Whiting USA Trust II Announces Trust Quarterly Distribution

  Whiting USA Trust II Announces Trust Quarterly Distribution

Business Wire

AUSTIN, Texas -- November 09, 2012

Whiting USA Trust II (NYSE: WHZ) announced the third Trust distribution in
2012, which relates to net profits generated during the third quarterly
payment period of 2012.

Unitholders of record on November 19, 2012 will receive a distribution
amounting to $13,995,405 or $0.760620 per unit, which is payable on or before
November 29, 2012.

Volumes, average sales prices and net profits for the quarterly payment period
were:

Sales volumes:                                       
Oil (Bbls)                                               346,924
Natural gas (Mcf)                                       684,368    
Total (BOE)                                              460,985
Average sales prices:
Oil (per Bbl)                                          $ 80.97
Natural gas (per Mcf)^(1)                              $ 4.13
                                                       
Gross proceeds:
Oil sales                                              $ 28,089,482
Natural gas sales                                       2,823,831  
Total gross proceeds                                   $ 30,913,313 
Costs:
Lease operating expenses                               $ 11,907,881
Production taxes                                         1,682,277
Development costs                                       1,377,691  
Total costs                                            $ 14,967,849 
                                                       
Net profits                                            $ 15,945,464
Percentage allocable to Trust’s Net Profits Interest    90         %
                                                       
Total cash available for the Trust                     $ 14,350,918
Provision for estimated Trust expenses                   (350,000   )
Montana state income taxes withheld                     (5,513     )
Net cash proceeds available for distribution           $ 13,995,405
                                                       
Trust units outstanding                                 18,400,000 
Cash distribution per Trust unit                       $ 0.760620   

(1) The average sales price of natural gas for the gas production months
within the distribution period exceeded the average NYMEX gas prices for those
same months within the period due to the “liquids rich” content of a portion
of the natural gas volumes produced by the underlying properties.

The net profits interest represents the right to receive 90% of the net
proceeds from Whiting Petroleum Corporation’s interests in certain existing
oil and natural gas properties located primarily in the Rocky Mountains,
Permian Basin, Gulf Coast and Mid-Continent regions of the United States. The
net profits interest will terminate on the later to occur of (1) December 31,
2021, or (2) the time when 11.79 MMBOE have been produced from the underlying
properties and sold (which amount is equivalent to 10.61 MMBOE attributable to
the net profits interest), and the Trust will soon thereafter wind up its
affairs and terminate, after which it will pay no further distributions.

As of September 30, 2012, on a cumulative accrual basis, 1.2 MMBOE (12%) of
the Trust’s total 10.61 MMBOE have been produced and sold. Based on the
Trust’s reserve report for the underlying properties as of December 31, 2011,
the 11.79 MMBOE of reserves (10.61 MMBOE to the 90% net profits interest) are
projected to be produced from the underlying properties by December 31, 2021,
which reflects an expected year over year decline rate of approximately 8.4%
between 2012 and 2021, assuming no additional development drilling or other
development expenditures are made on the underlying properties after 2014.
However, cash distributions to unitholders may decline at a faster rate than
the rate of production due to fixed and semi-variable costs attributable to
the underlying properties, or if expected future development is delayed,
reduced or cancelled.

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 the operation,
production and development of oil and gas properties, and future production
and development 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 II
The Bank of New York Mellon Trust Company, N.A., as Trustee
Mike Ulrich, 512-236-6599
http://WhitingWHZ.investorhq.businesswire.com/