DALLAS, Sept. 2,
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 $0.835990 per
unit, payable on September 29, 2022,
to unit holders of record on September 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
June 2022 and the gas production for
May 2022. Preliminary production
volumes are approximately 49,404 barrels of oil and 1,231,557 Mcf
of gas. Preliminary prices are approximately $111.28 per barrel of oil and $6.56 per Mcf of gas.
This month's distribution is higher than the previous month's
primarily due to increased pricing of oil and gas, offset by lower
production due to the timing of receipts through the end of the
previous month.
The production from the horizontal gas wells in Panola County, Texas, has contributed
approximately $1,060,000 reflecting
May production. They were averaging about 631 Mcf per well, per day
during May totaling over 156,000 Mcf with an average pricing of
$7.21 per Mcf. In addition to these
proceeds, the additional 8 new wells which were paid upon for the
month of May, contributing approximately $290,000, reflecting an average of 181 Mcf per
well, per day. Also, revenue of $1,080,000 was received for one additional well
in Panola County reflecting six
months of production, averaging 2,657 Mcf per day.
Additionally, another 3 horizontal wells, also in Panola County, were paid on by another
operator for the month of production for June 2022,with production
of 1,252 Mcf per well, per day with the respective pricing of
$7.34 per Mcf resulting in
approximately $805,000 being received
by the Trust in August.
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
|
|
49,404
|
|
1,231,557
|
|
$111.28
|
|
$6.56
|
|
|
|
|
|
|
|
|
|
Prior Month
|
|
56,325
|
|
1,258,547
|
|
$103.82
|
|
$5.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 August,
approximately $5,178,000 of revenue
received will be posted in the following month of September in
addition to normal receipts during September. Since the close of
business in August and prior to this press release, $801,000 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-september-2022-301617196.html
SOURCE Sabine Royalty Trust