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 $0.15721 per unit, payable on July 15, 2013, to unitholders of record on July 5, 2013. The Trust’s distribution relates to net profits and overriding royalties generated during May 2013 as provided in the conveyance of net profits and overriding royalty interest.
This month’s distribution of $6.1 million is higher than the previous month ($0.15721 per unit vs. $0.15270 per unit) principally due to higher production and lower operating expenses, partially offset by slightly lower average realized oil prices (crude oil production was approximately 3% higher than April primarily reflecting one additional day of production in May). Average realized prices were approximately 1% lower than the prior month. Lease operating expenses were lower than the prior month due to decreased well work at Orcutt Field.
The current net profits amount from the Developed Properties was approximately $6.1 million, after receipt by PCEC from its counterparties of $0.7 million related to the settlement of applicable hedge contracts during the period. The current month’s capital expenditures for the Developed Properties were $0.7 million. The current month’s distribution also includes $0.2 million for the 7.5% overriding royalty on the Remaining Properties which produced 24,532 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, decreased from $4.6 million to approximately $4.3 million during the month.
Trust administrative expenses and the monthly operating and services fee payable to PCEC totaled approximately $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 May 2013.
|Sales Volumes||Average Price|
|Developed Properties (a)||108,845||$97.07|
|Remaining Properties (b)||24,532||$96.16|
|(a) Crude oil sales represented 97% of sales volumes.|
|(b) Crude oil sales represented 100% of sales volumes.|
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