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8-K - FORM 8-K - WHITING USA TRUST Id79466e8vk.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
     
 
  NEWS
RELEASE
 
   
FOR IMMEDIATE RELEASE
Austin, Texas, February 7, 2011 — Whiting USA Trust I (NYSE Symbol — 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.
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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