Pacific Coast Oil Trust Prices Initial Public Offering Of Trust Units

Pacific Coast Oil Trust (the “Trust”) announced today the pricing of its initial public offering of 18,500,000 trust units at $20.00 per trust unit. The 18,500,000 trust units represent a 47.9% beneficial interest in the Trust. Based on demand for the trust units, the size of the offering was increased above the previously announced 17,500,000 trust units. The underwriters also have the option to purchase up to an additional 2,775,000 trust units, at the initial public offering price, to cover over-allotments, if any. Pacific Coast Energy Company LP (“PCEC”) is the sponsor of the Trust and will be selling the trust units being offered, including any sold pursuant to the over-allotment option. The trust units have been approved for listing on the New York Stock Exchange, subject to official notice of issuance, under the ticker symbol “ROYT.” The offering is expected to close on or about May 8, 2012, subject to customary closing conditions.

Barclays, Citigroup, BofA Merrill Lynch, J.P. Morgan, UBS Investment Bank, and Wells Fargo Securities are acting as joint book-running managers in connection with this offering. RBC Capital Markets, Baird, Stifel Nicolaus Weisel, Oppenheimer & Co., and Janney Montgomery Scott are acting as co-managers. The offering of the trust units is being made only by means of a prospectus, copies of which may be obtained from the offices of:
Barclays                     Citigroup
c/o Broadridge Financial Solutions Attn: Prospectus Department
1155 Long Island Avenue Brooklyn Army Terminal
Edgewood, New York 11717 140 58th Street, 8th Floor
Phone: (888) 603-5847 Brooklyn, New York 11220

barclaysprospectus@broadridge.com
Phone: (800) 831-9146

batprospectusdept@citi.com
 
 
BofA Merrill Lynch J.P. Morgan
Attn: Prospectus Department c/o Broadridge Financial Solutions
4 World Financial Center 1155 Long Island Avenue
New York, New York 10080 Edgewood, New York 11717

dg.prospectus_requests@baml.com
Phone: (866) 803-9204
 
 
UBS Investment Bank Wells Fargo Securities
Attn: Prospectus Department Attn: Equity Syndicate Dept.
299 Park Avenue 375 Park Avenue
New York, NY 10171 New York, New York 10152
888-827-7275 Phone: (800) 326-5897

cmclientsupport@wellsfargo.com

A registration statement relating to the trust units has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Pacific Coast Oil Trust

Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own net profits interests and an overriding royalty interest in certain oil and gas properties held by PCEC located in California in the Santa Maria Basin and the Los Angeles Basin.

About Pacific Coast Energy Company

PCEC, formerly named BreitBurn Energy Company L.P., is a privately held Delaware limited partnership engaged in the production and development of oil and natural gas from the Orcutt properties located in the Santa Maria Basin and the East Coyote, Sawtelle, and West Pico properties located in the Los Angeles Basin in California.

Cautionary Statement Regarding Forward-Looking Information

This release contains “forward-looking statements” regarding a proposed initial public offering by the Trust. No assurance can be given that the initial public offering discussed herein will be completed within a particular time frame, if at all. The Trust does not undertake any obligation to publicly update or revise any forward-looking statement.

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