DALLAS, May 19, 2011 /PRNewswire/ -- Dominion Resources Black Warrior Trust (NYSE: DOM) today announced a quarterly cash distribution to the holders of its units of beneficial interest of $0.228779 per unit. The distribution will be payable June 9, 2011 to unitholders of record on May 31, 2011, according to the Trustee, U.S. Trust.
This distribution represents the quarterly royalty payment from Walter Black Warrior Basin LLC ("WBWB") reflecting production from January 1, 2011 to March 31, 2011. WBWB reported that production attributable to the Trust's overriding royalty interests was approximately 534 million cubic feet ("MMcf") during this period compared to 583 MMcf in the previous quarter. Prices for this quarter to the trust averaged $4.13 per mcf compared to $3.81 per mcf for the previous quarter.
Dominion Resources Black Warrior Trust, as it does after the end of each year, had a year-end Reserve Report prepared in accordance with the Securities and Exchange Commission's requirements. This report provides an evaluation of the estimated asset value as of December 31 of each year, which can be used to estimate the remaining life of the Trust.
The estimated net proved reserves, as of January 1, 2011, attributable to the Trust from the properties appraised are approximately 14.7 billion cubic feet of gas with a future net value of approximately $60,310,551 with a 10% discounted value of $36,496,504.With the estimated quantities of this year's reserve estimate of 14.7 billion cubic feet of gas remaining, it could be estimated that the Trust still has a life span of 5 to 7 years. The report is an exhibit to the Trust's Annual Report on Form 10-K that was filed on March 11, 2011 and is available to all unitholders at this time on the Trust website. The Trust is designed to provide unitholders with quarterly cash distributions from its royalty interests in certain coal seam gas properties. The units are listed on The New York Stock Exchange under the symbol "DOM".
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