Pacific Coast Oil Trust Announces June Cash Distribution
May 23 2019 - 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 $0.0312 per unit, payable on June 17, 2019 to
unitholders of record on June 3, 2019. The Trust’s distribution
calculation relates to net profits and overriding royalties
generated during April 2019 as provided in the conveyance of net
profits and overriding royalty interest. All information in this
press release has been provided to the Trustee by PCEC.
The current month’s calculation for the Developed Properties
resulted in $1.6 million of revenues less direct operating expenses
and development costs. The current month’s revenues were $4.3
million, lease operating expenses including property taxes were
$2.3 million and capital expenditures were approximately $0.4
million. Average realized prices for the Developed Properties were
$68.85 per Boe in April, as compared to $64.43 per Boe in March.
Net profits for the month of April for the Developed Properties
were $1.3 million.
The current month’s calculation included approximately $0.1
million for the 7.5% overriding royalty interest on the Remaining
Properties from Orcutt Diatomite and Orcutt Field. Average realized
prices for the Remaining Properties were $66.26 per Boe in April,
as compared to $61.87 per Boe in March. The cumulative net profits
deficit for the Remaining Properties, including the 7.5% overriding
royalty interest payments, decreased by approximately $0.2 million
and now totals $0.9 million as of April 2019.
The net cash flow available for distribution to the holders of
units of beneficial interest is approximately $1.2 million. The
proceeds expected to be received by the Trust in May of $1.4
million consist of $1.3 million in income from the Developed
Properties and approximately $0.1 million in income from the 7.5%
overriding royalty interest on the Remaining Properties. The
proceeds to be received by the Trust will be partially offset by
approximately $93,000 for the monthly operating and services fee
payable to PCEC, approximately $44,000 for Trust cash reserves and
$45,000 in Trust general and administrative expenses, resulting in
the net cash flow available for distribution of approximately $1.2
million.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and
average prices for the month of April 2019:
Underlying Properties Sales Volumes
Average Price (Boe) (Boe/day) (per Boe)
Developed Properties (a) 61,951 2,065 $ 68.85
Remaining Properties (b) 22,091 736 $ 66.26 (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 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. Any 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, 2018 filed with the SEC on March 8, 2019, and if
applicable, the Trust’s subsequent 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: https://www.businesswire.com/news/home/20190523005562/en/
Pacific Coast Oil TrustThe Bank of New York Mellon Trust
Company, N.A., as TrusteeSarah Newell1(512) 236-6555
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