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 $0.15116 per unit, payable on February 14, 2013, to unitholders of record on February 4, 2013. The Trust’s distribution relates to net profits and overriding royalties generated during December 2012 as provided in the conveyance of net profits and overriding royalty interest.
This month’s distribution is higher than the previous month ($0.15116 per unit vs. $0.13941 per unit). Higher crude oil production and prices favorably impacted this month’s distribution as total production was approximately 8% higher and average realized prices were 2% higher than the prior month. The current net profits amount from the Developed Properties was approximately $5.8 million, after receipt by PCEC from its counterparties of $0.4 million related to the settlement of applicable hedge contracts. The development expense for the Developed Properties was $0.5 million during the period.
The current distribution also includes a 7.5% overriding royalty on the Remaining Properties which produced 22,783 Boe from 36 Orcutt Diatomite wells and one Orcutt Field well. Production from the Remaining Properties was approximately 10% higher than the prior month due to the Orcutt Diatomite expansion project being ahead of schedule. The cumulative deficit of the net profit interest on the Remaining Properties, including the 7.5% overriding royalty payments, is approximately $5.4 million.
Trust administrative expenses incurred in connection with the Trust, and the monthly operating and services fee payable to PCEC, totaling $0.2 million were deducted in the calculation of the distribution payable to unitholders.Sales Volumes and Prices The following table displays PCEC’s underlying sales volumes and average prices for the month of December 2012.
|Sales Volumes||Average Price|
|Developed Properties (a)||113,137||$||96.91|
|Remaining Properties (b)||22,783||$||96.41|
|(a) Crude oil sales represented 97% of sales volumes.|
|(b) Crude oil sales represented 100% of sales volumes.|
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