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 $0.12833 per unit, payable on January 15, 2014, to unitholders of record on January 6, 2014. The Trust’s distribution relates to net profits and overriding royalties generated during November 2013 as provided in the conveyance of net profits and overriding royalty interest.
This month’s distribution of $5.0 million is lower than the previous month ($0.12833 per unit vs. $0.13084 per unit) principally due to lower average realized oil prices and lower production. Average realized prices were $90.60, or 4% lower than prior month. Production was approximately 1% lower than October due to one less day of production.
The current net profits amount from the Developed Properties was approximately $5.0 million, after receipt by PCEC from its counterparties of $0.4 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 compared to $0.9 million from the prior month. The current month’s lease operating expenses, including property taxes, were $3.5 million and were in-line with prior month’s lease operating expenses and property taxes. The current month’s distribution also includes $0.2 million for the 7.5% overriding royalty on the Remaining Properties which produced 27,145 Boe from 37 Orcutt Diatomite wells and two Orcutt Field wells. The cumulative deficit of the net profits interest on the Remaining Properties, including the 7.5% overriding royalty payments, decreased from $3.6 million to approximately $3.4 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 November 2013.
|Sales Volumes||Average Price|
|Developed Properties (a)||108,278||$91.04|
|Remaining Properties (b)||27,145||$88.83|
|(a) Crude oil sales represented 97% of sales volumes.|
|(b) Crude oil sales represented 100% of sales volumes.|
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV