DALLAS, May 4, 2018 /PRNewswire/ -- Simmons 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 $0.284380 per unit,
payable on May 29, 2018, to unit
holders of record on May 15,
2018. 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
February 2018 and the gas production
for January 2018. Preliminary production volumes are
approximately 53,509 barrels of oil and 559,942 Mcf of gas.
Preliminary prices are approximately $58.11 per barrel of oil and $2.85 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
|
|
53,509
|
|
559,942
|
|
$58.11
|
|
$2.85
|
|
|
|
|
|
|
|
|
|
Prior
Month
|
|
51,521
|
|
614,123
|
|
$59.51
|
|
$2.85
|
|
|
|
|
|
|
|
|
|
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 April,
approximately $1,875,000 of revenue
received will be posted in the following month of May in addition
to normal receipts during May. Since the close of business in
April and prior to this press release, approximately $559,000 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, 2018, attributable to the Trust from
the properties appraised are approximately 6.7 million barrels of
oil and 34.250 billion cubic feet of gas with a future net value of
approximately $319,703,000 with a
discounted value at 10% of $156,300,000. With these estimated
quantities of this year's reserve estimate of 6.7 million barrels
of oil and 34.250 billion cubic feet of gas remaining, it could be
estimated that the Trust still has a life span of 9 to 12
years. The report is an exhibit to the Trust's Annual Report
on Form 10-K that was filed on March 8,
2018 and is available to all unitholders at this time on the
SEC website and Sabine's website.
The January 1, 2018 Reserve
Summary is available on the Sabine website at
http://www.sbr-sabine.com/.
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content:http://www.prnewswire.com/news-releases/sabine-royalty-trust-announces-monthly-cash-distribution-for-may-2018-300642685.html
SOURCE Sabine Royalty Trust