Income from oil royalties, excluding the Trusts interest in Tidelands, for the three
months ended March 31, 2019 decreased to $155,109 from $201,241 realized for the comparable period in 2018 primarily due to a decrease in the production of oil, offset in part by an increase in the price of oil. The volume of oil sold in the
three months ended March 31, 2019 decreased to 2,553 bbls from 3,873 bbls realized for the comparable period in 2018, and the average price realized for oil increased to $60.76 per bbl for the three months ended March 31, 2019 from $51.96
per bbl realized for the comparable period in 2018.
Income from natural gas royalties (net of expenses), excluding the Trusts
interest in Tidelands, for the three months ended March 31, 2019 decreased to $20,171 from $36,076 for the comparable period in 2018 primarily due to a decrease in the production of natural gas, offset in part by an increase in the price of
natural gas. The volume of natural gas sold in the three months ended March 31, 2019 decreased to 4,151 mcf from 5,696 mcf realized for the comparable period in 2018, and the average price realized for natural gas (net of expenses) increased to
$4.86 per mcf for the three months ended March 31, 2019 from $3.80 per mcf realized for the comparable period in 2018.
We did not
receive any income from distributions from Tidelands in each of the three months ended March 31, 2019 and 2018. We understand that Tidelands does not currently have sufficient production in economic quantities to generate any revenue to be
distributed to its unit holders. Accordingly, we do not expect to receive any income from distributions from Tidelands in future quarters.
The following table presents the quantities of oil and natural gas sold and the average price realized for the three months ended
March 31, 2019, and those realized for the comparable period in 2018, excluding the Trusts interest in Tidelands.
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Three Months Ended
March 31,
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2019
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2018
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(unaudited)
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Oil
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Bbls sold
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2,553
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3,873
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Average price
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$
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60.76
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$
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51.96
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Natural gas
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Mcf sold
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4,151
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5,696
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Average price, net of expenses
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$
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4.86
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$
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3.80
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General and administrative expenses increased to $73,694 for the three months ended March 31, 2019 from
$54,606 for the comparable period of 2018, primarily due to an increase in professional fees and printing expenses.
Results of OperationsNine
Months Ended March 31, 2019 Compared to the Nine Months Ended March 31, 2018
Income from oil and natural gas royalties,
excluding the Trusts interest in Tidelands, increased to $646,010 during the nine months ended March 31, 2019 from $618,179 realized for the comparable period in 2018. Royalties increased for the nine months ended March 31, 2019
primarily due to an increase in the price of oil and natural gas, offset in part by a decrease in the production of oil and natural gas, as compared to the comparable period in 2018.
Distributable income increased to $471,881 for the nine months ended March 31, 2019 from $465,247 realized for the comparable period in
2018.
Income from oil royalties, excluding the Trusts interest in Tidelands, for the nine months ended March 31, 2019
increased to $591,551 from $543,406 realized for the comparable period in 2018 primarily due to an increase in the price of oil, offset in part by a decrease in the production of oil. The volume of oil sold in the nine months ended March 31,
2019 decreased to 8,871 bbls from 11,385 bbls realized for the comparable period in 2018, and the average price realized for oil increased to $66.65 per bbl for the nine months ended March 31, 2019 from $47.73 per bbl realized for the
comparable period in 2018.
9