DALLAS, Aug. 5, 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 $0.829410 per unit,
payable on August 29, 2022, to unit
holders of record on August 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
May 2022 and the gas production for
April 2022. Preliminary production volumes are approximately
56,325 barrels of oil and 1,258,547 Mcf of gas. Preliminary
prices are approximately $103.82 per
barrel of oil and $5.95 per Mcf of
gas.
This month's distribution is higher than the previous month's
due to increased production of oil and gas, primarily due to the
timing of receipts through the end of the previous month.
The production from the new horizontal gas wells in Panola County, Texas, has contributed
approximately $860,000 reflecting
April production. They were averaging about 716 Mcf per well, per
day during April totaling over 172,000 Mcf with an average pricing
of $5.37 per Mcf. In addition to
these proceeds, the additional 8 new wells which were paid upon for
the month of April, contributing approximately $220,000, reflecting an average of 196 Mcf per
well, per day.
Additionally, another 3 new horizontal wells, also in
Panola County, were paid on by
another operator for the month of production for April 2022 and May
2022, respectively, with production of 1,486 and 1,414 Mcf
per well, per day with the respective pricing of $5.37 and $6.98 per
Mcf resulting in approximately $670,000 and $860,000 being received by the Trust in July.
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
|
|
56,325
|
|
1,258,547
|
|
$103.82
|
|
$5.95
|
|
|
|
|
|
|
|
|
|
Prior Month
|
|
40,082
|
|
1,024,821
|
|
$105.12
|
|
$4.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 July, approximately
$2,532,000 of revenue received will
be posted in the following month of August in addition to normal
receipts during August. Since the close of business in July and
prior to this press release, $5,108,000 in revenue has been received.
The 2021 Annual Report with Form 10-K and the January 1, 2022 Reserve Summary has been posted
on the Sabine website at
http://www.sbr-sabine.com/.
View original
content:https://www.prnewswire.com/news-releases/sabine-royalty-trust-announces-monthly-cash-distribution-for-august-2022-301600635.html
SOURCE Sabine Royalty Trust