By Austin Business Journal

Austin-based energy partnership MV Oil Trust (NYSE: MVO) announced plans to distribute $7.76 million net income to shareholders.

The distribution covers profits the oil and natural gas trust made during the fourth quarter last year, ended Dec. 31, 2010. Unitholders of record on Jan. 18 will receive about 68 cents per unit payable Jan. 25.

The company netted about $9 million on $16 million gross proceeds. The amount includes about $1.3 million MV Partners LLC received in claims from a bankruptcy case SemCrude LP and Eaglwing LP filed in 2008. MV oil property operators Vess Oil Corp. and Murfin Drilling Co. Inc. were due money for oil sold to the bankrupt companies.

MV Partners LLC trust owns interests in oil and natural-gas properties in Kansas and Colorado. It distributed about $6.6 million in dividends the same time last year.

Copyright 2011 American City Business Journals
Copyright 2010