Attached files
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8-K - FORM 8-K - WHITING USA TRUST I | d69985e8vk.htm |
Exhibit 99.1
Whiting USA Trust I
Whiting USA Trust I Announces Trust Quarterly Distribution
WHITING USA TRUST I
The Bank of New York Mellon Trust Company, N.A., Trustee
The Bank of New York Mellon Trust Company, N.A., Trustee
NEWS | ||
RELEASE | ||
FOR IMMEDIATE RELEASE
Austin, Texas, November 6, 2009 Whiting USA Trust I (NYSE Symbol WHX) announced the Trust
distribution of Net Profits for the third quarterly Payment Period of 2009.
Unitholders of record on November 19, 2009 will receive a distribution amounting to $8,441,096 or
$0.608855 per unit payable November 30, 2009.
Volumes, Price and Net Profits for the Payment Period were:
Sales Volumes: |
||||
Oil (Bbls) |
207,266 | |||
Natural Gas (Mcf) |
878,506 | |||
Total (BOE) |
353,683 | |||
Average Sales Prices: |
||||
Oil (per Bbl) |
$ | 56.11 | ||
Natural Gas (per Mcf) |
$ | 3.18 | ||
Gross Proceeds: |
||||
Oil Sales |
$ | 11,630,683 | ||
Natural Gas Sales |
2,795,051 | |||
Total Gross Proceeds |
$ | 14,425,734 | ||
Costs: |
||||
Lease Operating Expense |
$ | 6,194,008 | ||
Production Taxes |
1,056,035 | |||
Realized Gains on Hedge Settlements |
(2,584,702 | ) | ||
Total Costs |
$ | 4,665,341 | ||
Net Profits |
$ | 9,760,393 | ||
Percentage allocable to Trusts |
90 | % | ||
Net Profits Interest |
||||
Total cash available for the Trust |
$ | 8,784,354 | ||
Provision for estimated Trust expenses |
(275,000 | ) | ||
Montana state income tax withheld |
(68,258 | ) | ||
Net cash proceeds available for distribution |
$ | 8,441,096 | ||
Trust units outstanding |
13,863,889 | |||
Cash distribution per Trust unit |
$ | 0.608855 | ||
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.
Contact:
|
Whiting USA Trust I | |
The Bank of New York Mellon Trust Company, N.A., as Trustee | ||
Mike Ulrich | ||
(512) 236-6599 | ||
919 Congress Avenue, Austin, TX 78701 | ||
www.businesswire.com/cnn/whx.htm |
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