Current Report Filing (8-k)
January 20 2015 - 5:24PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): January 20, 2015
WHITING USA TRUST I
(Exact name of Registrant as specified in its charter)
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Delaware |
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001-34026 |
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26-6053936 |
(State or other jurisdiction
of incorporation or organization) |
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(Commission
File Number) |
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(I.R.S. Employer
Identification No.) |
The Bank of New York Mellon Trust Company, N.A., Trustee
Global Corporate Trust
919 Congress Avenue
Austin, Texas 78701
(Address of principal executive offices)
Registrants telephone number, including area code: (512) 236-6599
NOT APPLICABLE
(Former
name, former address and former fiscal year, if changed since last report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 7.01. |
Regulation FD Disclosure. |
Attached as Exhibit 99.1 is a press release issued on behalf
of the Registrant. The information furnished is not deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by
reference in any filing under the Securities Act of 1933, as amended.
ITEM 9.01. |
Financial Statements and Exhibits. |
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99.1 |
Press Release dated January 20, 2015. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
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Whiting USA Trust I |
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By: |
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The Bank of New York Mellon Trust |
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Company, N.A., as Trustee |
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By: |
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/s/ Mike Ulrich |
Name: |
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Mike Ulrich |
Title: |
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Vice President |
Date: January 20, 2015
Exhibit Index
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Exhibit Number |
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Description |
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99.1 |
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Press Release dated January 20, 2015. |
Exhibit 99.1
Whiting USA Trust I
Whiting USA Trust I Announces Revised
Estimated Termination Date for Net Profits Interest
WHITING USA TRUST I
The Bank of New York Mellon Trust Company, N.A., Trustee
FOR IMMEDIATE RELEASE
Austin, Texas, January 20, 2015 Whiting USA Trust I (NYSE Symbol WHX) announced that, based on the Trusts reserve
report for the underlying properties as of December 31, 2014, the net profits interest termination date is estimated to occur by January 31, 2015. The net profits interest will terminate when 9.11 MMBOE (which amount is equivalent to 8.20
MMBOE attributable to the net profits interest) have been produced and sold from the underlying properties, and the Trust will soon thereafter wind up its affairs and terminate, after which it will pay no further distributions. Consequently the
market price of the Trust units should decline to zero around or shortly after the record date for the final expected distribution. To the extent that the Trust units are trading at a price substantially in excess of the aggregate distributions that
may reasonably be expected to be made prior to the termination of the Trust, the price decline is likely to include one or more abrupt substantial decreases.
The estimated net profits interest termination date occurring by January 31, 2015 is based on the Trusts reserve report and certain
assumptions and estimates inherent therein. The actual net profits interest termination date may occur before or after such estimated date.
Once 9.11 MMBOE has been produced and sold from the underlying properties, the Trust will shortly thereafter issue a press release announcing
the actual net profits interest termination date and the wind up process for the Trust.
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. The estimated net profits interest termination date is based on the
Trusts reserve report and is subject to the assumptions contained therein. Additionally, the estimated time when the market price of the Trust units should decline to zero is based on the economic rights of the Trust units. The trading price
of the Trust units is affected by factors outside of the control of the Trust or Whiting, including actions of market participants, among others. Other important factors that could cause actual results to differ materially include expenses of the
Trust, fluctuations in oil and natural gas prices, uncertainty of estimates of oil and natural gas reserves and production, risks inherent in the operation and production of oil and gas properties, and future production costs. 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.
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Contact: |
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Whiting USA Trust I The Bank of
New York Mellon Trust Company, N.A., as Trustee Mike Ulrich
(512) 236-6599 919 Congress Avenue, Austin, TX
78701 http://whx.investorhq.businesswire.com/ |