Permian Basin Royalty Trust Announces December Cash Distribution
DALLAS, Dec. 20, 2012
DALLAS, Dec. 20, 2012 /PRNewswire/ -- Permian Basin Royalty Trust (NYSE: PBT)
("Permian") today declared a cash distribution to the holders of its units of
beneficial interest of $.055225 per unit, payable on January 15, 2013, to unit
holders of record on December 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 decreased from the previous month due to decreased
production of both oil and gas and a decrease in prices for oil, offset by an
increase in gas prices. An additional prior period adjustment of
approximately $11,000 increased the distribution this month.
Production for Waddell Ranch and the Texas Royalty Properties combined for oil
and gas respectively was 29,584 bbls and 31,178 Mcf. The average price for
oil was $84.21 per bbl and for gas was $5.54 per Mcf. This would primarily
reflect production for the month of October for oil and the month of September
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 four workover wells were completed in the month of October. In
addition, one horizontal well was completed in October. Capital expenditures
were approximately $2,972,426. The numbers provided reflect what was net to
Due to the allocation method of paying for capital expenditures and lease
operating expenses, the Trust's net volumes are reduced in order to pay these
Underlying Properties Net to Trust Sales
Volumes Volumes Average Price
Oil Gas Oil Gas Oil Gas
(per bbl) (per Mcf) (per bbl) (per Mcf (per bbl) (per Mcf)
Current Month 90,481 258,629 29,584 31,178 $84.21 $5.54**
Prior Month 85,043 290,718 33,455 72,139 $89.99 $4.76**
**This pricing includes sales of gas liquid products.
The Trustee continues to evaluate the claim of $4,542,547 overpayment that was
recouped by ConocoPhillips back in September and October 2011.
SOURCE Permian Basin Royalty Trust
Contact: Ron E. Hooper, Senior Vice President, U.S. Trust, Bank of America
Private Wealth Management, Trustee, 1-877-228-5085
Press spacebar to pause and continue. Press esc to stop.