Whiting USA Trust II (WHZ)

Description:

Whiting USA Trust II was incorporated in the state of December in 2011 by Whiting Petroleum Corporation to own a term net profits interest in certain long-lived, predominantly producing properties located primarily in the Rocky Mountains, Permian Basin, Gulf Coast and Mid-Continent regions of the United States. In 2011 the total estimated proved reserves attributable to the underlying properties, as estimated in the reserve report, were 18.28 MMBOE with a pre-tax PV10% value of $408.5 million. The underlying properties include interests in 1,300 gross (390.3 net) producing wells located in 49 predominantly mature fields with established production profiles in 10 states. The company has approximately 96.4% of estimated proved reserves attributable to the underlying properties during the estimated term of the net profits interest were classified as proved developed producing reserves, 2.3% were classified as proved developed non-producing reserves and 1.3% were classified as proved undeveloped reserves. The average daily net production from the underlying properties was approximately 5,007 BOE/d (or 4,507 BOE/d attributable to the net profits interest) and was comprised of approximately 73% oil, 24% natural gas and 3% natural gas liquids.