Whiting USA Trust I (the Trust) is a trust formed by Whiting Petroleum Corporation (Whiting). The Trust was formed to acquire and hold a 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 term NPI is an interest in underlying oil and natural gas properties located in the Rocky Mountains, Mid-Continent, Permian Basin and Gulf Coast regions (the underlying properties). The underlying properties include interests in 3,082 gross (370.4 net) producing oil and gas wells. The NPI is the only asset of the Trust. The NPI entitles the Trust to receive 90% of the net proceeds from the sale of 9.11 million barrel of oil equivalent (MMBOE) of production from the underlying properties.