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 $0.13655 per unit, payable on April 15, 2013, to unitholders of record on April 5, 2013. The Trust’s distribution relates to net profits and overriding royalties generated during February 2013 as provided in the conveyance of net profits and overriding royalty interest.
This month’s distribution of $5.3 million is lower than the previous month ($0.13655 per unit vs. $0.15403 per unit). Total production was 11% lower than January primarily reflecting three less days of production in February. Average realized prices were 1% lower than the prior month. Lease operating expenses were lower than prior month principally due to decreased well work at East Coyote and Sawtelle.
The current net profits amount from the Developed Properties was approximately $5.3 million, after payment by PCEC to its counterparties of $0.1 million related to the settlement of applicable hedge contracts and development expense of $0.2 million during the period. The current month’s distribution also includes $0.2 million for the 7.5% overriding royalty on the Remaining Properties which produced 21,633 Boe from 37 Orcutt Diatomite wells and one Orcutt Field well. The cumulative deficit of the net profits interest on the Remaining Properties, including the 7.5% overriding royalty payments, is approximately $5.1 million.
Trust administrative expenses and the monthly operating and services fee payable to PCEC totaled $0.2 million and were deducted in the calculation of the total distribution.Sales Volumes and Prices The following table displays PCEC’s underlying sales volumes and average prices for the month of February 2013.
|Sales Volumes||Average Price|
|Developed Properties (a)||102,242||$101.53|
|Remaining Properties (b)||21,633||$101.84|
|(a) Crude oil sales represented 95% of sales volumes.|
|(b) Crude oil sales represented 100% of sales volumes.|
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