Pacific Coast Oil Trust Announces November Cash Distribution

  Pacific Coast Oil Trust Announces November Cash Distribution

Business Wire

AUSTIN, Texas -- October 24, 2013

PACIFIC COAST OIL TRUST (NYSE:ROYT) (the “Trust”) a perpetual royalty trust,
announced today a cash distribution to the holders of its units of beneficial
interest of $0.14756 per unit, payable on November 14, 2013, to unitholders of
record on November 7, 2013. The Trust’s distribution relates to net profits
and overriding royalties generated during September 2013 as provided in the
conveyance of net profits and overriding royalty interest.

This month’s distribution of $5.7 million is lower than the previous month
($0.14756 per unit vs. $0.15761 per unit) principally due to higher lease
operating expenses and lower production, partially offset by lower capital
expenditures. Total daily production was 3% lower than August due to one less
day of production. Average realized prices were $100.13, or less than 1% lower
than prior month.

The current net profits amount from the Developed Properties was approximately
$5.6 million, after receipt by PCEC from its counterparties of $0.2 million
related to the settlement of applicable hedge contracts during the period. The
current month’s lease operating expenses, including property taxes, were $3.3
million compared to $2.9 million from prior month due to increased well work
at East Coyote and higher operating expenses at West Pico. The current month’s
capital expenditures for the Developed Properties were $0.6 million compared
to $1.0 million from the prior month. The current month’s distribution also
includes $0.2 million for the 7.5% overriding royalty on the Remaining
Properties which produced 24,895 Boe from 37 Orcutt Diatomite wells and two
Orcutt Field wells. The cumulative deficit of the net profits interest on the
Remaining Properties, including the 7.5% overriding royalty payments,
decreased from $3.5 million to approximately $3.4 million during the month.

Trust administrative expenses and the monthly operating and services fee
payable to PCEC totaled approximately $0.1 million and were deducted in the
calculation of the total distribution.

Sales Volumes and Prices

The following table displays PCEC’s underlying sales volumes and average
prices for the month of September 2013.

                               Underlying Properties
                               Sales Volumes       Average Price
                               (Boe)               (per Boe)
Developed Properties (a)       107,389             $    100.22
Remaining Properties (b)       24,895              $    99.75
(a) Crude oil sales represented 97% of sales volumes.
(b) Crude oil sales represented 100% of sales volumes.

Overview of Trust Structure

Pacific Coast Oil Trust is a perpetual Delaware statutory trust formed by PCEC
to own interests in certain oil and gas properties in the Santa Maria Basin
and the Los Angeles Basin in California (the “Underlying Properties”). The
Underlying Properties and the Trust’s net profits and royalty interests are
described in the Trust’s filings with the Securities and Exchange Commission
(the “SEC”). As described in the Trust’s filings with the SEC, 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, development expenses, 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

Cautionary Statement Regarding Forward-Looking Information

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 PCEC 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 PCEC 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 Pacific Coast Oil
Trust is subject to the risks described in the Trust's Annual Report on Form
10-K filed with the SEC, and if applicable, the Trust’s Quarterly Reports on
Form 10-Q. The Trust's Annual Report on Form 10-K and the Quarterly Reports on
Form 10-Q reports are available over the Internet at the SEC's website at


Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell, 1-512-236-6555
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