VOC Energy Trust Announces Trust Quarterly Distribution
April 20 2017 - 4:15PM
Business Wire
VOC Energy Trust (NYSE: VOC) announced the Trust distribution of
net profits for the first quarterly payment period ended March 31,
2017.
Unitholders of record on May 1, 2017 will receive a distribution
amounting to $3,570,000 or $0.21 per unit, payable May 12,
2017.
Volumes, average sales prices and net profits for the payment
period were:
Sales volumes: Oil (Bbl) 138,781 Natural gas (Mcf)
87,968 Total (BOE) 153,442 Average sales prices: Oil (per Bbl) $
48.75 Natural gas (per Mcf) $ 2.89 Gross proceeds: Oil sales $
6,765,748 Natural gas sales 254,299 Lawsuit settlement
1,209,412 Total gross proceeds $ 8,229,459 Costs:
Lease operating expenses $ 2,928,656 Production and property taxes
172,166 Development expenses 366,035 Total costs $
3,466,857 Net proceeds $ 4,762,602 Percentage applicable to
Trust’s Net Profits Interest 80 % Net profits interest $
3,810,082 Increase in cash reserve held by VOC Brazos Energy
Partners, L.P. (0 ) Total cash proceeds available for the
Trust $ 3,810,082 Provision for estimated Trust expenses
(240,082 ) Net cash proceeds available for distribution $ 3,570,000
Please note that the Trust distribution of net profits for the
first quarterly payment period ended March 31, 2017 includes
proceeds of $1,209,412, which VOC Brazos Partners, L.P. (“VOC
Brazos”) received in connection with the settlement of a lawsuit
arising from an unaffiliated operator having drilled and completed
a well across land partly owned by VOC Brazos without observing VOC
Brazos’ legal ownership in such well. In connection with the
settlement, VOC Brazos received a working interest in the well and
the settlement proceeds. The following table includes the well’s
volumes, average sales prices and net profits for the period from
January 2015 through the quarter ended March 31, 2017. The extended
period of time reflected in the table below is due to the time it
took for the settlement to be finally approved by the court and the
parties to the lawsuit. As a result, VOC Brazos was not able to
distribute the settlement proceeds and net proceeds received from
its net profits interest in such well until the quarter ended March
31, 2017.
Sales volumes: Oil (Bbl) 5,864 Natural gas (Mcf)
6,420 Total (BOE) 6,934 Average sales prices: Oil (per Bbl) $ 43.75
Natural gas (per Mcf) $ 1.43 Gross proceeds: Oil sales $ 256,555
Natural gas sales 9,168 Total gross proceeds $ 265,723
Costs:
Lease operating expenses $ 43,369 Production and property taxes
16,984 Development expenses 0 Total costs $ 60,353 Net
proceeds(1) $ 205,370
_____________________
(1) Represents net proceeds to VOC Brazos and not cash proceeds
available to the Trust.
This press release contains forward-looking statements. Although
VOC Brazos has advised the Trust that VOC Brazos believes that the
expectations contained in this press release are reasonable, no
assurances can be given that such expectations will prove to be
correct. The announced distributable amount is based on the amount
of cash received or expected to be received by the Trustee from the
underlying properties on or prior to the record date with respect
to the quarter ended March 31, 2017. Any differences in actual cash
receipts by the Trust could affect this distributable amount. Other
important factors that could cause these statements to differ
materially include the actual results of drilling operations, risks
inherent in drilling and production of oil and gas properties, the
ability of commodity purchasers to make payment, and other risk
factors described in the Trust’s Form 10-K for the year ended
December 31, 2016 filed with the Securities and Exchange
Commission. Statements made in this press release are qualified by
the cautionary statements made in these risk factors. The Trust
does not intend, and assumes no obligation, to update any of the
statements included in this press release.
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version on businesswire.com: http://www.businesswire.com/news/home/20170420006055/en/
VOC Energy TrustThe Bank of New York Mellon Trust Company,
N.A., as TrusteeMike Ulrich, 512-236-6599
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