Whiting USA Trust I Announces Trust Quarterly Distribution

  Whiting USA Trust I Announces Trust Quarterly Distribution

Business Wire

AUSTIN, Texas -- February 7, 2013

Whiting USA Trust I (NYSE: WHX) announced the first Trust distribution in
2013, which relates to net profits generated during the fourth quarterly
payment period of 2012.

Unitholders of record on February 19, 2013 will receive a distribution
amounting to $8,008,030 or $0.577618 per unit, which is payable on or before
March 1, 2013.

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

Sales volumes:                                         
Oil (Bbl)                                                         184,257
Natural gas (Mcf)                                                647,344    
Total (BOE)                                                       292,148
Average sales prices:
Oil (per Bbl)                                                   $ 77.86
Natural gas (per Mcf)                                           $ 3.08
                                                                
Gross proceeds:
Oil sales                                                       $ 14,347,061
Natural gas sales                                                1,992,164  
Total gross proceeds                                            $ 16,339,225 
Costs:
Lease operating expenses^(1)                                    $ 7,471,849
Production taxes                                                  1,166,362
Realized gains on hedging settlements                            (1,380,969 )
Total costs                                                     $ 7,257,242  
                                                                
Net profits                                                     $ 9,081,983
Percentage allocable to Trust’s Net Profits                      90         %
Interest
                                                                
Total cash available for the Trust                              $ 8,173,785
Provision for estimated Trust expenses                            (100,000   )
Montana state income taxes withheld                              (65,755    )
Net cash proceeds available for distribution                    $ 8,008,030
                                                                
Trust units outstanding                                          13,863,889 
Cash distribution per Trust unit                                $ 0.577618   
                                                                

(1) The Trust’s underlying properties incurred increases in lease operating
expenses during 2012 related to a higher level of workover activity and
increased costs of oil field goods and services associated with higher demand
in the industry.

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 producing properties located primarily in the Rocky
Mountains, Mid-Continent, Permian Basin and Gulf Coast regions of the United
States. The net profits interest will terminate when 9.11 MMBOE have been
produced and sold from the underlying properties (which amount is equivalent
to 8.20 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 December 31, 2012, on a cumulative accrual basis, 6.10 MMBOE (74%) of
the Trust’s total 8.20 MMBOE have been produced and sold. Based on the Trust’s
reserve report for the underlying properties as of December 31, 2012, the 9.11
MMBOE of reserves (8.20 MMBOE to the 90% net profits interest) are projected
to be produced from the underlying properties by June 30, 2015, which reflects
expected year over year decline rates ranging from approximately 9% to 11%
between 2013 and 2015. However, the rate of future production cannot be
predicted with certainty, and 9.11 MMBOE (8.20 MMBOE to the 90% net profits
interest) may be produced before or after the currently projected date. In
addition, 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.

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 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
Mary Jo Davis, 800-852-1422
http://whx.investorhq.businesswire.com/
 
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