Market Overview

Whiting USA Trust II Announces Trust Quarterly Distribution


Whiting USA Trust II (OTC:WHZT) announced today that the Trust will make
a distribution to unitholders in the second quarter of 2018, which
relates to net profits generated during the first quarterly payment
period of 2018. Unitholders of record on May 20, 2018 (which results in
an effective record date of May 18, 2018 due to the 20th of
May falling on a non-trading day) will receive a distribution of
$0.285007 per unit, which is payable on or before May 30, 2018 (the "May
2018 distribution").

As of the date of this press release, 99.9% of the Trust's total
18,400,000 units outstanding were held by Cede & Co. (The Depository
Trust Corporation's nominee) as the official unitholder of record. The
effective record date of May 18, 2018 for this distribution is only
applicable to unitholders of record such as Cede & Co., and the ex-date,
as set by The Financial Industry Regulatory Authority, Inc., or FINRA,
actually determines which street name holders will be eligible to
receive the May 2018 distribution.

Sales volumes, net profits and selected performance metrics for the
quarterly payment period were:

Sales volumes:      
Oil (Bbl)(1) 241,940
Natural gas (Mcf)   357,504  
Total (BOE)(2) 301,524
Gross proceeds:
Oil sales(1) $ 13,105,861
Natural gas sales   1,226,933  
Total gross proceeds(2) $ 14,332,794  
Lease operating expenses(3) $ 7,149,968
Production taxes 752,647
Development costs(4) 377,393
Cash settlements on commodity derivatives(5)   -  
Total costs $ 8,280,008  
Net profits $ 6,052,786
Percentage allocable to Trust's Net Profits Interest   90 %
Total cash available for the Trust $ 5,447,507
Provision for estimated Trust expenses (200,000 )
Montana state income taxes withheld   (3,387 )
Net cash proceeds available for distribution $ 5,244,120
Trust units outstanding   18,400,000  
Cash distribution per Trust unit $ 0.285007  
Selected performance metrics:
Crude oil average realized price (per Bbl)(1) $ 54.17
Natural gas average realized price (per Mcf)(6) $ 3.43
Lease operating expenses (per BOE)(3) $ 23.71
Production tax rate (percent of total gross proceeds) 5.3 %
(1)   Oil includes natural gas liquids.
(2) The May 2018 distribution includes production of 30,024 BOE
attributable to the first three Keystone South farm-out wells, which
production generated gross proceeds of $1.5 million during the first
quarterly payment period of 2018.
(3) Lease operating expenses declined $0.7 million (or 9%) from $7.8
million during the fourth quarterly payment period of 2017 to $7.1
million during the first quarterly payment period of 2018 primarily
due to lower ad valorem taxes between periods.
(4) The Trust's underlying properties experienced a decrease in
development costs during the first quarterly payment period of 2018
as compared to the fourth quarterly payment period of 2017 primarily
due to reduced capital expenditures related to non-operated
properties between periods. Such non-operated properties are outside
the control of Whiting or the Trust and therefore, these operators
may propose additional capital expenditures in the future.
(5) All costless collar hedge contracts terminated as of December 31,
2014, and no additional hedges are allowed to be placed on Trust
assets. Consequently, there are no further cash settlements on
commodity hedges for inclusion in the Trust's computation of net
profits (or net losses, as the case may be), and the Trust has
increased exposure to oil and natural gas price volatility.
(6) The average sales price of natural gas for the gas production months
within the distribution period exceeded the average NYMEX gas prices
for those same months within the period due to the "liquids-rich"
content of a portion of the natural gas volumes produced by the
underlying properties.

The Trust's net profits interest ("NPI"), which is the only asset of the
Trust other than cash reserves held for future Trust expenses,
represents the right to receive 90% of the net proceeds from Whiting
Petroleum Corporation's interests in certain existing oil and natural
gas properties located primarily in the Rocky Mountains, Permian Basin,
Gulf Coast and Mid-Continent regions of the United States.

