DALLAS, Nov. 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 $0.582550 per unit,
payable on November 29, 2022, to unit
holders of record on November 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
August 2022 and the gas production
for July 2022. Preliminary production
volumes are approximately 36,531 barrels of oil and 983,628 Mcf of
gas. Preliminary prices are approximately $98.32 per barrel of oil and $6.82 per Mcf of gas.
This month's distribution is lower than the previous month's
primarily due to decreased production due to the timing of receipts
through the end of the month as compared to the previous month's
timing of receipts, offset by a slight increase in oil pricing and
a decrease in pricing for gas.
The production from new horizontal gas wells in Panola County, Texas, has contributed
approximately $850,000 reflecting
July production. They were averaging about 573 Mcf per well, per
day during July totaling over 142,000 Mcf with an average pricing
of $6.43 per Mcf. In addition to
these proceeds, the additional 8 new wells which were paid upon for
the month of July, contributed approximately $168,000, reflecting an average of 118 Mcf per
well, per day. Also, revenue of $172,000 was received for one additional well in
Panola County reflecting June
production, averaging 1,149 Mcf per day.
Additionally, another 3 horizontal wells, also in Panola County, were paid on by another
operator for the month of production for August 2022, with production of 1,110 Mcf per
well, per day with the respective pricing of $7.68 per Mcf resulting in approximately
$756,000 being received by the Trust
in October.
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
|
|
36,531
|
|
983,628
|
|
$98.32
|
|
$6.82
|
|
|
|
|
|
|
|
|
|
|
Prior Month
|
|
71,923
|
|
1,472,082
|
|
$96.81
|
|
$7.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
Due to the timing of the end of the month of October,
approximately $5,103,000 of revenue
received will be posted in the following month of November in
addition to normal receipts during November. Since the close of
business in October and prior to this press release, $4,102,000 in revenue has been received.
Approximately $755,000 for 2022 Ad
Valorem taxes was deducted from this month's distribution as
compared to $165,000 this time last
year. These payments are normal expenditures at this time of
year.
The 2021 Annual Report with Form 10-K and the January 1, 2022 Reserve Summary has been posted
on the Sabine website at
http://www.sbr-sabine.com/.
View original
content:https://www.prnewswire.com/news-releases/sabine-royalty-trust-announces-monthly-cash-distribution-for-november-2022-301668899.html
SOURCE Sabine Royalty Trust