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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.
Developed Properties (a)
Remaining Properties (b)
(a) Crude oil sales represented 95% of sales volumes.
(b) Crude oil sales represented 100% of sales volumes.
Overview of Trust Structure
Pacific Coast Oil Trust is a perpetual Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits and royalty interests are described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”). As described in the Trust’s filings with the SEC, the amount of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unitholders. The anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause actual results to differ materially include expenses of the Trust and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's filings with the SEC. The Trust's quarterly and other filed reports are or will be available over the Internet at the SEC's website at