Permian Basin Royalty Trust Announces April Cash Distribution
DALLAS, April 18, 2013
DALLAS, April 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 $0.060880 per unit, payable on May 14, 2013, to unit
holders of record on April 30, 2013.
This month's distribution increased from the previous month due to fewer days
for February production of oil and continued curtailment of gas production as
a result of a saturated market for gas in the region. Production for the
Trust's allocated portion of the Waddell Ranch and the Texas Royalty
Properties combined for oil and gas respectively was 27,080 bbls and 46,145
Mcf. The average price for oil was $78.60 per bbl and for gas was $3.28 per
Mcf. This would primarily reflect production for the month of February for
oil and the month of January 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.
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 82,774 260,2661 27,080* 46,145* $78.60 $3.28**
Prior Month 88,327 447,626 25,862* 26,867* $78.43 $3.15**
*These volumes are the net to the trust, after allocation of expenses to
Trust's net profit interest.
**This pricing includes sales of gas liquid products.
Approximately four workover wells were completed in the month of February.
Two horizontal wells remain, as of 2/28/13, not completed, but are expected to
be completed in April 2013. Also, three conversion wells of the waterflood
project were completed in February. Capital expenditures were approximately
$2,020,033. 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
The results of 2012 capital expenditure program on the Waddell Ranch
Properties, along with the proposed 2013 budget, is discussed more thoroughly
in the Trust's 10-K filing, filed on March 1, and in the Annual Report that is
now available on the trust website.
The Trustee continues to evaluate the claim of $4,542,547 overpayment that was
recouped by ConocoPhillips back in September and October 2011. The accounting
adjustments and subsequent reimbursements of this claim are currently being
processed through the monthly distribution. As of February 2013, there has
been minimal effect on the distributions.
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
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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