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 $0.15462 per unit, payable on August 14, 2013, to unitholders of record on August 5, 2013. The Trust’s distribution relates to net profits and overriding royalties generated during June 2013 as provided in the conveyance of net profits and overriding royalty interest.
This month’s distribution of $6.0 million is lower than the previous month ($0.15462 per unit vs. $0.15721 per unit) principally due to lower production and lower average realized oil prices (production was approximately 3% lower than May primarily reflecting one less day of production in June). Average realized prices were approximately 2% lower than the prior month. Lease operating expenses were $0.2 million higher than the prior month primarily due to increased well work at West Pico.
The current net profits amount from the Developed Properties was approximately $5.9 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 $0.1 million. The current month’s distribution also includes $0.2 million for the 7.5% overriding royalty on the Remaining Properties which produced 23,774 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 $4.3 million to approximately $4.0 million during the month.
Trust administrative expenses and the monthly operating and services fee payable to PCEC totaled approximately $0.1 million and were deducted in the calculation of the total distribution.Sales Volumes and Prices The following table displays PCEC’s underlying sales volumes and average prices for the month of June 2013.
|Sales Volumes||Average Price|
|Developed Properties (a)||105,356||$||95.61|
|Remaining Properties (b)||23,774||$||94.34|
|(a) Crude oil sales represented 96% of sales volumes.|
|(b) Crude oil sales represented 100% of sales volumes.|
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