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 $0.15403 per unit, payable on March 14, 2013, to unitholders of record on March 7, 2013. The Trust’s distribution relates to net profits and overriding royalties generated during January 2013 as provided in the conveyance of net profits and overriding royalty interest.
This month’s distribution of $5.9 million is higher than the previous month ($0.15403 per unit vs. $0.15116 per unit). Higher crude oil prices and production favorably impacted this month’s distribution as average realized prices were 5% higher and total production was approximately 2% higher than the prior month. Lease operating expenses were slightly higher than the prior month principally due to increased well work at Orcutt Field. The current net profits amount from the Developed Properties was approximately $6.0 million, after receipt by PCEC from its counterparties of $0.2 million related to the settlement of applicable hedge contracts. The development expense for the Developed Properties was $0.4 million during the period.
The current distribution also includes a 7.5% overriding royalty on the Remaining Properties which produced 25,375 Boe from 37 Orcutt Diatomite wells and one Orcutt Field well. Production from the Remaining Properties was approximately 11% 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 $5.2 million.
Trust administrative expenses incurred in connection with the Trust, and the monthly operating and services fee payable to PCEC, totaling $0.2 million were deducted in the calculation of the distribution payable to unit holders.Sales Volumes and Prices The following table displays PCEC’s underlying sales volumes and average prices for the month of January 2013.
|Sales Volumes||Average Price|
|Developed Properties (a)||113,344||$||102.12|
|Remaining Properties (b)||25,375||$||101.23|
|(a) Crude oil sales represented 96% of sales volumes.|
|(b) Crude oil sales represented 100% of sales volumes.|