963 or $0.667847 per unit, which is payable on or before March 1, 2011.

Volumes, price and net profits for the payment period were:
Sales Volumes:  
Oil (Bbls)

197,231
Natural Gas (Mcf)  

769,588
Total (BOE)  

325,496
Average Sales Prices:

 
Oil (per Bbl)

$

70.69
Natural Gas (per Mcf)

$

3.66
Gross Proceeds:

 
Oil Sales

$

13,942,211
Natural Gas Sales  

2,819,231
Total Gross Proceeds

$

16,761,442
Costs:

 
Lease Operating Expenses

$

6,451,207
Production Taxes

1,242,425
Realized Gains on Hedge Settlements  

(1,561,837)
Total Costs $ 6,131,795
 
Net Profits $ 10,629,647

Percentage allocable to Trust’s Net Profits Interest
  90%
 
Total cash available for the Trust $ 9,566,682
Provision for estimated Trust expenses (250,000)
Montana state income taxes withheld   (57,719)
Net cash proceeds available for distribution $ 9,258,963
 
Trust units outstanding   13,863,889
Cash distribution per Trust unit $ 0.667847
 

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.

Copyright Business Wire 2010