Enduro Royalty Trust (NYSE: NDRO) (the “Trust”) today announced
a cash distribution to the holders of its units of beneficial
interest of $0.064625 per unit, payable on November 17, 2014 to
unitholders of record on October 31, 2014. The distribution
primarily represents oil production during the month of July 2014
and natural gas production during June 2014.
The following table displays underlying oil and natural gas
sales volumes and average prices attributable to the current and
prior month net profits interest calculations.
Underlying Sales Volumes Average Price
Oil
(Bbls)
Natural Gas
(Mcf)
Oil
(per Bbl)
Natural Gas
(per Mcf)
Current Month 71,817 410,951 $ 95.80 $ 4.69 Prior Month 71,572
433,786 $ 96.61 $ 4.71
Oil cash receipts were consistent with the prior month and
totaled $6.9 million. Natural gas receipts decreased $0.1 million
from the prior month, totaling $1.9 million, as a result of
decreased sales volumes due primarily to one less production day in
June and the timing of cash receipts.
Capital expenditures included in the current month distribution
totaled $1.4 million and relate to expenses incurred during August
2014. Of this amount, approximately $0.7 million related to the
Wolfcamp activity in the Midland Basin. Through August, capital
incurred for projects in the Wolfcamp Rocker B program has totaled
$16.1 million.
Monthly Net Profits Interest Calculation
The following displays the net profits interest calculation for
the current month:
Gross profits: Oil cash receipts $ 6,880,172 Natural
gas cash receipts 1,926,862 Total 8,807,034
Costs: Direct operating expenses: Lease
operating expenses 3,214,000 Compression, gathering and
transportation 228,000 Production, ad valorem and other taxes
545,000 Development expenses 1,443,000 Total
5,430,000 Net profits attributable to underlying
properties 3,377,034
Percentage allocable to net profits
interest
80 %
Net profits from net profits interest
2,701,627 Net profits shortfall from prior month (509,006 )
Net profits to Trust from net profits interest $ 2,192,621 Trust
general and administrative expenses and cash withheld for expenses
(59,996 ) Distributable income to unitholders $ 2,132,625
As shown above, the distribution reflects the deduction of the
net profits shortfall from the prior month.
Wolfcamp Production Results and Activity Update
In October, three additional Wolfcamp wells have been completed
and are currently producing. The Rocker B 52H, Rocker B 53H, and
Rocker B 54H are currently producing; however, rates are not
currently available. Of the 20 gross well proposals received from
Pioneer Natural Resources to date, 16 wells are currently
producing, three are in various stages of completion, and one is
drilling.
The following table displays the 24-hour peak gross flowback
rate and 30-day IP rate for those wells for which 30-day rates have
not yet been reported:
Well Name FirstProduction Date
24-Hour IP Rate
(BOE/D)
30-Day IP Rate
(BOE/D)
Rocker B 44H 8/13/2014 898 564 Rocker B 71H
8/11/2014 804 617 Rocker B 72H 8/5/2014
1,205 921
The following table displays the current status of the Wolfcamp
wells in progress and Enduro’s working interest percentage:
Well Name
Current Status
County & State
Enduro
Working Interest
Rocker B 51H Completing Irion, TX 12.50 %
Rocker B 60H Drilling Irion, TX 12.50 % Rocker
B 61H Waiting on Completion Irion, TX 12.50 %
Rocker B 62H Waiting on Completion 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. Initial production rates may not be
indicative of future production rates and are not indicative of the
amounts of oil and gas that a well may produce. 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 TrusteeSarah Newell, 1-512-236-6555
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