Enduro Royalty Trust Announces Monthly Cash Distribution
June 20 2014 - 9:15AM
Business Wire
Enduro Royalty Trust (NYSE: NDRO) (the “Trust”) today announced
a cash distribution to the holders of its units of beneficial
interest of $0.075786 per unit, payable on July 15, 2014 to
unitholders of record on June 30, 2014. The distribution primarily
represents oil production during the month of March 2014 and
natural gas production during February 2014.
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 70,173 422,376 $ 94.66 $ 5.53 Prior Month 67,374
462,608 $ 95.46 $ 4.71
Oil cash receipts increased $0.2 million from the prior month
and totaled $6.6 million as a result of additional production days
in March. Natural gas receipts increased $0.1 million from the
prior month and totaled $2.3 million as a result of increased NYMEX
prices, offset by reduced sales volumes due to fewer production
days in February.
The current month distribution does not include production from
the Permian Basin Wolfcamp drilling program. The first 3 wells
(Rocker B 40H, 41H, and 42H) came online at the end of February,
and the first payment was received in May. Revenue from the Rocker
B wells will be included in next month’s distribution and will
represent oil production from February, March, and April and gas
production from February and March.
Capital expenditures included in the current month distribution
increased approximately $0.4 million from the prior month and
totaled approximately $2.2 million, which relates to capital
expenditures incurred in April. Capital expenditures of
approximately $1.0 million related to the Wolfcamp activity in the
Midland Basin.
Wolfcamp Activity Update
Enduro continues to receive drilling proposals from Pioneer
Natural Resources for the 2014 Wolfcamp drilling program. Of the 25
gross wells anticipated to be drilled in 2014, Enduro has received
drilling proposals for 17 gross wells, of which 3 are currently
producing, 9 are waiting on completion, 3 are drilling, and 2 are
waiting to be spud. The majority of the wells that are currently
drilling or waiting on completion are anticipated to be completed
in June and July.
The following table displays the current status of the Wolfcamp
wells in progress and Enduro’s working interest percentage:
Well Name
Current Status
Reservoir
County &State
EnduroWorkingInterest
Rocker B 43H Waiting on Completion
Wolfcamp Reagan, TX
6.25% Rocker B 44H Waiting on
Completion Wolfcamp
Reagan, TX 6.25% Rocker B 45H
Waiting on Completion Wolfcamp
Reagan, TX 6.25% Rocker B 46H
Waiting on Completion
Wolfcamp Irion, TX 6.25%
Rocker B 47H Waiting on Completion
Wolfcamp Irion, TX
6.25% Rocker B 48H Waiting on
Completion Wolfcamp
Irion, TX 6.25% Rocker B 51H
Drilling Wolfcamp
Irion, TX 12.50% Rocker B 52H
Drilling Wolfcamp
Irion, TX 12.50% Rocker B 71H
Waiting on Completion Wolfcamp
Irion, TX 12.50% Rocker B 72H
Drilling Wolfcamp
Irion, TX 12.50% Rocker B 73H
Waiting on Completion
Wolfcamp Irion, TX 12.50%
Rocker B 74H Waiting on Completion
Wolfcamp Irion, TX
12.50%
About Enduro Royalty Trust
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 capital expenditures and 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.
Forward-Looking Statements and Cautionary Statements
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,
2013, filed with the SEC on March 11, 2014. 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 TrusteeMary Jo Davis, 1-713-483-6792
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