FORT WORTH, Texas, Nov. 17, 2017 /PRNewswire/ -- Southwest Bank, as
Trustee of the Hugoton Royalty Trust (NYSE: HGT) (the "Trust"),
today declared a cash distribution to the holders of its units of
beneficial interest of $0.006949 per
unit, payable on December 14, 2017,
to unitholders of record on November 30,
2017. The following table shows underlying gas sales and
average prices attributable to the net overriding royalty for both
the current month and prior month. Underlying gas sales volumes
attributable to the current month were primarily produced in
September.
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Underlying Gas
Sales
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|
|
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Volumes (Mcf)
(a)
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Average
Gas
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|
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Total
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Daily
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Price per
Mcf
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|
|
|
|
|
|
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Current
Month
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|
1,084,000
|
|
36,000
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|
$2.94
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|
|
|
|
|
|
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Prior Month
|
|
1,167,000
|
|
38,000
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|
$2.86
|
(a)
|
Sales volumes are
recorded in the month the Trust receives the related net profits
income. Because of this, sales volumes may fluctuate from month to
month based on the timing of cash receipts.
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XTO Energy has advised the Trustee that it has deducted budgeted
development costs of $280,000,
production expense of $1,371,000,
overhead of $983,000 and recovered
net excess costs, including accrued interest, of $60,000 in determining the royalty payment to the
Trust for the current month.
Excess Costs
XTO Energy has advised the Trustee that decreased gas production in
the current month distribution caused costs to exceed revenues by
$7,000 on properties underlying the
Kansas net profits interests.
However, these excess costs did not reduce net proceeds from the
remaining conveyances. Underlying cumulative excess costs remaining
on the Kansas net profits
interests after the current month's distribution totaled
$931,000, including accrued interest
of $109,000.
XTO Energy has advised the Trustee that improved gas prices in
relation to costs resulted in the recovery of excess costs of
$67,000, including accrued interest
of $52,000, on properties underlying
the Wyoming net profits interests.
However, after the recovery there were no remaining proceeds from
properties underlying the Wyoming
net profits interests to be included in the current month's
distribution. Underlying cumulative excess costs remaining on the
Wyoming net profits interests
after the current month's distribution totaled $21,000 consisting entirely of accrued
interest.
For more information on the Trust, please visit our web site at
www.hgt-hugoton.com.
Statements made in this press release regarding future events
or conditions are forward looking statements. Actual future
results, including development costs and future net profits,
could differ materially due to changes in natural gas prices and
other economic conditions affecting the gas industry and other
factors described in Part I, Item 1A of the Trust's Annual Report
on Form 10-K for the year ended December 31,
2016.
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SOURCE Hugoton Royalty Trust