Pacific Coast Oil Trust Announces July Cash Distribution
June 30 2017 - 4:15PM
Business Wire
PACIFIC COAST OIL TRUST (NYSE:ROYT) (the “Trust”), a royalty
trust formed by Pacific Coast Energy Company LP (“PCEC”), announced
today a cash distribution to the holders of its units of beneficial
interest of $0.02776 per unit, payable on July 20, 2017 to
unitholders of record on July 10, 2017. The Trust’s distribution
calculation relates to net profits and overriding royalties
generated during May 2017 as provided in the conveyance of net
profits and overriding royalty interest.
The current month’s calculation for the Developed Properties
resulted in $1.5 million of revenues less direct operating expenses
and development costs. The current month’s revenues were $3.4
million, lease operating expenses including property taxes were
$2.2 million and capital expenditures were $0.3 million of income
due to a prior period adjustment. Average realized prices for the
Developed Properties were $45.25 per Boe in May, as compared to
$47.55 per Boe in April. Net profits for the month of May for the
Developed Properties were $1.2 million.
The current month’s calculation included $42,000 for the 7.5%
overriding royalty on the Remaining Properties from Orcutt
Diatomite and Orcutt Field. Average realized prices for the
Remaining Properties were $43.00 per Boe in May, as compared to
$45.57 per Boe in April. The cumulative net profits deficit for the
Remaining Properties, including the 7.5% overriding royalty
payments, decreased $33,000 and remains at $1.9 million for
May.
The net cash flow available for distribution to the holders of
its units of beneficial interest is $1.1 million. The proceeds to
be received by the Trust in July of $1.2 million consist of $1.2
million in income from the Developed Properties and $42,000 in
income from the 7.5% overriding royalty on the Remaining
Properties. The proceeds to be received by the Trust will be
partially offset by $89,000 for the monthly operating and services
fee payable to PCEC and $80,000 in Trust general and administrative
expenses, resulting in the net cash flow available for distribution
of $1.1 million.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and
average prices for the month of May 2017:
Underlying Properties Sales Volumes
Average Price (Boe) (per Boe) Developed Properties
(a) 76,226 $45.25 Remaining Properties (b) 14,791 $43.00 (a)
Crude oil sales represented 99% of sales volumes (b) Crude oil
sales represented 100% of sales volumes
Overview of Trust Structure
Pacific Coast Oil Trust is a Delaware statutory trust formed by
PCEC to own interests in certain oil and gas properties in the
Santa Maria Basin and the Los Angeles Basin in California (the
“Underlying Properties”). The Underlying Properties and the Trust’s
net profits and royalty interests are described in the Trust’s
filings with the Securities and Exchange Commission (the “SEC”). As
described in the Trust’s filings with the SEC, the amount of any
periodic distributions is expected to fluctuate, depending on the
proceeds received by the Trust as a result of actual production
volumes, oil and gas prices, development expenses, and the amount
and timing of the Trust’s administrative expenses, among other
factors. For additional information on the Trust, please visit
www.pacificcoastoiltrust.com.
Cautionary Statement Regarding
Forward-Looking Information
This press release contains statements that are "forward-looking
statements" within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. All statements contained in this
press release, other than statements of historical facts, are
"forward-looking statements" for purposes of these provisions.
These forward-looking statements include the amount and date of any
anticipated distribution to unitholders. The anticipated
distribution is based, in part, on the amount of cash received or
expected to be received by the Trust from PCEC with respect to the
relevant period. Any differences in actual cash receipts by the
Trust could affect this distributable amount. The amount of such
cash received or expected to be received by the Trust (and its
ability to pay distributions) has been and will be significantly
and negatively affected by prevailing low commodity prices, which
have declined significantly, could decline further and could remain
low for an extended period of time. Other important factors that
could cause actual results to differ materially include expenses of
the Trust and reserves for anticipated future expenses. Statements
made in this press release are qualified by the cautionary
statements made in this press release. Neither PCEC nor the Trustee
intends, and neither assumes any obligation, to update any of the
statements included in this press release. An investment in units
issued by Pacific Coast Oil Trust is subject to the risks described
in the Trust's Annual Report on Form 10-K for the year ended
December 31, 2016 filed with the SEC on March 10, 2017, and if
applicable, the Trust’s Quarterly Reports on Form 10-Q. The Trust's
Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are
available over the Internet at the SEC's website at
http://www.sec.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20170630005482/en/
Pacific Coast Oil TrustThe Bank of New York Mellon Trust
Company, N.A., as TrusteeSarah Newell, 1-512-236-6555
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