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Whiting USA Trust I Announces Trust Quarterly Distribution
Friday, August 07, 2009 4:52 PM


(Source: Business Wire)trackingWhiting USA Trust I (NYSE: WHX) announced the Trust distribution of Net Profits for the second quarterly Payment Period of 2009.

Unitholders of record on August 19, 2009 will receive a distribution amounting to $8,396,899 or $0.605667 per unit payable August 31, 2009.

Volumes, Price and Net Profits for the Payment Period were:

  Sales Volumes:                                                 Oil (Bbls)                                      219,964        Natural Gas (Mcf)                               939,727        Total (BOE)                                     376,585        Average Sales Prices:                                          Oil (per Bbl)                                   $47.21         Natural Gas (per Mcf)                           $3.04          Gross Proceeds:                                                Oil Sales                                       $10,385,451    Natural Gas Sales                               $2,852,156     Total Gross Proceeds                            $13,237,607    Costs:                                                         Lease Operating Expense                         $6,424,668     Production Taxes                                $970,054       Realized Gains on Hedge Settlements             ($3,859,608)   Total Costs                                     $3,535,114     Net Profits                                     $9,702,493     Percentage allocable to Trust's                 90%            Net Profits Interest                                           Total cash available for the Trust              $8,732,244     Provision for estimated Trust expenses          ($300,000)     Montana state income tax withheld               ($35,345)      Net cash proceeds available for distribution    $8,396,899     Trust units outstanding                         13,863,889     Cash distribution per Trust unit                $0.605667                                                                      -------------------------------------------------------------------------------  

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 Trustee 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 Trust does not intend, and assumes no obligation, to update any of the statements included in this press release.

A service of YellowBrix, Inc.



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