Whiting USA Trust I Announces Receipt of Revised Reserve Report
March 05 2010 - 6:34PM
Business Wire
Whiting USA Trust I (NYSE: WHX) announced that it has received a
revised December 31, 2009 reserve report relating to the
properties in which the Trust has an interest. The Trust holds a
net profits interest ("NPI"), which terminates when
9.11 million barrels of oil equivalent (“MMBOE”) have been
produced and sold from the underlying properties (which amount is
the equivalent of 8.20 MMBOE in respect of the Trust’s right to
receive 90% of the net proceeds from such reserves pursuant to the
NPI). Based on the revised reserve report from the Trust’s
independent petroleum engineer for the underlying properties as of
December 31, 2009, the remaining estimated reserves balance is
6.0 MMBOE (5.4 MMBOE at the 90% NPI), as opposed to the 6.3 MMBOE
(5.7 MMBOE at the 90% NPI) previously reported, and is expected to
be produced by October 31, 2017, as opposed to the previously
reported termination date of August 31, 2018. The Trustee has been
advised that the revisions are the result of additional reviews in
connection with year-end procedures of the underlying data provided
to the independent petroleum engineer. There are numerous
uncertainties inherent in estimating reserve volumes and values,
and the estimates are subject to change as additional information
becomes available. The reserves actually recovered and the timing
of production of the reserves may vary significantly from the
estimates.
This press release contains forward-looking statements,
including all statements made in this press release other than
statements of historical fact. No assurances can be given that such
statements will prove to be correct. Important factors that could
cause actual results to differ materially include fluctuations in
oil and natural gas prices, future production costs, risks inherent
in the operation and production of oil and gas properties, and the
inherent uncertainty of estimates of oil and natural gas reserves
and production. Statements made in this press release are qualified
by the cautionary statements made in this press release. The
Trustee does not intend, and assumes no obligation, to update any
of the statements included in this press release.