Pacific Coast Oil Trust Announces March Cash Distribution
February 27 2017 - 4:45PM
Business Wire
PACIFIC COAST OIL TRUST (NYSE: ROYT) (the “Trust”), a perpetual
royalty trust formed by Pacific Coast Energy Company LP (“PCEC”),
announced today a cash distribution to the holders of its units of
beneficial interest of $0.00487 per unit, payable on March 17, 2017
to unitholders of record on March 9, 2017. The Trust’s distribution
calculation relates to net profits and overriding royalties
generated during January 2017 as provided in the conveyance of net
profits and overriding royalty interest.
The current month’s calculation for the Developed Properties
resulted in $1.2 million of revenues less direct operating expenses
and development costs. The current month’s revenues were $3.7
million, lease operating expenses including property taxes were
$2.4 million, and capital expenditures were $117,000. Average
realized prices for the Developed Properties were $48.28 per Boe in
January, as compared to $47.33 per Boe in December. Net profits for
the month of January for the Developed Properties were
$961,000.
The current month’s calculation included $45,000 for the 7.5%
overriding royalty on the Remaining Properties from Orcutt
Diatomite and Orcutt Field. Average realized prices for the
Remaining Properties were $46.59 per Boe in January, as compared to
$44.58 per Boe in December. The cumulative net profits deficit for
the Remaining Properties, including the 7.5% overriding royalty
payments, decreased $15,000 and remains at $2.0 million for
January.
The current month’s cash flow before repayment of amounts
borrowed from PCEC under the promissory note entered into in
February 2016 was $850,000, reflecting $961,000 in income from the
Developed Properties and $45,000 in income from the 7.5% overriding
royalty on the Remaining Properties partially offset by $88,000 for
the monthly operating and services fee payable to PCEC and $67,500
in Trust general and administrative expenses. The Trust will use
$663,000 out of the current month’s cash flow as repayment in full
to PCEC in March 2017 of all amounts outstanding under the
promissory note. The net cash flow available for distribution to
the holders of its units of beneficial interest is $188,000.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and
average prices for the month of January 2017:
Underlying Properties Sales Volumes
Average Price (Boe) (per Boe) Developed Properties (a)
76,221 $ 48.28 Remaining Properties (b) 14,385 $ 46.59 (a)
Crude oil sales represented 98% of sales volumes (b) Crude oil
sales represented 100% of sales volumes
Overview of Trust Structure
Pacific Coast Oil Trust is a perpetual Delaware statutory trust
formed by PCEC to own interests in certain oil and gas properties
in the Santa Maria Basin and the Los Angeles Basin in California
(the “Underlying Properties”). The Underlying Properties and the
Trust’s net profits and royalty interests are described in the
Trust’s filings with the Securities and Exchange Commission (the
“SEC”). As described in the Trust’s filings with the SEC, the
amount of any periodic distributions is expected to fluctuate,
depending on the proceeds received by the Trust as a result of
actual production volumes, oil and gas prices, development
expenses, and the amount and timing of the Trust’s administrative
expenses, among other factors. For additional information on the
Trust, please visit www.pacificcoastoiltrust.com.
Cautionary Statement Regarding
Forward-Looking Information
This press release contains statements that are "forward-looking
statements" within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. All statements contained in this
press release, other than statements of historical facts, are
"forward-looking statements" for purposes of these provisions.
These forward-looking statements include the amount and date of any
anticipated distribution to unitholders. The anticipated
distribution is based, in part, on the amount of cash received or
expected to be received by the Trust from PCEC with respect to the
relevant period. Any differences in actual cash receipts by the
Trust could affect this distributable amount. Other important
factors that could cause actual results to differ materially
include expenses of the Trust and reserves for anticipated future
expenses. Statements made in this press release are qualified by
the cautionary statements made in this press release. Neither PCEC
nor the Trustee intends, and neither assumes any obligation, to
update any of the statements included in this press release. An
investment in units issued by Pacific Coast Oil Trust is subject to
the risks described in the Trust's Annual Report on Form 10-K for
the year ended December 31, 2015 filed with the SEC on March 4,
2016, and if applicable, the Trust’s Quarterly Reports on Form
10-Q. The Trust's Annual Report on Form 10-K and the Quarterly
Reports on Form 10-Q reports are available over the Internet at the
SEC's website at http://www.sec.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20170227006523/en/
Pacific Coast Oil TrustThe Bank of New York Mellon Trust
Company, N.A., as TrusteeSarah Newell, 1-512-236-6555
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