|Natural gas liquids (mbbl)||225|
|Natural gas (mmcf)||2,172|
|Total oil equivalent volumes (mboe)||720|
|Average price received per production unit (1)|
|Natural gas liquids||$||46.65|
|Revenue less production taxes (in thousands)||$||28,428|
|Expenses (in thousands)||$||1,256|
|Distributable income available to unitholders (in thousands)||$||27,172|
|Distributable income per unit (46,750,000 units issued and outstanding)||$||0.58|
Chesapeake Granite Wash Trust (NYSE:CHKR) (the “Trust”) announced today that its distribution for the period from July 1, 2011 through August 31, 2011 will be $0.58 per unit, which will be paid on December 28, 2011 to unitholders of record at the close of business on December 15, 2011. During the two-month period ended August 31, 2011, sales volumes and realized prices were higher than estimated in the Prospectus dated November 10, 2011 relating to the initial public offering of the common units of the Trust, resulting in an approximate 7% higher distribution per unit over the target distribution of $0.54 per unit listed in the Prospectus. The following table provides sales volumes, realized prices and revenue attributable to the Trust’s royalty interests, expenses of the Trust and distributable income available to unitholders for the period from July 1, 2011 to August 31, 2011.
(1) Includes the effect of certain marketing, gathering and transportation deductions. Due to the timing of the payment of production proceeds to the Trust, future quarterly distributions will generally include royalties attributable to sales of oil, natural gas liquids and natural gas for three months, including the first two months of the quarter just ended and the last month of the prior quarter.