Exhibit 99.1

 

 

WHITING USA TRUST II

The Bank of New York Mellon Trust Company, N.A., as Trustee

 

 

News Release

FOR IMMEDIATE RELEASE

 

 

 

Whiting USA Trust II Announces Trust Quarterly Results

 

Austin, Texas, February  5, 2016 –  Whiting USA Trust  II  (OTC Symbol – WHZT) announced today that it determined there will be no distribution made to unitholders in the first quarter of 2016. This is due to the net profits interest generating a net loss during the fourth quarterly payment period of 2015, and when such net loss is combined with this period’s provision for estimated Trust expenses,  both of these amounts together offset the proceeds from sale of oil and gas properties in their entirety.  

 

Sales volumes, net losses and selected performance metrics for the quarter payment period were:

 

 

 

 

 

 

 

 

 

 

 

Sales volumes:

 

 

 

 

Oil (Bbl)(1)

 

 

267,038 

 

Natural gas (Mcf)

 

 

424,575 

 

Total (BOE)

 

 

337,800 

 

Gross proceeds:

 

 

 

 

Oil sales(1)

 

$

9,394,707 

 

Natural gas sales

 

 

974,744 

 

Total gross proceeds

 

$

10,369,451 

 

Costs:

 

 

 

 

Lease operating expenses

 

$

8,867,559 

 

Production taxes

 

 

519,201 

 

Development costs

 

 

1,085,400 

 

Cash settlements on commodity derivatives(2)

 

 

 -

 

Total costs

 

$

10,472,160 

 

Net losses

 

$

(102,709)

 

Percentage allocable to Trust’s Net Profits Interest

 

 

90 

%

Total cash available for the Trust

 

$

(92,438)

 

Proceeds from sale of oil and gas properties(3)

 

 

331,522 

 

Provision for estimated Trust expenses

 

 

(238,095)

 

Montana state income taxes withheld

 

 

(989)

 

Net cash proceeds available for distribution

 

$

 -

 

Trust units outstanding

 

 

18,400,000 

 

Cash distribution per Trust unit

 

$

 -

 

Selected performance metrics:

 

 

 

 

Crude oil average realized price (per Bbl)(1)

 

$

35.18 

 

Natural gas average realized price (per Mcf)

 

$

2.30 

 

Lease operating expenses (per BOE) 

 

$

26.25 

 

Production tax rate (percent of total gross proceeds)

 

 

5.0 

%

 

 


The following information was filed by Whiting Usa Trust Ii (WHZT) on Friday, February 5, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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