Enduro Royalty Trust Announces Monthly Cash Distribution
AUSTIN, Texas -- April 19, 2013
Enduro Royalty Trust (NYSE: NDRO) (the “Trust”) announced today a cash
distribution to the holders of its units of beneficial interest of $0.124518
per unit, payable on May 14, 2013, to unitholders of record on April 30, 2013.
The distribution primarily represents oil production during the month of
January 2013 and natural gas production during December 2012.
The following table displays underlying oil and natural gas sales volumes and
average prices attributable to the current and prior month distributions.
Underlying Sales Average Price
Oil Natural Oil Natural
(Bbls) (per Bbl)
(Mcf) (per Mcf)
Current 76,627 740,410 $ 79.24 $ 3.67
Prior 77,391 755,408 $ 77.66 $ 3.54
Average NYMEX oil prices increased from December 2012 to January 2013;
however, average oil prices received for the production month of January 2013
continued to be impacted by wider than historical basis differentials in the
Permian Basin. Basis differentials were wider than normal through February
2013 production but began narrowing to return to normal levels in March 2013.
Proceeds from the settlement of applicable hedge contracts related to the
properties underlying the Trust were approximately $0.7 million, of which $0.1
million related to January 2013 oil hedges and $0.6 million related to
February 2013 natural gas hedges.
Capital expenditures for the properties underlying the Trust during the period
were approximately $1.0 million. Capital relates to expenses incurred during
February 2013. Capital decreased from the prior two months as those periods
included capital related to two Permian oil wells being drilled in the Lost
Tank field in southeastern New Mexico. The Lost Tank wells have completed
drilling and are awaiting completion, which is currently scheduled for the
third quarter. Capital remains consistent with expectations for the 2013
capital program of $22 - $24 million for the underlying properties ($18 - $19
million net to the Trust’s 80% net profits interest) as discussed in the
February 2013 presentation included on the Trust’s website.
Enduro Royalty Trust is a Delaware statutory trust formed by Enduro Resource
Partners to own a net profits interest representing the right to receive 80%
of the net profits from the sale of oil and natural gas production from
certain of Enduro Resource Partners’ properties in the states of Texas,
Louisiana and New Mexico. As described in the Trust’s filings with the
Securities and Exchange Commission, the amount of the periodic distributions
is expected to fluctuate, depending on the proceeds received by the Trust as a
result of actual production volumes, oil and gas prices and the amount and
timing of the Trust’s administrative expenses, among other factors. Future
distributions are expected to be made on a monthly basis. For additional
information on the Trust, please visit www.enduroroyaltytrust.com.
This press release contains statements that are “forward-looking statements”
within the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. All statements contained in this press release, other than statements
of historical facts, are “forward-looking statements” for purposes of these
provisions. These forward-looking statements include the amount and date of
any anticipated distribution to unitholders. The anticipated distribution is
based, in part, on the amount of cash received or expected to be received by
the Trust from Enduro Resource Partners with respect to the relevant period.
Any differences in actual cash receipts by the Trust could affect this
distributable amount. Other important factors that could cause actual results
to differ materially include expenses of the Trust and reserves for
anticipated future expenses. Statements made in this press release are
qualified by the cautionary statements made in this press release. Neither
Enduro Resource Partners nor the Trustee intends, and neither assumes any
obligation, to update any of the statements included in this press release. An
investment in units issued by Enduro Royalty Trust is subject to the risks
described in the Trust’s filings with the SEC, including the risks described
in the Trust’s Annual Report on Form 10-K for the year ended December 31,
2012, filed with the SEC on March 18, 2013. The Trust’s quarterly and other
filed reports are or will be available over the Internet at the SEC’s website
Enduro Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Mike Ulrich, 1-800-852-1422
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