Whiting USA Trust I Announces Trust Quarterly Distribution
06 May 2011 - 6:15AM
Business Wire
Whiting USA Trust I (NYSE: WHX) announced the second Trust
distribution in 2011, which relates to net profits generated during
the first quarterly payment period of 2011.
Unitholders of record on May 20, 2011 will receive a
distribution amounting to $10,103,152 or $0.728739 per unit, which
is payable on or before May 31, 2011.
Volumes, price and net profits for the payment period were:
Sales Volumes: Oil (Bbls) 185,376 Natural Gas (Mcf)
750,545 Total (BOE) 310,467 Average Sales
Prices: Oil (per Bbl) $ 79.25 Natural Gas (per Mcf) $ 4.16 Gross
Proceeds: Oil Sales $ 14,690,169 Natural Gas Sales 3,124,601
Total Gross Proceeds $ 17,814,770 Costs: Lease
Operating Expenses $ 6,417,254 Production Taxes 1,278,228 Realized
Gains on Hedge Settlements (1,339,127 ) Total Costs $
6,356,355 Net Profits $ 11,458,415 Percentage
allocable to Trust’s Net Profits Interest 90 % Total
cash available for the Trust $ 10,312,573 Provision for estimated
Trust expenses (150,000 ) Montana state income taxes withheld
(59,421 ) Net cash proceeds available for distribution $
10,103,152 Trust units outstanding 13,863,889
Cash distribution per Trust unit $ 0.728739
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.
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