DALLAS, April 6, 2017 /PRNewswire/ -- Southwest
Bank, as Trustee of the Sabine Royalty Trust (NYSE: SBR), today
declared a cash distribution to the holders of its units of
beneficial interest of $0.342310 per
unit, payable on April 28, 2017, to
unit holders of record on April 17,
2017. Sabine's cash distribution history, current and prior
year financial reports and tax information booklets, a link to
filings made with the Securities and Exchange Commission and more
can be found on its website at
http://www.sbr-sabine.com/.
This distribution reflects primarily the oil production for
January 2017 and the gas production
for December 2016. Preliminary production volumes are
approximately 74,011 barrels of oil and 697,677 Mcf of gas.
Preliminary prices are approximately $48.21 per barrel of oil and $2.84 per Mcf of gas.
The table below compares this month's production and prices to
the previous month's:
|
|
Net to Trust
Sales
|
|
|
|
|
Volumes
|
|
Average
Price
|
|
|
Oil
(bbls)
|
|
Gas
(Mcf)
|
|
Oil
(per bbl)
|
|
Gas
(per Mcf)
|
|
|
|
|
|
|
|
|
|
|
Current
Month
|
|
74,011
|
|
697,677
|
|
$48.21
|
|
$2.84
|
|
|
|
|
|
|
|
|
|
|
Prior
Month
|
|
30,137
|
|
412,653
|
|
$47.86
|
|
$2.78
|
Revenues are only posted and distributed when they are
received. Most energy companies normally issue payment of
royalties on or about the 25th of every month, and
depending on mail delivery, a varying amount of royalties are not
received until after the revenue posting on the last business day
of the month. The revenues received after that date will be
posted within 30 days of receipt.
Due to the timing of the end of the month of March,
approximately $291,000 of revenue
received will be posted in the following month of April in addition
to normal receipts during April. Since the close of business
in March and prior to this press release, approximately
$268,000 in revenue has been
received.
Sabine Royalty Trust, as it does after the end of each year, had
a year-end Reserve Report prepared in accordance with the
Securities and Exchange Commission's requirements. This
report provides an evaluation of the estimated asset value as of
December 31 of each year, which can
be used to estimate the remaining life of the Trust.
The estimated net proved reserves, as of January 1, 2017, attributable to the Trust from
the properties appraised are approximately 6 million barrels of oil
and 35.6 billion cubic feet of gas with a future net value of
approximately $238,365,000 with a
discounted value at 10% of $121,084,000. With these estimated
quantities of this year's reserve estimate of 6 million barrels of
oil and 35.6 billion cubic feet of gas remaining, it could be
estimated that the Trust still has a life span of 10 to 11
years. The report is an exhibit to the Trust's Annual Report
on Form 10-K that was filed on March 10,
2017 and is available to all unitholders at this time on the
SEC website and Sabine's website.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sabine-royalty-trust-announces-monthly-cash-distribution-for-april-2017-300435724.html
SOURCE Sabine Royalty Trust