We did not receive any income from distributions from Tidelands for the three months ended
December 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 December 31, 2019, and those realized for the comparable period in 2018, excluding the Trusts interest in Tidelands.
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Three Months Ended December 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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2,123
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2,976
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Average price
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$
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57.32
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$
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71.19
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Natural gas
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Mcf sold
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8,150
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5,681
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Average price, net of expenses
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$
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2.41
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$
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3.54
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General and administrative expenses decreased to $37,196 for the three months ended December 31, 2019
from $94,854 for the comparable period of 2018, primarily due to the timing of expenses related to the closing of the annual financial statements which were incurred in the first quarter of the fiscal year 2020 compared to the second quarter of
fiscal year 2019.
Results of OperationsSix Months Ended December 31, 2019 Compared to the Six Months Ended December 31, 2018
Income from oil and natural gas royalties, excluding the Trusts interest in Tidelands, decreased to $339,609 during the six months ended
December 31, 2019 from $470,730 realized for the comparable period in 2018. Royalties decreased for the six months ended December 31, 2019 primarily due to a decrease in the price of oil and natural gas and the production of oil, offset by
an increase in the production of natural gas, as compared to the comparable period in 2018.
Distributable income decreased to $243,991
for the six months ended December 31, 2019 from $364,459 realized for the comparable period in 2018.
Income from oil royalties,
excluding the Trusts interest in Tidelands, for the six months ended December 31, 2019 decreased to $292,101 from $436,443 realized for the comparable period in 2018. The volume of oil sold in the six months ended December 31, 2019
decreased to 4,823 bbls from 6,319 bbls realized for the comparable period in 2018, and the average price realized for oil decreased to $60.57 per bbl for the six months ended December 31, 2019 from $69.03 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 six months
ended December 31, 2019 increased to $47,508 from $34,287 for the comparable period in 2018. The volume of natural gas sold in the six months ended December 31, 2019 increased to 18,691 mcf from 9,874 mcf realized for the comparable period
in 2018, and the average price realized for natural gas (net of expenses) decreased to $2.54 per mcf for the six months ended December 31, 2019 from $3.47 per mcf realized for the comparable period in 2018.
We did not receive any income from distributions from Tidelands for the six months ended December 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 six months ended
December 31, 2019, and those realized for the comparable period in 2018, excluding the Trusts interest in Tidelands.
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