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



Houston, Texas, August  8,  2018 –  Whiting USA Trust  II  (OTC Symbol – WHZT) announced today that the Trust will make a distribution to unitholders in the third  quarter of 2018, which relates to net profits generated during the second quarterly payment period of 2018. Unitholders of record on August 19, 2018 (which results in an effective record date of August  17, 2018 due to the 19th of August falling on a non-trading day) will receive a distribution of $0.299197 per unit, which is payable on or before August 29, 2018 (the “August 2018 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 August  17, 2018 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 August 2018 distribution. 



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





 

 

 

 



 

 

 

 

Sales volumes:

 

 

 

 

Oil (Bbl)(1) 

 

 

231,446 

 

Natural gas (Mcf)

 

 

310,198 

 

Total (BOE)(2)

 

 

283,146 

 

Gross proceeds:

 

 

 

 

Oil sales(1)

 

$

13,377,845 

 

Natural gas sales

 

 

914,527 

 

Total gross proceeds(2)

 

$

14,292,372 

 

Costs:

 

 

 

 

Lease operating expenses

 

$

6,579,650 

 

Production taxes

 

 

717,555 

 

Development costs

 

 

597,380 

 

Cash settlements on commodity derivatives(3)

 

 

 -

 

Total costs

 

$

7,894,585 

 

Net profits

 

$

6,397,787 

 

Percentage allocable to Trust’s Net Profits Interest

 

 

90 

%

Total cash available for the Trust

 

$

5,758,008 

 

Provision for estimated Trust expenses

 

 

(250,000)

 

Montana state income taxes withheld

 

 

(2,777)

 

Net cash proceeds available for distribution

 

$

5,505,231 

 

Trust units outstanding

 

 

18,400,000 

 

Cash distribution per Trust unit

 

$

0.299197 

 

Selected performance metrics:

 

 

 

 

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

 

$

57.80 

 

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

 

$

2.95 

 

Lease operating expenses (per BOE)

 

$

23.24 

 

Production tax rate (percent of total gross proceeds)

 

 

5.0 

%

__________

(1)

Oil includes natural gas liquids.

(2)

The August 2018 distribution includes production of 18,101 BOE attributable to the first three Keystone South farm-out wells, which production generated gross proceeds of $1.0 million during the second quarterly payment period of 2018.

 


The following information was filed by Whiting Usa Trust Ii (WHZT) on Wednesday, August 8, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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