Chesapeake Granite Wash Trust (NYSE:CHKR) (the “Trust”) announced today that its distribution for the period from September 1, 2011 through November 30, 2011 will be $0.7277 per unit, which will be paid on March 1, 2012 to unitholders of record at the close of business on February 20, 2012.
During the three-month period ended November 30, 2011, sales volumes and realized prices were higher than estimated in the Prospectus filed with the Securities and Exchange Commission on November 14, 2011 relating to the initial public offering of the common units of the Trust, resulting in an approximate 7% higher distribution per unit over the target distribution of $0.68 per unit listed in the Prospectus. The following table provides sales volumes, realized prices and revenue attributable to the Trust’s royalty interests, expenses of the Trust and distributable income available to unitholders for the period from September 1, 2011 to November 30, 2011.
|Natural gas liquids (mbbl)||303|
|Natural gas (mmcf)||2,910|
|Total oil equivalent volumes (mboe)||965|
|Average price received per production unit (1)|
|Natural gas liquids||$||43.06|
Distributable income calculation (in thousands except per unit income)
|Revenue less production taxes (1)||$||35,318|
|Derivative settlement loss||($824||)|
|Distributable income available to unitholders||$||34,019|
|Distributable income per unit (46,750,000 units issued and outstanding)||$||0.7277|
(1) Includes the effect of certain marketing, gathering and transportation deductions.
Due to the timing of the payment of production proceeds to the Trust, quarterly distributions will include royalties attributable to sales of oil, natural gas liquids and natural gas for three months, including the first two months of the quarter just ended and the last month of the prior quarter.