Enduro Royalty Trust Announces Monthly Cash Distribution
August 19 2016 - 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 $0.029923 per unit, payable on September 15, 2016 to
unitholders of record on August 31, 2016. The distribution
primarily represents oil production during the month of May 2016
and natural gas production during April 2016.
The following table displays underlying oil and natural gas
sales volumes and average received wellhead prices attributable to
the current and prior month net profits interest calculations.
Underlying Sales Volumes
Average Price Oil
Natural Gas Oil Natural Gas
Bbls Bbls/D Mcf
Mcf/D (per Bbl) (per Mcf)
Current Month 65,223 2,104 311,904
10,397 $ 42.20 $ 1.90 Prior Month 65,679 2,189 357,235 11,524 $
36.44 $ 1.56
Oil cash receipts for the properties underlying the Trust
totaled $2.8 million for the current month, an increase of $0.4
million from the prior month calculation. The increase was due to a
14 percent increase in NYMEX oil prices from April to May. Natural
gas cash receipts increased slightly, totaling approximately $0.6
million, primarily as a result of an 11 percent increase in NYMEX
gas prices from March to April.
Total direct operating expenses, including lease operating
expenses, production and ad valorem taxes, and gathering and
transportation expenses, decreased to $2.2 million as compared to
$2.3 million in the prior month distribution calculation. The
current distribution calculation did not include any capital
expenditures. Total direct operating expenses and capital
expenditures relate to expenses incurred during June 2016.
Enduro Resource Partners, the sponsor of the Trust (“Enduro”),
previously established a reserve for approved development expenses.
As a result of lower than anticipated capital expenditures to date
in 2016, resulting in reduced expectations for 2016 capital
expenditures, Enduro has released $150,000 of the reserve in the
current distribution period, thereby increasing the net profits
attributable to the Trust. Enduro has a remaining total reserve of
$0.4 million for approved development expenses.
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 by the Trust (and its ability to pay
distributions) has been and will be significantly and negatively
affected by prevailing low commodity prices, which have declined
significantly, could decline further and could remain low for an
extended period of time. 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, 2015, filed with the SEC on March 11, 2016. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160819005014/en/
Enduro Royalty TrustThe Bank of New York Mellon Trust Company,
N.A., as TrusteeSarah Newell, 1 512-236-6555
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