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Jan. 29, 2013 /PRNewswire/ -- Torch Energy Royalty Trust (the "Trust") (NYSE: TRU) (
www.torchroyalty.com) today announced that the Trust's units will begin trading on the OTC Markets (the "OTC") commencing at market open tomorrow,
Wednesday, January 30, 2013 under the new symbol "TRRU". Trading of the Trust's units on the New York Stock Exchange (the "NYSE") under its old symbol of "TRU" will be suspended at the opening of business on the same date. Investors will be able to view the Real Time Level II stock quotes on the OTC for TRRU at
As previously announced, the Trust received notice from NYSE Regulation, Inc. that NYSE Regulation had determined to delist the Trust's units from the NYSE, with trading of the units to be suspended prior to the opening of NYSE trading on
Wednesday, January 30, 2013.
The Trust was terminated by a vote of the unitholders in January 2008. The Trust is currently in the wind up and liquidation period. Under the Trust Agreement, upon termination of the Trust, the remaining assets of the Trust are to be sold and the proceeds distributed to the unitholders. The assets of the Trust are Net Profits Interests that burden oil and gas properties located at Chalkley Field in
Louisiana and fields that produce from the
Cotton Valley and
Austin Chalk formations in Texas. In
December 2011, following a public auction for such interests, the Trust sold its net profits interests associated with the oil and gas properties at the
Robinson's Bend Field in the Black Warrior Basin to
Robinson's Bend Production II, LLC. All of the remaining Net Profits Interests of the Trust are currently being marketed for sale.
A Note on Forward Looking Statements:
This press release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934. The words "believe," "expect," "anticipate," "intend," "plan," "estimate," "may," "should," "could," and similar expressions are intended to identify such statements.