Whiting USA Trust I

For more information regarding Whiting USA Trust I
please contact:




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

Mike Ulrich
919 Congress Ave, Suite 500
Austin, TX 78701
Phone: 512-236-6599

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WHX Profile

Whiting USA Trust I was formed in October 2007, by Whiting Petroleum Corporation. Whiting Petroleum Corporation’s wholly-owned subsidiaries, Whiting Oil and Gas Corporation and Equity Oil Company, conveyed a term net profits interest to the trust that represented the right to receive 90% of the net proceeds from Whiting’s interests in certain existing oil and natural gas producing properties.

The net profits interest terminated effective January 28, 2015. The net profits interest terminated as a result of 9.11 MMBOE (which amount is equivalent to 8.20 MMBOE attributable to the net profits interest) have been produced and sold from the underlying properties. Pursuant to the terms of the net profits interest, a final distribution will be made no later than March 30, 2015, to holders of record on March 19, 2015. Prior to such record date, the trust will issue a press release announcing the amount of such distribution. Additionally, the stock transfer books for the trust units will be closed on the close of business on March 19, 2015.

Given the time lag between when production is produced and sold and the receipt of revenues and payment of expenses relating thereto, on or about August 31, 2015, the trust may make a “true-up” distribution if, after the receipt of revenues and payment of expenses, the final distribution is higher than the amount paid by March 30, 2015. Holders of record on March 19, 2015 will be entitled to such distribution, if any. There may not be any “true-up” distribution or, if there is one, it is not likely to be significant. After any “true-up” distribution or determination that no such payment will be made, the trust will soon thereafter wind up its affairs and terminate, after which it will pay no further distributions.