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 DISTRIBUTION



Austin, Texas, February 7, 2017 –  Whiting USA Trust  II  (OTC Symbol – WHZT) announced today that the Trust will make a distribution to unitholders in the first quarter of 2017, which relates to net profits generated during the fourth quarterly payment period of 2016. Unitholders of record on February 19, 2017 (which results in an effective record date of February 17, 2017 due to the 19th of February falling on a non-trading day) will receive a distribution of $0.063784 per unit, which is payable on or before March 1, 2017 (the “February 2017 distribution”).



As of the date of this press release, 99.9% of the Trust’s total 18,400,000 units outstanding were held by Cede & Co. (The Depository Trust Corporation’s nominee) as the official unitholder of record. The effective record date of February 17, 2017 for this distribution is only applicable to unitholders of record such as Cede & Co., and the ex-date, as set by The Financial Industry Regulatory Authority, Inc., or FINRA, actually determines which street name holders will be eligible to receive the February 2017 distribution. 



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





 

 

 

 



 

 

 

 

Sales volumes:

 

 

 

 

Oil (Bbl)(1) 

 

 

247,126 

 

Natural gas (Mcf)

 

 

352,462 

 

Total (BOE)

 

 

305,870 

 

Gross proceeds:

 

 

 

 

Oil sales(1)

 

$

10,073,184 

 

Natural gas sales

 

 

1,033,476 

 

Total gross proceeds

 

$

11,106,660 

 

Costs:

 

 

 

 

Lease operating expenses(2)

 

$

8,337,449 

 

Production taxes

 

 

590,160 

 

Development costs

 

 

539,079 

 

Cash settlements on commodity derivatives(3)

 

 

 -

 

Total costs

 

$

9,466,688 

 

Net profits

 

$

1,639,972 

 

Percentage allocable to Trust’s Net Profits Interest

 

 

90 

%

Total cash available for the Trust

 

$

1,475,975 

 

Provision for estimated Trust expenses

 

 

(300,000)

 

Montana state income taxes withheld

 

 

(2,358)

 

Net cash proceeds available for distribution

 

$

1,173,617 

 

Trust units outstanding

 

 

18,400,000 

 

Cash distribution per Trust unit

 

$

0.063784 

 

Selected performance metrics:

 

 

 

 

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

 

$

40.76 

 

Natural gas average realized price (per Mcf)(4)

 

$

2.93 

 

Lease operating expenses (per BOE)(2)

 

$

27.26 

 

Production tax rate (percent of total gross proceeds)

 

 

5.3 

%



 


The following information was filed by Whiting Usa Trust Ii (WHZT) on Wednesday, February 8, 2017 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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