DALLAS, Nov. 19, 2020 /PRNewswire/ -- Marine
Petroleum Trust (NASDAQ: MARPS) ("Marine") today declared a
quarterly cash distribution to the holders of its units of
beneficial interest of $0.007178 per
unit, payable on December 28, 2020,
to unitholders of record on November
30, 2020. Marine's 2019 tax information, cash
distribution history, current and prior year financial reports, a
link to filings made with the Securities and Exchange Commission
and more can be found on its website at
http://www.marps-marine.com/. Additionally, printed
reports can be requested and are mailed free of charge.
This distribution of $0.007178 per
unit is lower than the $0.044516 per
unit distributed last quarter. As compared to the previous quarter,
both the volume of oil and of natural gas produced and included in
this distribution have decreased. The price realized for oil
produced and included in the current distribution has increased
while the price for natural gas has decreased compared to the
previous quarter. This distribution is lower than the
$0.048759 per unit distributed in the
comparable quarter in 2019. As compared to the comparable
quarter in 2019, the price realized for both oil and natural gas
has decreased. As compared to this time last year, the volume
of both oil and natural gas produced and included in the
current distribution have decreased.
Marine's distributions to unitholders are determined by
royalties received up to the date the distribution amount is
declared. In general, Marine receives royalties two months after
oil production and three months after natural gas production.
The prior Restated Marine Petroleum Trust Indenture (the
"Indenture') stated that Marine would terminate on June 1, 2021. In preparing to seek approval
to extend the trust by twenty (20) years to June 1, 2041 pursuant to Article X, Section 1(a)
of the Indenture, Marine became aware that the necessary approval
for this extension of the consent of a majority of the outstanding
of units of interest was obtained on May 22,
2014 by a consent solicitation filed with the Securities and
Exchange Commission when holders of 63.57% of the outstanding units
of interest on the record date of March 28,
2014 approved the extension of Marine through June 1, 2041. Less than 1% of the
outstanding units of interest were voted against the
extension. Since only approval of a majority of the
outstanding units of interest was required and not 80% as was
believed to be the case at the time of the 2014 consent
solicitation, the 63.57% approval authorized the extension of
Marine through June 1, 2041.
The updated Indenture reflecting the June 1,
2041 termination date was filed with Marine's Form 10-Q on
November 16, 2021.
Contact:
|
Ron E.
Hooper
|
|
SVP, Royalty Trust
Services
|
|
Simmons Bank,
Trustee
|
|
Toll Free –
1.855.588-7839
|
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SOURCE Marine Petroleum Trust