Enduro Royalty Trust Announces Monthly Cash Distribution
January 20 2015 - 9:00AM
Business Wire
Enduro Royalty Trust (NYSE: NDRO) (the “Trust”) today announced
a cash distribution to the holders of its units of beneficial
interest of $0.006598 per unit, payable on February 13, 2015 to
unitholders of record on January 30, 2015. The distribution
primarily represents oil production during the month of October
2014 and natural gas production during September 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 81,868 428,266 $ 76.79 $ 4.17 Prior Month 82,474
432,652 $ 84.91 $ 4.16
Oil cash receipts for the properties underlying the Trust
totaled $6.3 million for the current month, a decrease of $0.7
million from the prior month calculation. The decrease was
primarily due to a nine percent decline in NYMEX oil prices.
Natural gas receipts were consistent with the prior month, totaling
$1.8 million.
The current distribution includes receipts from 17 Rocker B
wells producing through October 2014. In total, the 17 Rocker B
wells contributed $0.6 million of oil cash receipts for the current
distribution period. Total average daily oil sales volumes for the
current distribution period for the properties underlying the Trust
were approximately 2,640 Bbls/D, of which 260 Bbls/D are
attributable to the Rocker B wells.
Capital expenditures included in the current month distribution
totaled $3.9 million and related to expenses incurred during
November 2014. Of this amount, approximately $3.5 million of
capital expenditures are related to the Wolfcamp activity in the
Midland Basin. Through November, capital incurred for projects to
date in the Wolfcamp Rocker B program totaled $24.6 million, or
$19.7 million net to the Trust’s 80% net profits interest. As of
the end of December, all Rocker B wells that Enduro Resource
Partners LLC (“Enduro”) has participated in were completed and
producing. Enduro anticipates an additional $1.0 million of capital
expenditures related to the wells that were completed in 2014.
Wolfcamp Production Results and Activity Update
To date, Enduro has received and participated in 20 gross well
proposals received from Pioneer Natural Resources, all of which are
currently producing.
The following table displays the 24-hour peak gross flowback
rate and 30-day IP rate for those wells for which rates have not
been previously announced:
Well Name
EnduroWorkingInterest
EnduroNet
RevenueInterest
FirstProduction
Date
24-Hour
IPRate(BOE/D)
30-DayIP
Rate(BOE/D)
Rocker B 60H 12.50 % 9.375 %
12/04/2014 655 418 Rocker B 61H
12.50 % 9.375 %
12/15/2014 605 Not Available Rocker B
62H 12.50 % 9.375 %
12/14/2014 835 Not Available
2015 Capital Program
In light of the current commodity price environment, the
operators of the properties underlying the Trust continue to
evaluate capital activity during 2015. Total capital expenditures
included in announced distributions during 2014 were $31.1 million,
or $24.9 million net to the Trust, and Enduro anticipates total
capital expenditures included in 2015 announced distributions to be
considerably less. Based on currently available information, Enduro
anticipates 2015 capital expenditures to range from $12 to $16
million attributable to the properties in which the Trust owns a
net profits interest, or $10 to $13 million net to the Trust’s 80%
net profits interest.
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,
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 and expected expenses,
including capital expenditures. The anticipated distribution is
based, in large 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. The amount of such cash received or
expected to be received is significantly affected by prevailing
commodity prices, which have dropped considerably over the past
several months and remain highly volatile. Significant decreases in
commodity prices could result in less cash available for
distribution in future periods. 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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