Santa Fe Energy Trust Announces Sale of Trust Assets
December 19 2007 - 2:09AM
Business Wire
The Bank of New York Trust Company, N.A. (the "Trustee") of Santa
Fe Energy Trust (NYSE: SFF) announced today that it has completed
the sale of all of the net profits royalties held by the Trust to
Amen Properties, Inc. and certain other purchasers. The aggregate
price for the assets sold was approximately $51.5 million, after
making adjustments pursuant to the purchase agreement. Stifel,
Nicolaus & Company, Incorporated served as financial advisor to
the Trustee in connection with the transaction, and delivered an
opinion to the Trustee that, as of the date of the opinion and
subject to the assumptions and qualifications contained in the
opinion, the consideration to be paid to the Trustee in its
capacity as trustee of the Trust in connection with the transaction
pursuant to the purchase agreement was fair to the Trust as the
seller of the assets, from a financial point of view. The Trustee
intends to distribute the net proceeds of the sale (after deducting
amounts necessary to pay all fees, expenses, liabilities and other
obligations of the Trust, and after setting aside any amounts the
Trustee determines to hold in reserve, and subject to any
post-closing adjustments under the purchase agreement) on February
29, 2008 to unitholders of record at the close of business on
February 14, 2008. This distribution will be made concurrently with
the Trust's distribution for the quarter ending December 31, 2007.
The United States Treasury book-entry securities representing
stripped-interest coupons held by the Trustee as Custodian mature
on February 15, 2008. Unitholders of record at the close of
business on February 14, 2008 will be entitled to receive the cash
proceeds from the matured Treasury Obligations on deposit with the
Custodian. The cash proceeds will be distributed as promptly as
practicable on or after February 15, 2008. The Trust will be
liquidated on February 15, 2008. After that date the Trustee will
continue to act as trustee of the trust estate until the trust
estate has been finally distributed and the affairs of the Trust
have been wound up. The Trustee intends to instruct the Trust's
transfer agent to stop transfer of the Trust's units immediately
following the close of business on February 14, 2008 and intends to
request that the New York Stock Exchange delist the units at that
time.
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