Permian Basin Royalty Trust Announces January Cash Distribution
DALLAS, Jan. 18, 2013
DALLAS, Jan. 18, 2013 /PRNewswire/ --Permian Basin Royalty Trust (NYSE: PBT)
("Permian") today declared a cash distribution to the holders of its units of
beneficial interest of $.049757 per unit, payable on February 14, 2013, to
unit holders of record on January 31, 2013. 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 lower
prices for both oil and gas offset by increased production of gas resulting
from the recompletion program of 2012 on the Waddell Ranch properties.
Production for Waddell Ranch and the Texas Royalty Properties combined for oil
and gas respectively was 29,432 bbls and 49,147 Mcf. The average price for
oil was $80.79 per bbl and for gas was $4.37 per Mcf. This would primarily
reflect production for the month of November for oil and the month of October
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 November.
In addition, one horizontal well was completed in November. Capital
expenditures were approximately $2,975,393.60. The numbers provided reflect
what was net to the Trust.
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
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 90,303 354,810 29,432 49,147 $80.79 $4.37**
Prior Month 90,481 258,629 29,584 31,178 $84.21 $5.54**
**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
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