Whiting USA Trust II, a trust formed by Whiting Petroleum to own interests in oil and natural gas assets, announced terms for its IPO on Friday. The Austin, TX-based company plans to raise $320 million by offering 16 million units at a price range of $19.00 to $21.00. At the midpoint of the proposed range, Whiting USA Trust II would command a market value of $368 million. Whiting USA Trust II plans to list on the NYSE under the symbol WHZ. Raymond James and Morgan Stanley are the lead underwriters on the deal.