Whiting USA Trust I Announces Trust Quarterly Distribution and 2011 Reserve Data and Updates Termination Forecast
07 Febbraio 2012 - 10:30PM
Business Wire
Whiting USA Trust I (NYSE: WHX) announced the first Trust
distribution in 2012, which relates to net profits generated during
the fourth quarterly payment period of 2011.
Unitholders of record on February 17, 2012 will receive a
distribution amounting to $10,002,347 or $0.721468 per unit, which
is payable on or before February 29, 2012.
Volumes, price and net profits for the quarterly payment period
were:
Sales Volumes: Oil (Bbls) 183,896 Natural Gas (Mcf)
729,451 Total (BOE) 305,471 Average Sales Prices: Oil
(per Bbl) $ 82.32 Natural gas (per Mcf) $ 3.97 Gross
Proceeds: Oil Sales $ 15,138,935 Natural Gas Sales 2,897,104
Total Gross Proceeds $ 18,036,039 Costs: Lease
Operating Expenses $ 6,822,360 Production Taxes 1,273,751 Realized
Gains on Hedging Settlements (1,445,433 ) Total Costs $
6,650,678 Net Profits $ 11,385,361 Percentage
allocable to Trust’s Net Profits Interest 90 % Total
cash available for the Trust $ 10,246,825 Provision for estimated
Trust expenses (175,000 ) Montana state income taxes withheld
(69,478 ) Net cash proceeds available for distribution $
10,002,347 Trust units outstanding 13,863,889
Cash distribution per Trust unit $ 0.721468
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, 2011, on a cumulative accrual basis, 5.00
MMBOE (61%) 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, 2011, 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 August 31, 2015, which
reflects expected year over year decline rates ranging from
approximately 8% to 9% between 2012 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 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.
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