Santa Fe Energy Trust Announces Second Quarter 2007 Distribution
August 02 2007 - 1:46PM
Business Wire
Santa Fe Energy Trust (NYSE:SFF) announced the Trust income
distribution for the operating quarter ended June 30, 2007.
Unitholders of record on August 15, 2007, will receive a
distribution amounting to $3,004,234 or $0.47686 per unit payable
August 31, 2007. As previously announced by the Trust, the Trustee
has been informed by Devon Energy Corporation that Devon believes
it may have overpaid the Trust during 2006 and prior years for its
net profits royalties. Devon has previously estimated the amount of
the overpayment to be $6.7 million. However, Devon has informed the
Trustee that it now believes the amount of the overpayment is more
than $6.7 million, but that it is unable to provide an estimate of
how much more than $6.7 million. This distribution includes
approximately $3.0 million attributable to the Wasson ODC unit and
$39,293 resulting from the sale of a net profits interest during
the quarter, but does not include any other amounts payable on the
Trust's net profits interests, as Devon has concluded that Devon is
entitled to reduce the distribution by the approximately $2.0
million otherwise payable on the net profits interests in order to
recoup a portion of the amount Devon believes it has overpaid the
Trust. The Trustee and its independent consultants have not been
able to confirm the accuracy of the information or estimates
provided by Devon, or the appropriateness of Devon's determination
that it is entitled to recoup the amount it is withholding from the
distribution. Price and Volume Statistics for the Quarter Were: �
Volumes Prices Oil Gas Oil Gas (BBLS) (MCF) ($/BBL) ($/MCF) Wasson
ODC Unit 60,200 � 58.52 � � Net Profits Royalties 29,164 146,301
49.53 6.45 The Trust will be liquidated on or before February 15,
2008.
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