DALLAS, May 7, 2021 /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 $0.251570 per unit,
payable on May 28, 2021, to unit
holders of record on May 17,
2021. 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/. Additionally, printed
reports can be requested and are mailed free of charge.
This distribution reflects primarily the oil production for
February 2021 and the gas production
for January 2021. Preliminary production volumes are
approximately 43,616 barrels of oil and 863,460 Mcf of gas.
Preliminary prices are approximately $54.69 per barrel of oil and $2.48 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
|
|
43,616
|
|
863,460
|
|
$54.69
|
|
$2.48
|
|
|
|
|
|
|
|
|
|
Prior
Month
|
|
50,741
|
|
650,124
|
|
$49.56
|
|
$2.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues are only distributed after they are received, verified
and posted. 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.
During the month of April, the respective
shelter-at-home/work-from-home orders across the spectrum of the
industry has significantly affected the posting of revenues for the
Trust, until the following month of May. As adjustments are
made accordingly, the functions of the Trust are still being
performed, although on a delayed basis. We will continue to
strive to make the operations of the Trust and its providers, as
fluid as possible.
Due to the timing of the end of the month of April,
approximately $756,000 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, there has been approximately
$2,300,000 in revenue 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, 2021, attributable to the Trust from
the properties appraised are approximately 6.3 million barrels of
oil and 39.8 billion cubic feet of gas with a future net value of
approximately $229,432,000 with a
discounted value at 10% of $120,769,000. With these estimated
quantities of this year's reserve estimate of 6.3 million barrels
of oil and 39.8 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 26,
2021 and is available to all unitholders at this time on the
SEC website and Sabine's website.
The 2020 Annual Report with Form 10-K and the January 1, 2021 Reserve Summary are now available
on the Sabine website at http://www.sbr-sabine.com/.
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SOURCE SABINE ROYALTY TRUST