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Whiting USA Trust II Announces Trust Quarterly Distribution

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Whiting USA Trust II (the “Trust”) (OTC: WHZT) announced today that the Trust will make a distribution to unitholders in the second quarter of 2021, which relates to net profits generated during the first quarterly payment period of 2021. Unitholders of record on May 20, 2021 will receive a distribution of $0.082926 per unit, which is payable on or before May 28, 2021 (the “May 2021 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 record date of May 20, 2021 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 May 2021 distribution.

Sales volumes, net profits and selected performance metrics for the quarterly payment period (mainly affected by January 2021 through March 2021 oil prices and December 2020 through February 2021 gas prices) were:

 

 

 

 

Sales volumes:

 

 

 

Oil (Bbl)(1)

 

 

199,543

 

Natural gas (Mcf)

 

 

198,424

 

Total (BOE)(2)

 

 

232,614

 

Gross proceeds:

 

 

 

Oil sales(1)

 

$

9,032,477

 

Natural gas sales

 

 

737,840

 

Total gross proceeds(2)

 

$

9,770,317

 

Costs:

 

 

 

Lease operating expenses

 

$

6,548,695

 

Production taxes(3)

 

 

496,544

 

Development costs

 

 

278,019

 

Cash settlements on commodity derivatives(4)

 

 

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