Sorry Guys this is all OT
WLL- the parent company is crippled right now because they control one of the largest acreage positions in the Bakken where they were one of the largest producers in North Dakota - price of oil has killed the northern shale plays - bigger company can equal bigger debt - they also own and produce in the Permian Basin in Texas, that is a plus - WLL (parent) 9/14 - 85.00 3/17 38.00 not good - not sure about their financials but lack of cash flow and debt may have buyers interested, well we know they are being looked at. This has absolutely nothing to do with WHZ the Trust set up by them - it is like a trust I was recently in SDT it was set up with a specific number of wells that paid dividends off of the oil royalty after all fees and maintenance were paid. SDT had the option of drilling more wells but the parent company SD has been beat to a pulp even before the oil dropped due to debt and poor management. So no new wells production slowly drops year after year - disappearing divi is what I call it. Same goes fro WHZ look at the divi history - its all down hill. So the answer is a buy out of WLL will have no effect on WHZ the trust imo.
WHZ Profile
Whiting USA Trust II was formed in December 2011 by Whiting Petroleum Corporation to own a term net profits interest in certain long-lived, predominantly producing properties located primarily in the Rocky Mountain, Permian Basin, Gulf Coast and Mid-Continent regions of the United States. The net profits interest will entitle the trust to receive 90% of the net proceeds from Whiting’s interests in the underlying properties. The trust will make quarterly cash distributions of substantially all of its quarterly cash receipts of net proceeds attributable to the trust, after deduction of fees and expenses for administration of the trust, to holders of its trust units during the term of the net profits interest.
The net profits interest will terminate on the later to occur of (1) December 31, 2021, or (2) the time when 11.79 million barrels of oil equivalent (MMBOE) have been produced from the underlying properties and sold (which is the equivalent of 10.61 MMBOE in respect to the trust’s 90% net profits interest). As of December 31, 2013, the total estimated proved reserves attributable to the underlying properties were 14.81 MMBOE. The net profits interest entitles the trust to receive net proceeds from the sale of production of an estimated 10.61 MMBOE of proved reserves during the term of the net profits interest, calculated as 90% of the proved reserves attributable to the underlying properties expected to be produced during the term of the net profits interest. The exact rate of production attributable to the underlying properties cannot be predicted. However, because the term of the trust continues until the later of December 31, 2021, or the time when the terminal production amount has been produced and sold, trust unitholders will have the right to participate in additional proceeds attributable to the underlying properties in excess of 10.61 MMBOE in the event such amount is produced and sold prior to December 31, 2021.
The underlying properties include interests in 1,308 gross (388.5 net) producing wells located in 48 predominantly mature fields with established production profiles in 10 states. As of December 31, 2013, approximately 99.0% of estimated proved reserves attributable to the underlying properties were classified as proved developed producing reserves, 0.8% were classified as proved developed non-producing reserves and 0.2% were classified as proved undeveloped reserves. The proved reserves associated with the 90% net profits interest were comprised of approximately 77% oil and natural gas liquids and 23% natural gas.
Based on the reserve report, production attributable to the underlying properties is expected to decline at an average year-over-year rate of approximately 8.4% between 2014 and 2021, assuming no additional development drilling or investments other than those assumed in the year-end reserve report. Whiting operates approximately 58% of the estimated proved reserve volumes of these properties.
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