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 $0.16990 per unit, payable on September 16, 2013, to unitholders of record on September 6, 2013. The Trust’s distribution relates to net profits and overriding royalties generated during July 2013 as provided in the conveyance of net profits and overriding royalty interest. This month’s distribution of $6.6 million is higher than the previous month ($0.16990 per unit vs. $0.15462 per unit) principally due to higher average realized oil prices and higher production. Average realized prices were approximately 6% higher than the prior month. Production was approximately 4% higher than June primarily reflecting one additional day of production in July. The current net profits amount from the Developed Properties was approximately $6.5 million, after receipt by PCEC from its counterparties of $0.5 million related to the settlement of applicable hedge contracts during the period. The current month’s lease operating expenses were $0.5 million lower than the prior month primarily due to decreased well work at Orcutt Field. The current month’s capital expenditures for the Developed Properties were $0.5 million compared to $0.1 million from the prior month. The current month’s distribution also includes $0.2 million for the 7.5% overriding royalty on the Remaining Properties which produced 25,649 Boe from 37 Orcutt Diatomite wells and two Orcutt Field wells. The cumulative deficit of the net profits interest on the Remaining Properties, including the 7.5% overriding royalty payments, decreased from $4.0 million to approximately $3.9 million during the month. Trust administrative expenses and the monthly operating and services fee payable to PCEC totaled approximately $0.1 million and were deducted in the calculation of the total distribution. Sales Volumes and Prices The following table displays PCEC’s underlying sales volumes and average prices for the month of July 2013.
|Sales Volumes||Average Price|
|Developed Properties (a)||108,394||$101.21|
|Remaining Properties (b)||25,649||$100.01|
|(a) Crude oil sales represented 97% of sales volumes.|
|(b) Crude oil sales represented 100% of sales volumes.|