Enduro Royalty Trust Announces Monthly Cash Distribution
July 19 2013 - 9:15AM
Business Wire
Enduro Royalty Trust (NYSE: NDRO) (the “Trust”) announced today
a cash distribution to the holders of its units of beneficial
interest of $0.133930 per unit, payable on August 14, 2013, to
unitholders of record on July 31, 2013. The distribution primarily
represents oil production during the month of April 2013 and
natural gas production during March 2013.
The following table displays underlying oil and natural gas
sales volumes and average prices attributable to the current and
prior month distributions.
Underlying Sales Volumes
Average Price Oil
(Bbls)
Natural Gas
(Mcf)
Oil
(per Bbl)
Natural Gas
(per Mcf)
Current Month 71,326 631,104 $ 88.75 $ 3.60 Prior Month 75,917
612,661 $ 86.06 $ 3.38
Average NYMEX oil prices decreased slightly from March to April
2013; however, average oil prices received for the production month
of April 2013 increased as a result of the narrowing of basis
differentials in the Permian Basin.
Proceeds from the settlement of applicable hedge contracts
related to the properties underlying the Trust were approximately
$0.5 million, of which $0.2 million related to April 2013 oil
hedges and $0.3 million related to May 2013 natural gas hedges.
Capital expenditures for the properties underlying the Trust
during the period were approximately $0.3 million, which relates to
expenses incurred during May 2013. During the current month
calculation period, lease operating expenses were approximately
$0.4 million lower than average as a result of prior periods'
actual costs being lower than estimated.
Enduro Royalty Trust is a Delaware statutory trust formed by
Enduro Resource Partners to own a net profits interest representing
the right to receive 80% of the net profits from the sale of oil
and natural gas production from certain of Enduro Resource
Partners’ properties in the states of Texas, Louisiana and New
Mexico. As described in the Trust’s filings with the Securities and
Exchange Commission, the amount of the periodic distributions is
expected to fluctuate, depending on the proceeds received by the
Trust as a result of actual production volumes, oil and gas prices
and the amount and timing of the Trust’s administrative expenses,
among other factors. Future distributions are expected to be made
on a monthly basis. For additional information on the Trust, please
visit www.enduroroyaltytrust.com.
This press release contains statements that are “forward-looking
statements” within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. All statements contained in this
press release, other than statements of historical facts, are
“forward-looking statements” for purposes of these provisions.
These forward-looking statements include the amount and date of any
anticipated distribution to unitholders. The anticipated
distribution is based, in part, on the amount of cash received or
expected to be received by the Trust from Enduro Resource Partners
with respect to the relevant 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 and reserves for
anticipated future expenses. Statements made in this press release
are qualified by the cautionary statements made in this press
release. Neither Enduro Resource Partners nor the Trustee intends,
and neither assumes any obligation, to update any of the statements
included in this press release. An investment in units issued by
Enduro Royalty Trust is subject to the risks described in the
Trust’s filings with the SEC, including the risks described in the
Trust’s Annual Report on Form 10-K for the year ended December 31,
2012, filed with the SEC on March 18, 2013. The Trust’s quarterly
and other filed reports are or will be available over the Internet
at the SEC’s website at http://www.sec.gov.
Enduro Royalty TrustThe Bank of New York Mellon Trust Company,
N.A., as TrusteeMike Ulrich, 1-800-852-1422
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