DALLAS, March 4, 2022 /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 $0.467170 per unit, payable on March 29, 2022, to unit holders of record on
March 15, 2022. 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
December 2021 and the gas production
for November 2021. Preliminary
production volumes are approximately 42,203 barrels of oil and
902,216 Mcf of gas. Preliminary prices are approximately
$71.21 per barrel of oil and
$5.38 per Mcf of gas.
This month's distribution is higher than the previous month's
due to the increased production of both oil and gas.
The production from the new horizontal gas wells in Panola County, Texas, has contributed
approximately $1.8 million reflecting
November production. They were averaging about 976 Mcf per day per
well during November totaling over 234,000 Mcf during this time
frame with an average pricing of $5.83 per Mcf. As more regular monthly
receipts are made in the months to come, additional information
will be made available.
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
|
|
42,203
|
|
902,216
|
|
$71.21
|
|
$5.38
|
|
|
|
|
|
|
|
|
|
Prior
Month
|
|
36,010
|
|
682,527
|
|
$72.32
|
|
$5.29
|
|
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 February, 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 March. 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 February,
approximately $1,625,000 of revenue
received will be posted in the following month of March in addition
to normal receipts during March. Since the close of business
in February and prior to this press release, $1,763,000 in revenue has been received.
The 2021 tax information packets began mailing directly to
unitholders in the first week of March 2022. A copy of
Sabine's 2021 tax information
booklet is available on Sabine's
website. In addition to the tax booklet, Sabine's website also offers two simple
calculators for computing the income and expense amounts and the
cost depletion.
The 2020 Annual Report with Form 10-K and the January 1, 2021 Reserve Summary are currently
available on the Sabine
website at http://www.sbr-sabine.com/.
The 2021 Annual Report with Form 10-K and the January 1, 2022 Reserve Summary shall be
available on the Sabine
website at http://www.sbr-sabine.com/, after April 1, 2022.
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content:https://www.prnewswire.com/news-releases/sabine-royalty-trust-announces-monthly-cash-distribution-for-march-2022-301495702.html
SOURCE Sabine Royalty Trust