PACIFIC COAST OIL TRUST (NYSE:ROYT) (the “Trust”), a perpetual royalty trust, announced today a cash distribution to the holders of its units of beneficial interest of $0.15187 per unit, payable on August 14, 2012, to unitholders of record on July 31, 2012. The Trust’s distribution relates to net profits and overriding royalties generated during June 2012 as provided in the conveyance of net profits and overriding royalty interest. The following table displays Pacific Coast Energy Company LP’s (“PCEC”) underlying sales volumes and average prices for the month of June 2012.
|Sales Volumes||Average Price|
|Developed Properties (a)||106,568||$||89.33|
|Remaining Properties (b)||1,857||$||88.22|
|(a) Crude oil sales represented 98% of sales volumes.|
|(b) Crude oil sales represented 100% of sales volumes.|
|•||80% of the net profits from the sale of oil and natural gas production from the Developed Properties.|
|•||7.5% of the proceeds (free of any production or development costs but bearing the proportionate share of production and property taxes and post-production costs) attributable to the sale of all oil and natural gas production from the Remaining Properties located on PCEC’s Orcutt properties, or|
|•||25% of the net profits from the sale of oil and natural gas production from all of the Remaining Properties.|
This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unitholders. The anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause actual results to differ materially include expenses of the Trust and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's filings with the SEC. The Trust's quarterly and other filed reports are or will be available over the Internet at the SEC's website at http://www.sec.gov.