AUSTIN, Texas–(BUSINESS WIRE)–PACIFIC COAST OIL TRUST (NYSE:ROYT) (the “Trust”), a perpetual royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today a cash distribution to the holders of its units of beneficial interest of $0.03844 per unit, payable on August 14, 2015, to unitholders of record on August 5, 2015. The Trust’s distribution relates to net profits and overriding royalties generated during June 2015 as provided in the conveyance of net profits and overriding royalty interest.
This month’s distribution of $1.5 million is lower than the previous month ($0.03844 per unit vs. $0.04289 per unit) principally due to lower production with one less day of production in June than May and higher capital expenditures from the Developed Properties, partially offset by lower lease operating expenses. Average realized prices for the Developed and Remaining Properties were $52.78 per Boe, as compared to $52.83 per Boe in May.
The current net profits amount from the Developed Properties was approximately $1.5 million. The current month’s lease operating expenses for the Developed Properties, including property taxes, were $2.8 million compared to $3.1 million in the prior month. The current month’s capital expenditures for the Developed Properties were higher by $0.2 million compared to the prior month. The current month’s distribution also includes $0.1 million for the 7.5% overriding royalty on the Remaining Properties from 37 Orcutt Diatomite wells, nine Orcutt Field wells, four East Coyote wells and one West Pico well. The cumulative deficit of the net profits interest on the Remaining Properties, including the 7.5% overriding royalty payments, stands at $1.6 million.
Trust administrative expenses and the monthly operating and services fee payable to PCEC totaled approximately $0.1 million and were deducted in the calculation of the total distribution.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and average prices for the month of June 2015.
|Sales Volumes||Average Price|
|Developed Properties (a)||92,274||$||53.08|
|Remaining Properties (b)||23,418||$||51.58|
|(a) Crude oil sales represented 96% 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 any 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 www.pacificcoastoiltrust.com.
Cautionary Statement Regarding Forward-Looking Information