Permian Basin Royalty Trust Announces October Cash Distribution
DALLAS, Oct. 19, 2012
DALLAS, Oct. 19, 2012 /PRNewswire/ -- Permian Basin Royalty Trust (NYSE: PBT)
("Permian") today declared a cash distribution to the holders of its units of
beneficial interest of $.074625 per unit, payable on November 15, 2012, to
unit holders of record on October 31, 2012. Permian'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.pbt-permianbasintrust.com/.
This month's distribution increased from the previous month due to the
increased price of oil offset by the decreased price of gas. Production for
Waddell Ranch and the Texas Royalty Properties combined for oil and gas
respectively was 37,395 bbls and 104,985 Mcf. The average price for oil was
$88.54 per bbl and for gas was $4.10 per Mcf. This would primarily reflect
production for the month of August for oil and the month of July for gas. The
worldwide market conditions continue to affect the pricing for domestic
production. It is difficult to predict what effect these conditions will have
on future distributions.
Approximately seven workover wells were completed in the month of September.
In addition, one horizontal well was completed in August. Capital
expenditures were approximately $2,502,742. The numbers provided reflect what
was net to the Trust.
The Trustee continues to evaluate the claim of $4,542,547 overpayment that was
recouped by ConocoPhillips back in September and October 2011.
Net to Trust Sales
Volumes Average Price
Oil Gas Oil Gas
(bbls) (Mcf) (per bbl) (per Mcf)
Current Month 37,395 104,985 $88.54 $4.10**
Prior Month 35,264 70,576 $81.53 $4.98**
**This pricing includes sales of gas liquid products.
SOURCE Permian Basin Royalty Trust
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