DALLAS, April 6,
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
$0.730190 per unit, payable on
April 29, 2022, to unit holders of
record on April 18, 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
January 2022 and the gas production
for December 2021. Preliminary
production volumes are approximately 70,536 barrels of oil and
1,430,163 Mcf of gas. Preliminary prices are approximately
$76.67 per barrel of oil and
$4.62 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 $1.1 million reflecting
December production. They were averaging about 882 Mcf per day per
well during December totaling over 219,000 Mcf during this time
frame with an average pricing of $5.03 per Mcf. In addition to these
proceeds, an additional 8 new wells were paid upon, contributing
approximately $900,000, reflecting an
average of 297 Mcf per well, per day. 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
|
|
70,536
|
|
1,430,163
|
|
$76.67
|
|
$4.62
|
|
|
|
|
|
|
|
|
|
Prior Month
|
|
42,203
|
|
902,216
|
|
$71.21
|
|
$5.38
|
|
|
|
|
|
|
|
|
|
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.
Due to the timing of the end of the month of March,
approximately $2,231,000 of revenue
received will be posted in the following month of April in addition
to normal receipts during April. Since the close of business in
March and prior to this press release, $448,000 in revenue has been 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, 2022, attributable to the Trust from
the properties appraised are approximately 6.0 million barrels of
oil and 42.8 billion cubic feet of gas with a future net value of
approximately $470,140,000 with a
discounted value at 10% of $207,703,000. With these estimated
quantities of this year's reserve estimate of 6.0 million barrels
of oil and 42.8 billion cubic feet of gas remaining, it could be
estimated that the Trust still has a life span of 8 to 10
years. The report is an exhibit to the Trust's Annual Report
on Form 10-K that was filed on March 25,
2022 and is available to all unitholders at this time on the
SEC website and Sabine's website.
The 2021 Annual Report with Form 10-K and the January 1, 2022 Reserve Summary will be posted in
the month of April on the Sabine website at
http://www.sbr-sabine.com/.
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content:https://www.prnewswire.com/news-releases/sabine-royalty-trust-announces-monthly-cash-distribution-for-april-2022-and-2022-reserve-quantities-301518966.html
SOURCE Sabine Royalty Trust