PACIFIC COAST OIL TRUST (NYSE:ROYT) (the “Trust”) announced today a cash distribution to the holders of its units of beneficial interest of $0.16234 per unit, payable on June 15, 2012, to unitholders of record on May 31, 2012. The Trust’s first distribution relates to net profits generated during April 2012 as provided in the conveyance of net profits and overriding royalty interest. The distribution primarily represents net profits for oil and natural gas production during the month of April 2012. The following table displays Pacific Coast Energy Company LP (“PCEC”) underlying sales volumes and average prices for the month of April 2012.
(a) Crude oil sales represented 97% of total sales volumes.
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. The Trust is entitled to receive 80% of the net profits from the sale of oil and natural gas production from the proved developed reserves as of December 31, 2011 on certain properties (the “Developed Properties”) and either (i) an overriding royalty interest equal to 7.5% of the proceeds (free of any production or development costs but bearing its proportionate share of production and property taxes and post-production costs) attributable to the sale of oil and natural gas production from the Orcutt field in the Santa Maria Basin, or (ii) 25% of the net profits from the sale of oil and natural gas production from all other development potential of the Developed Properties (the “Remaining Properties”).