MV Oil Trust Releasing $11M Distribution

By Austin Business Journal

Austin-based energy partnership MV Oil Trust (NYSE: MVO) is passing out about $11.1 million to unit holders this month, or about 97 cents per share, as part of second quarter earnings, officials said in an earnings update Thursday.

The Vess Acquisition Group LLC- and Murfin Drilling Co. Inc.-owned trust reported returns for the period ending June 30, netting a total $14.1 million profit. The MV Partners LLC trust, which owns interests in oil and natural-gas properties in Kansas and Colorado, gross revenue hit $20.7 million.

The trust included a $5.6 million payment from bankrupt SemCrude LP in the distribution. SemCrude filed for reorganization protection Dec. 1, 2009, and the trust, Vess and Murfin said it owed for product sold before bankruptcy.

The distribution will go out July 23.

MV went public in 2007, offering 7.5 million units at $20. Shares were selling at $27.37 at market opening Thursday. They have sold at a high $27.53 and low $19.25 in the last 52 weeks.

Copyright 2010 American City Business Journals

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