CORRECTING and REPLACING Whiting USA Trust I Announces Trust Quarterly Distribution

Second graph of release should read: Unitholders of record on August 20, 2012 will receive...(sted Unitholders of record on August 19, 2012 (which results in an actual effective record date of August 17, 2012 due to the 19th of August falling on a non-trading day) will receive...).

The corrected release reads:

WHITING USA TRUST I ANNOUNCES TRUST QUARTERLY DISTRIBUTION

Whiting USA Trust I (NYSE: WHX) announced the third Trust distribution in 2012, which relates to net profits generated during the second quarterly payment period of 2012.

Unitholders of record on August 20, 2012 will receive a distribution amounting to $9,550,187 or $0.688853 per unit, which is payable on or before August 29, 2012.

Volumes, average sales prices and net profits for the quarterly payment period were:

Sales volumes:
Oil (Bbls) 200,283
Natural gas (Mcf) 746,709
Total (BOE) 324,735
Average sales prices:
Oil (per Bbl) $ 79.47
Natural gas (per Mcf) $ 2.68
Gross proceeds:
Oil sales $ 15,917,351
Natural gas sales 2,000,844
Total gross proceeds $ 17,918,195
Costs:
Lease operating expenses $ 7,346,695
Production taxes 1,130,347
Realized gains on hedging settlements (1,497,169 )
Total costs $ 6,979,873
Net profits $ 10,938,322
Percentage allocable to Trust’s Net Profits Interest 90 %
Total cash available for the Trust $ 9,844,490
Provision for estimated Trust expenses (245,000 )
Montana state income taxes withheld (49,303 )
Net cash proceeds available for distribution $ 9,550,187
Trust units outstanding 13,863,889
Cash distribution per Trust unit $ 0.688853

The net profits interest represents the right to receive 90% of the net proceeds from Whiting Petroleum Corporation’s interests in certain existing oil and natural gas producing properties located primarily in the Rocky Mountains, Mid-Continent, Permian Basin and Gulf Coast regions of the United States. The net profits interest will terminate when 9.11 MMBOE have been produced and sold from the underlying properties (which amount is equivalent to 8.20 MMBOE attributable to the net profits interest), and the Trust will soon thereafter wind up its affairs and terminate, after which it will pay no further distributions.

As of June 30, 2012, on a cumulative accrual basis, 5.57 MMBOE (68%) of the Trust’s total 8.20 MMBOE have been produced and sold. Based on the Trust’s reserve report for the underlying properties as of December 31, 2011, the 9.11 MMBOE of reserves (8.20 MMBOE to the 90% net profits interest) are projected to be produced from the underlying properties by August 31, 2015, which reflects expected year over year decline rates ranging from approximately 8% to 9% between 2012 and 2015. However, the rate of future production cannot be predicted with certainty, and 9.11 MMBOE (8.20 MMBOE to the 90% net profits interest) may be produced before or after the currently projected date. In addition, cash distributions to unitholders may decline at a faster rate than the rate of production due to fixed and semi-variable costs attributable to the underlying properties.

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 announced distributable amount is based, in part, on the amount of cash received or expected to be received by the Trust from Whiting Petroleum Corporation pursuant to the net profits interest with respect to the relevant quarterly period. Any differences in actual cash receipts by the Trust could affect this distributable amount. 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.

Contacts:

Whiting USA Trust I
The Bank of New York Mellon Trust Company, N.A., as Trustee
Mike Ulrich, 512-236-6599
www.businesswire.com/cnn/whx.htm
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