Form 8-K - Current report
January 19 2024 - 4:16PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 19, 2024
VOC Energy Trust
(Exact name of registrant as specified in its charter)
| Delaware |
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001-35160 |
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80-6183103 |
(State or other jurisdiction of
incorporation) |
|
(Commission File Number) |
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(IRS Employer Identification No.) |
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The Bank of New York Mellon Trust Company, N.A.,
Trustee
Global Corporate Trust
601 Travis Street, Floor 16
Houston, Texas |
77002 |
| (Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including
area code: 1-713-483-6020
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of
the Act:
| Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
| Units of Beneficial Interest |
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VOC |
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The New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if
the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02 | Results of Operations and Financial Condition. |
On January 19, 2024, VOC Energy Trust issued
a press release announcing the Trust quarterly distribution for the payment period ended December 31, 2023. A copy of the press release
is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
Pursuant to General Instruction B.2 of Form 8-K,
the press release attached as Exhibit 99.1 is not “filed” for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), is not subject to the liabilities of that section and is not deemed incorporated
by reference in any filing by VOC Energy Trust under the Exchange Act or the Securities Act of 1933, as amended, but is instead “furnished”
for purposes of that instruction.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
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VOC Energy Trust |
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By: |
The Bank of New York Mellon Trust Company, N.A.,
as Trustee |
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| Date: January 19, 2024 |
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By: |
/s/ Elaina C. Rodgers |
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Elaina C. Rodgers |
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Vice President |
Exhibit 99.1
VOC Energy Trust
VOC Energy Trust
Announces Trust Quarterly Distribution
VOC ENERGY TRUST
The Bank of New
York Mellon Trust Company, N.A., Trustee
NEWS RELEASE
FOR IMMEDIATE
RELEASE
Houston, Texas, January 19, 2024
— VOC Energy Trust (NYSE Symbol — VOC) announced the Trust distribution of net profits for the quarterly payment period ended
December 31, 2023.
Unitholders of record on January 30,
2024 will receive a distribution amounting to $3,230,000 or $0.19 per unit, payable February 14, 2024.
Volumes, average sales prices and net
profits for the payment period were:
| Sales volumes: | |
| | |
| Oil (Bbl) | |
| 116,405 | |
| Natural gas (Mcf) | |
| 67,921 | |
| Total (BOE) | |
| 127,725 | |
| Average sales prices: | |
| | |
| Oil (per Bbl) | |
$ | 81.39 | |
| Natural gas (per Mcf) | |
$ | 3.24 | |
| Gross proceeds: | |
| | |
| Oil sales | |
$ | 9,474,489 | |
| Natural gas sales | |
| 220,046 | |
| Total gross proceeds | |
$ | 9,694,535 | |
| Costs: | |
| | |
| Lease operating expenses | |
$ | 3,907,650 | |
| Production and property taxes | |
| 834,484 | |
| Development expenses | |
| 447,259 | |
| Total costs | |
$ | 5,189,393 | |
| Net proceeds | |
$ | 4,505,142 | |
| Percentage applicable to Trust’s Net Profits Interest | |
| 80 | % |
| Net profits interest | |
$ | 3,604,114 | |
| Increase in cash reserve held by VOC Brazos Energy Partners, L.P. | |
| 0 | |
| Total cash proceeds available for the Trust | |
$ | 3,604,114 | |
| Provision for current estimated Trust expenses | |
| (374,114 | ) |
| Net cash proceeds available for distribution | |
$ | 3,230,000 | |
VOC Brazos Energy Partners, L.P. (“VOC Brazos”) has
advised the Trust that it expects the distribution of net profits for the quarterly payment period ending March 31, 2024 will
be adversely impacted by the recent severe winter storms that have affected Kansas and Texas and resulted in the curtailment of
production on certain of the underlying properties. The snow and ice associated with these storms disabled electrical power to
the affected underlying properties for an extended period, rendering some properties inaccessible, and generally created difficult
working conditions. VOC Brazos currently estimates that production from the underlying properties of approximately 12,500 to
15,000 net barrels of oil during the payment period ending March 31, 2024 has been deferred as the result of this
curtailment. VOC Brazos expects that most of the curtailed production should be restored by the end of January 2024 and that
the storm effects on production from the underlying properties should be greatly reduced during the quarterly payment period ending
June 30, 2024.
This press release contains forward-looking
statements, including statements regarding the expected impact of severe winter storms on production from the underlying properties and future distributions
of net profits. Although VOC Brazos has advised the Trust that VOC Brazos believes that
the expectations contained in this press release are reasonable, no assurances can be given that such expectations will prove to be correct.
The announced distributable amount is based on the amount of cash received or expected to be received by the Trustee from the underlying
properties on or prior to the record date with respect to the quarter ended December 31, 2023. Any differences in actual cash receipts
by the Trust could affect this distributable amount. Other important factors that could cause these statements to differ materially include
the actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, the ability of commodity
purchasers to make payment, actions by the members of the Organization of Petroleum Exporting Countries, and other risk factors described
in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange
Commission. Statements made in this press release are qualified by the cautionary statements made in these risk factors. The Trust does
not intend, and assumes no obligations, to update any of the statements included in this press release.
| Contact: |
VOC
Energy Trust |
| |
The Bank of New York Mellon Trust Company, N.A., as Trustee |
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Elaina Rodgers |
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(713) 483-6020 |
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601 Travis Street, Floor 16, Houston, TX 77002 |
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