MV Oil Trust (NYSE: MVO) announced the Trust distribution of Net Profits for the second quarterly payment period ended June 30, 2010.
Unitholders of record on July 15, 2010 will receive a distribution amounting to $11,097,500 or $0.965 per unit payable July 23, 2010.
Volumes, price and Net Profits for the payment period were:
|Percentage applicable to Trust’s 80%|
|Net Profits Interest||$11,314,690|
|Gross Hedge Proceeds||$0|
|Percentage applicable to Trust 80%|
|Net Hedge Proceeds||$0|
|Total cash proceeds available for the Trust||$11,314,690|
|Provision for estimated Trust expenses||($217,190)|
|Net cash proceeds available for distribution||$11,097,500|
This distribution includes amounts from collection of the SemCrude, L.P. / Eaglwing, L.P. payment for the twenty-day period prior to their bankruptcy in July, 2008 (“Twenty-Day Claims”) as MV Partners, LLC received payment of $5.6 million for such Twenty-Day Claims during the month of April 2010. The proceeds from the sale of oil volumes of MV Partners during June 2008 are still pending the outcome of the SemCrude bankruptcy proceedings.