FORT WORTH, Texas, June 19, 2020 /PRNewswire/ -- PermRock
Royalty Trust (NYSE:PRT) (the "Trust") today declared there will be
no monthly cash distribution to record holders of its trust units
representing beneficial interests in the Trust ("Trust Units") as
of June 30, 2020. The net
profits calculation was based principally upon production during
the month of April 2020 and includes
$79,552.27 in net profits income to
be distributed to the Trust, which amount will be used to cover
Trust administrative expenses.
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
|
40,203
|
1,340
|
47,490
|
1,583
|
$14.69
|
$0.33
|
Prior
Month
|
42,418
|
1,368
|
44,525
|
1,436
|
$29.85
|
$0.52
|
Oil cash receipts for the properties underlying the Trust
totaled $0.59 million for the current
month, a decrease of $0.68 million
from the prior month distribution period. This decrease was
due to a decrease in sales volumes and oil prices.
Natural gas cash receipts for the properties underlying the
Trust totaled $0.02 million for the
current month and did not reflect a significant change from the
prior month's distribution period.
Total direct operating expenses, including marketing, lease
operating expenses and workover expenses, were $0.41 million and did not reflect a significant
change from the prior month. Severance and ad valorem taxes were
$0.14 million.
Capital expenditures were $0.19
million in the current month and did not reflect a
significant change from the prior month. Boaz Energy reported
these expenditures primarily related to drilling and completion
operations on non-operated properties in Crane County. Boaz Energy previously
held back funds to cover future capital obligations and
expenses. Boaz Energy indicated this month's net profits
calculation included the application of $359,561 ($287,649
net to the Trust) of those funds Boaz Energy previously held back.
The current balance of capital Boaz Energy has held back to cover
future expenses is $204,901
($192,721 net to the Trust).
About PermRock Royalty Trust
PermRock Royalty Trust is a Delaware statutory trust formed by Boaz Energy
II, LLC ("Boaz Energy") 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 properties owned by Boaz
Energy in the Permian Basin of West Texas. For more
information on PermRock Royalty Trust, please visit our website at
www.permrock.com.
Cautionary Statement Concerning Forward-Looking
Statements
Certain statements contained in this press release constitute
"forward-looking statements." These forward-looking statements
represent the Trust's and Boaz Energy's expectations or beliefs
concerning future events, and it is possible that the results
described in this press release will not be achieved. These
forward-looking statements include the amount and date of any
anticipated distribution to unitholders, future cash retentions or
recoupments from distributions, and Boaz Energy's anticipated
drilling and completion activities and the resulting impact on the
computation of the Trust's net profits. Any anticipated
distribution is based, in part, on the amount of cash received or
expected to be received by the Trust from Boaz Energy 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 from
those projected in the forward-looking statements include expenses
of the Trust and reserves for anticipated future expenses, Boaz
Energy's ability to obtain the required permits for anticipated
drilling activities, uncertainties in estimating the cost of
drilling activities and risks associated with drilling and
operating oil and natural gas wells.
Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, the Trust does
not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. New factors emerge from time to time,
and it is not possible for the Trust to predict all such factors.
When considering these forward-looking statements, you should keep
in mind the risk factors and other cautionary statements in the
Trust's Annual Report on Form 10-K filed with the Securities and
Exchange Commission (the "SEC") on March 30,
2020 and other public filings filed with the SEC. The risk
factors and other factors noted in the Trust's public filings with
the SEC could cause its actual results to differ materially from
those contained in any forward-looking statement. The Trust's filed
reports are or will be available over the Internet at the SEC's
website at http://www.sec.gov.
Contact:
|
PermRock Royalty
Trust
|
|
Simmons Bank,
Trustee
|
|
Lee Ann Anderson,
Senior Vice President
|
|
Toll-free: (855)
588-7839
|
|
Fax: (817)
298-5579
|
|
Website:
www.permrock.com
|
|
e-mail:
trustee@permrock.com
|
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SOURCE PermRock Royalty Trust