CORRECTING and REPLACING Whiting USA Trust I Announces Trust Quarterly Distribution
09 Agosto 2012 - 12:36AM
Business Wire
Second graph of release should read: Unitholders of record on
August 20, 2012 will receive...(sted Unitholders of record on
August 19, 2012 (which results in an actual effective record date
of August 17, 2012 due to the 19th of August falling on a
non-trading day) will receive...).
The corrected release reads:
WHITING USA TRUST I ANNOUNCES TRUST QUARTERLY
DISTRIBUTION
Whiting USA Trust I (NYSE: WHX) announced the third Trust
distribution in 2012, which relates to net profits generated during
the second quarterly payment period of 2012.
Unitholders of record on August 20, 2012 will receive a
distribution amounting to $9,550,187 or $0.688853 per unit, which
is payable on or before August 29, 2012.
Volumes, average sales prices and net profits for the quarterly
payment period were:
Sales volumes: Oil (Bbls) 200,283 Natural gas (Mcf)
746,709 Total (BOE) 324,735 Average sales prices: Oil (per
Bbl) $ 79.47 Natural gas (per Mcf) $ 2.68 Gross proceeds:
Oil sales $ 15,917,351 Natural gas sales 2,000,844
Total gross proceeds $ 17,918,195 Costs: Lease operating
expenses $ 7,346,695 Production taxes 1,130,347 Realized gains on
hedging settlements (1,497,169 ) Total costs $ 6,979,873
Net profits $ 10,938,322 Percentage allocable to
Trust’s Net Profits Interest 90 % Total cash
available for the Trust $ 9,844,490 Provision for estimated Trust
expenses (245,000 ) Montana state income taxes withheld
(49,303 ) Net cash proceeds available for distribution $ 9,550,187
Trust units outstanding 13,863,889 Cash
distribution per Trust unit $ 0.688853
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 June 30, 2012, on a cumulative accrual basis, 5.57 MMBOE
(68%) 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 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.
Grafico Azioni W H X (NYSE:WHX)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni W H X (NYSE:WHX)
Storico
Da Giu 2023 a Giu 2024