Whiting USA Trust I (WHX) IPO Opens for Trading.
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- Whiting USA Trust I (WHX) IPO Opens for Trading.
The IPO for Whiting USA Trust I (NYSE: WHX) is open for trading. The stock is trading at $19.91 after pricing 10.85 million units at $20.
The underwriters of the offering included Raymond James, Wachovia, RBC Capital, Oppenheimer and Stifel Nicolaus.
Whiting USA Trust I was formed in October 2007, by Whiting Petroleum Corporation. Immediately prior to the closing of this offering, Whiting Petroleum Corporation’s wholly-owned subsidiaries, Whiting Oil and Gas Corporation and Equity Oil Company, will convey a term net profits interest to the trust that represents the right to receive 90% of the net proceeds (calculated as described below) from Whiting’s interests in certain existing oil and natural gas producing properties after the effective date of the conveyance of the net profits interest to the trust, which we refer to as the “net profits interest.” The net profits interest will entitle the trust to receive 90% of the net proceeds from the sale of production of 9.11 MMBOE (which is equivalent to 8.20 MMBOE attributable to the net profits interest) of proved reserves, after which the trust will terminate. These producing properties are located primarily in the Rocky Mountains, Mid-Continent, Permian Basin and Gulf Coast regions of the United States.
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