Pacific Coast Oil Trust Announces Monthly Cash Distribution

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 $0.13939 per unit, payable on November 14, 2012, to unitholders of record on October 31, 2012. The Trust’s distribution relates to net profits and overriding royalties generated during September 2012 as provided in the conveyance of net profits and overriding royalty interest.

This month’s distribution is slightly lower than the previous month ($0.13939 per unit vs. $0.14987 per unit). Total daily production was approximately 1% lower than the prior month, while higher crude oil prices favorably impacted this month’s distribution as average realized prices were 2% higher than the prior month. Lease operating expenses were slightly higher than the prior month principally due to increased injection well work to improve injection capacity and higher than expected well repair expenses. Current month administrative expenses were in-line with prior month totals.

The current net profits amount from the Developed Properties was approximately $5.4 million, after receipt by PCEC from its counterparties of $0.1 million related to the settlement of applicable hedge contracts. The development expense for the Developed Properties was $0.1 million during the period.

The current distribution also includes a 7.5% overriding royalty on the Remaining Properties which produced 8,298 Boe from 18 Orcutt Diatomite wells, which was approximately 240% higher than the prior month due to the Orcutt Diatomite expansion project being ahead of schedule. The cumulative deficit of the net profit interest on the Remaining Properties, including the 7.5% overriding royalty payments, is approximately $4.9 million.

Trust administrative expenses incurred in connection with the Trust, and the monthly operating and services fee payable to PCEC, totaling $0.1 million were deducted in the calculation of the distribution payable to unit holders. Future administrative expenses are expected to vary.

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