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Oil & Gas Production
Whiting USA Trust II is a statutory trust formed by Whiting Petroleum Corp. 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 U.S. 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 company was founded on December 5, 2011 and is headquartered in Austin, TX.
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