Trust Termination

The Trust will wind up its affairs and terminate shortly after the
earlier of (a) the NPI termination date or (b) the sale of the net
profits interest. The NPI termination date is the later to occur of (1)
December 31, 2021, or (2) the time when 11.79 MMBOE (10.61 MMBOE to the
90% net profits interest) have been produced from the underlying
properties and sold, which is estimated to be December 31, 2021 based on
the Trust's year-end 2017 reserve report. After the termination of the
Trust, it will pay no further distributions.

The market price of the Trust units will decline to zero at the
termination of the Trust, which will occur around or shortly after the
termination or sale of the net profits interest. As described in the
Trust's public filings, since the assets of the Trust are depleting
assets, a portion of each cash distribution paid on the Trust units, if
any, should be considered by investors as a return of capital, with the
remainder being considered as a return on investment.

Net Profits Interest Overview

As of March 31, 2018, on a cumulative accrual basis, 8.21 MMBOE (77%) of
the Trust's total 10.61 MMBOE have been produced and sold or divested.
Based on the Trust's reserve report for the underlying properties as of
December 31, 2017, the Trust's 10.61 MMBOE are projected to be produced
prior to December 31, 2021, shortly after which the Trust would
terminate. Accordingly, the Trust's remaining reserves attributable to
the 90% NPI were estimated to be 3.08 MMBOE as of December 31, 2017,
which is more than the minimum, but there is no assurance that the Trust
will receive more than the minimum amount of reserves. The 2017 year-end
reserve report reflects expected annualized production decline rates of
approximately 13.3% for oil and 25.9% for gas between 2018 and 2021.

Although oil and gas prices have stabilized since the lows experienced
during the 2016 distribution periods, oil and gas prices historically
have been volatile and may fluctuate widely in the future. The Trust is
unable to predict future commodity prices; however, if prices decline or
remain at current levels in future periods, the amount of net proceeds
to which the Trust is entitled is likely to be significantly lower than
the net proceeds the Trust received and distributed to Trust unitholders
prior to 2015 due to the sustained lower commodity price environment.
Additionally, in the current commodity price environment, the Trust's
distributions have increased sensitivity to fluctuations in operating
and capital expenditures, as was the case for the third quarterly
payment period of 2017. If the NPI generates net losses or limited net
proceeds, the net profits interest may not provide sufficient funds to
the Trustee to enable it to pay all of the Trust's administrative

Lower commodity prices are likely to cause a reduction in the amount of
oil, natural gas and natural gas liquids that is economic to produce
from the underlying properties, which may in turn extend the length of
time required to produce the Trust's 10.61 MMBOE. Alternatively, higher
commodity prices may potentially result in an increase in the amount of
oil, natural gas and natural gas liquids that is economic to produce
from the underlying properties, however, higher prices could result in
increases in costs of materials, services and personnel. Furthermore,
cash distributions to unitholders may decline at a faster rate than the
rate of production due to industry-specific risks and uncertainties such
as (i) oil and gas price declines, (ii) fixed and semi-variable costs
not decreasing as fast as production volumes, (iii) expected future
development being delayed, reduced or cancelled or (iv) increased
operating or capital expenditures for non-operated properties that are
outside the control of Whiting or the Trust.

Forward-Looking Statements

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 time when the Trust will terminate is
based on the Trust's reserve report of the underlying properties as of
December 31, 2017 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, uncertainty as to the
timing of any such production, risks inherent in the operation,
production and development of oil and gas properties, future production
and development costs, and other risks described in the Trust's Annual
Report on Form 10-K for the year ended December 31, 2017 and in its
other filings with the Securities and Exchange Commission (the "SEC").
The Trust's annual, quarterly and other reports under the Securities
Exchange Act of 1934, as amended, are available electronically from the
website maintained by the SEC at
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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