Results of OperationsThree Months Ended December 31, 2018 Compared to the Three Months Ended
December 31, 2017
Income from oil and natural gas royalties, excluding the Trusts interest in Tidelands, increased to
$231,996 during the three months ended December 31, 2018 from $172,613 realized for the comparable period in 2017. Royalties increased for the three months ended December 31, 2018 as compared to the comparable period in 2017 primarily due
to an increase in the prices of oil and natural gas and an increase in natural gas production, offset in part by a decrease in production of oil.
Distributable income increased to $142,450 for the three months ended December 31, 2018 from $93,062 realized for the comparable period
in 2017.
Income from oil royalties, excluding the Trusts interest in Tidelands, for the three months ended December 31, 2018
increased to $211,858 from $159,113 realized for the comparable period in 2017. The volume of oil sold in the three months ended December 31, 2018 decreased to 2,976 bbls from 3,451 bbls realized for the comparable period in 2017, and the
average price realized for oil increased to $71.19 per bbl for the three months ended December 31, 2018 from $46.11 per bbl realized for the comparable period in 2017.
Income from natural gas royalties (net of expenses), excluding the Trusts interest in Tidelands, for the three months ended
December 31, 2018 increased to $20,138 from $13,500 for the comparable period in 2017. The volume of natural gas sold in the three months ended December 31, 2018 increased to 5,681 mcf from 4,486 mcf realized for the comparable period in
2017, and the average price realized for natural gas (net of expenses) increased to $3.54 per mcf for the three months ended December 31, 2018 from $3.00 per mcf realized for the comparable period in 2017.
Income from distributions received from Tidelands for the three months ended December 31, 2018 remained at $0.00, equal to the comparable
period in 2017.
The following table presents the quantities of oil and natural gas sold and the average price realized for the three
months ended December 31, 2018, and those realized for the comparable period in 2017, excluding the Trusts interest in Tidelands.
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Three Months
Ended
December 31,
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2018
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2017
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(unaudited)
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Oil
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Bbls sold
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2,976
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3,451
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Average price
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$
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71.19
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$
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46.11
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Natural gas
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Mcf sold
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5,681
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4,486
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Average price, net of expenses
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$
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3.54
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$
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3.00
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General and administrative expenses increased to $94,854 for the three months ended December 31, 2018
from $81,528 for the comparable period of 2017, primarily due to an increase in professional fees.
Results of OperationsSix Months Ended
December 31, 2018 Compared to the Six Months Ended December 31, 2017
Income from oil and natural gas royalties, excluding
the Trusts interest in Tidelands, increased to $470,730 during the six months ended December 31, 2018 from $380,862 realized for the comparable period in 2017. Royalties increased for the six months ended December 31, 2018 primarily
due to an increase in the price of oil and natural gas, offset in part by a decrease in the production of oil and natural gas, as compared to the comparable period in 2017.
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