Unitholders of record on
Volumes, average sales prices and net profits for the quarterly payment period were:
|Natural gas (Mcf)||†||659,901||†|
|Average sales prices:|
|Oil (per Bbl) (1)||$||81.30|
|Natural gas (per Mcf)||$||3.50|
|Natural gas sales||†||2,308,284||†|
|Total gross proceeds||$||18,029,146||†|
|Lease operating expenses||$||7,763,527|
|Realized gains on hedging settlements(2)||†||-||†|
|Percentage allocable to Trustís Net Profits Interest||†||90||%|
|Total cash available for the Trust||$||8,033,331|
|Provision for estimated Trust expenses||(250,000||)|
|Net cash proceeds available for distribution||$||7,723,847|
|Trust units outstanding||†||13,863,889||†|
|Cash distribution per Trust unit||$||0.557120||†|
(1) Oil includes natural gas liquids.
(2) All costless collar hedge contracts terminated as of
The net profits interest represents the right to receive 90% of the net proceeds from Whiting Petroleum Corporationís interests in certain existing oil and natural gas producing properties located primarily in the
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 described in the Trustís public filings, since the assets of the Trust are depleting assets, a portion of each cash distribution paid on the Trust units should be considered by investors as a return of capital, with the remainder being considered as a return on investment, and consequently the market price of the Trust units will decline to zero at termination of the Trust.
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.