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8-K - FORM 8-K - WHITING USA TRUST I | d79466e8vk.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 |
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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: |
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Oil (Bbls) |
197,231 | |||
Natural Gas (Mcf) |
769,588 | |||
Total (BOE) |
325,496 | |||
Average Sales Prices: |
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Oil (per Bbl) |
$ | 70.69 | ||
Natural Gas (per Mcf) |
$ | 3.66 | ||
Gross Proceeds: |
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Oil Sales |
$ | 13,942,211 | ||
Natural Gas Sales |
2,819,231 | |||
Total Gross Proceeds |
$ | 16,761,442 | ||
Costs: |
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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 Trusts 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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