DALLAS, Feb. 19, 2015 /PRNewswire/ -- Dominion
Resources Black Warrior Trust (NYSE: DOM) today announced a
quarterly cash distribution to the holders of its units of
beneficial interest of $0.174547 per
unit. The distribution will be payable March 11, 2015 to unitholders of record on
March 2, 2015. Dominion's cash
distribution history, current and prior year financial reports, a
link to filings made with the Securities and Exchange Commission
and more can be found on its website at
http://www.dom-dominion.com/.
This distribution represents the quarterly royalty payment from
Walter Black Warrior Basin LLC ("WBWB") reflecting production from
October 1, 2014 to December 31, 2014. WBWB reported that
production attributable to the Trust's overriding royalty interests
was approximately 435 million cubic feet ("MMcf") during this
period compared to 441 MMcf in the previous quarter. Prices
for this quarter to the trust averaged $3.96 per Mcf compared to $4.01 per Mcf for the previous quarter.
Production for this quarter was relatively flat compared to the
previous quarter.
In March 2012, WBWB notified the
Trustee that it was undertaking a study of the Underlying
Properties on a well-by-well basis to determine the economic
viability of continuing to produce each individual well. WBWB
has plugged and abandoned 22 such wells, 11 in 2012 and 11 in 2013.
These wells were very low producing and deemed
non-economical. Additional information about remaining wells
has been disclosed in detail in the Trust's 2013 10-K filed on
March 10, 2014. The additional
decisions on a well by well basis could adversely affect the
Trust's future revenue stream, and if a significant number of wells
are abandoned, it could cause a termination of the Trust.
Walter Energy will continue to evaluate the economic viability of
each well on an ongoing basis and provide notice as to any
development. The results for 2014 will be discussed in the
Trust's 2014 10-K to be filed in March
2015.
The Trust owns overriding royalty interests burdening certain
proved developed coal seam gas properties owned by WBWB and located
in the Black Warrior Basin of Alabama. The Trust is a grantor
trust originally formed by Dominion Resources, Inc. The Trust is
designed to provide unitholders with quarterly cash distributions
from its royalty interests in certain coal seam gas
properties. The units are listed on The New York Stock
Exchange under the symbol "DOM".
The 2014 tax information packets are expected to begin mailing
directly to unitholders in early March 2015. A copy of
Dominion's 2014 tax information booklet will be posted on
Dominion's website by March 1, 2015.
In addition to the tax booklet the Dominion website also offers two
simple calculators for computing the income and expense amounts and
the cost depletion. To facilitate unitholder tax preparation,
both the income and expense and the depletion calculators are now
updated on Dominion's website for 2014 tax reporting.
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SOURCE Dominion Resources Black Warrior Trust