Whiting USA Trust I is a statutory trust formed by Whiting Petroleum Corporation (Whiting), an oil exploration and production company. It is formed under the Delaware Statutory Trust Act, pursuant to a trust agreement among Whiting Oil and Gas, a subsidiary of Whiting, as trustor; The Bank of New York Mellon Trust Company, N.A., as trustee, and Wilmington Trust Company as Delaware Trustee. The Trust acquires and holds the term net profits interest (NPI) for the benefit of the Trust unitholders pursuant to a conveyance to the Trust from Whiting Oil and Gas. The NPI is the only asset of the Trust, other than cash held for Trust expenses. The NPI is passive in nature, and the Trustee has no management control over and no responsibility relating to the operation of the underlying properties. The NPI entitles the Trust to receive 90% of the net proceeds from the sale of 9.11 million barrels of oil equivalent (MMBOE) (8.20 MMBOE at the 90% NPI) of production from the underlying properties.