DALLAS, Feb. 4, 2022 /PRNewswire/ -- Simmons Bank,
as Trustee of the Sabine Royalty Trust (NYSE: SBR), today declared
a cash distribution to the holders of its units of beneficial
interest of $0.374350 per unit,
payable on February 28, 2022, to unit
holders of record on February 15,
2022. Sabine's cash distribution history, current and prior
year financial reports and tax information booklets, a link to
filings made with the Securities and Exchange Commission and more
can be found on its website at
http://www.sbr-sabine.com/. Additionally, printed
reports can be requested and are mailed free of charge.
This distribution reflects primarily the oil production for
November 2021 and the gas production
for October 2021. Preliminary production volumes are
approximately 36,010 barrels of oil and 682,527 Mcf of gas.
Preliminary prices are approximately $72.32 per barrel of oil and $5.29 per Mcf of gas.
This month's distribution is significantly lower than previous
month's due to the extraordinary receipt in the month of December
of $4.1 million from several new
producing horizontal wells in Panola
County, Texas.
The production from the new gas wells has contributed
approximately $1.6 million reflecting
October production. They were averaging about 900 Mcf per day per
well during October totaling over 221,000 Mcf during this time
frame with an average pricing of $5.59 per Mcf. As more regular monthly
receipts are made in the months to come, additional information
will be made available.
The table below compares this month's production and prices to
the previous month's:
|
|
Net to Trust
Sales
|
|
|
|
|
Volumes
|
|
Average
Price
|
|
|
Oil (bbls)
|
|
Gas (Mcf)
|
|
Oil
(per bbl)
|
|
Gas
(per Mcf)
|
|
|
|
|
|
|
|
|
|
Current
Month
|
|
36,010
|
|
682,527
|
|
$72.32
|
|
$5.29
|
|
|
|
|
|
|
|
|
|
Prior
Month
|
|
71,882
|
|
2,249,986
|
|
$78.95
|
|
$4.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues are only distributed after they are received, verified
and posted. Most energy companies normally issue payment of
royalties on or about the 25th of every month, and
depending on mail delivery, a varying amount of royalties are not
received until after the revenue posting on the last business day
of the month. The revenues received after that date will be
posted within 30 days of receipt.
During the month of January, the respective
shelter-at-home/work-from-home orders across the spectrum of the
industry has significantly affected the posting of revenues for the
Trust, until the following month of February. As adjustments
are made accordingly, the functions of the Trust are still being
performed, although on a delayed basis. We will continue to
strive to make the operations of the Trust and its providers, as
fluid as possible.
Due to the timing of the end of the month of January,
approximately $1,888,043 of revenue
received will be posted in the following month of February in
addition to normal receipts during February. Since the close
of business in January and prior to this press release,
$874,000 in revenue has been
received.
Approximately $60,000 for 2021 Ad
Valorem taxes was deducted from this month's distribution as
compared to $45,000 this time last
year. These payments are normal expenditures at this time of
year.
The 2021 tax information packets are expected to begin mailing
directly to unitholders in early March 2022. A copy of
Sabine's 2021 tax information
booklet will be posted on Sabine's
website by March 1, 2022. In addition
to the tax booklet the Sabine
website will also offer two simple calculators for computing the
income and expense amounts and the cost depletion. The
calculators are currently expected to be updated with the 2021 tax
information by February 28, 2022.
The 2020 Annual Report with Form 10-K and the January 1, 2021 Reserve Summary are now available
on the Sabine website at
http://www.sbr-sabine.com/.
Contact:
|
Ron Hooper - SVP,
Royalty Trust Services
|
|
Simmons
Bank
|
|
Toll Free (855)
588-7839
|
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content:https://www.prnewswire.com/news-releases/sabine-royalty-trust-announces-monthly-cash-distribution-for-february-2022-301475516.html
SOURCE Sabine Royalty Trust