VOC Energy Trust : Announces Trust Quarterly Distribution
April 18, 2019 at 04:16 pm EDT
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VOC Energy Trust (NYSE: VOC) announced the Trust distribution of net
profits for the first quarterly payment period ended March 31, 2019.
Unitholders of record on April 30, 2019 will receive a distribution
amounting to $2,720,000 or $0.16 per unit, payable May 15, 2019.
Volumes, average sales prices and net profits for the payment period
were:
Sales volumes:
Oil (Bbl)
142,024
Natural gas (Mcf)
75,981
Total (BOE)
154,688
Average sales prices:
Oil (per Bbl)
$
47.05
Natural gas (per Mcf)
$
3.44
Gross proceeds:
Oil sales
$
7,016,237
Natural gas sales
261,259
Total gross proceeds
$
7,277,496
Costs:
Lease operating expenses
$
2,975,256
Production and property taxes
212,003
Development expenses
390,972
Total costs
$
3,578,231
Net proceeds
$
3,699,265
Percentage applicable to Trust’s Net Profits Interest
80
%
Net profits interest
$
2,959,412
Increase in cash reserve held by VOC Brazos Energy Partners, L.P.
0
Total cash proceeds available for the Trust
$
2,959,412
Provision for estimated Trust expenses
(239,412
)
Net cash proceeds available for distribution
$
2,720,000
This press release contains forward-looking statements. Although VOC
Brazos has advised the Trust that VOC Brazos believes that the
expectations contained in this press release are reasonable, no
assurances can be given that such expectations will prove to be correct.
The announced distributable amount is based on the amount of cash
received or expected to be received by the Trustee from the underlying
properties on or prior to the record date with respect to the quarter
ended March 31, 2019. Any differences in actual cash receipts by the
Trust could affect this distributable amount. Other important factors
that could cause these statements to differ materially include the
actual results of drilling operations, risks inherent in drilling and
production of oil and gas properties, the ability of commodity
purchasers to make payment, and other risk factors described in the
Trust’s Form 10-K for the year ended December 31, 2018 filed with the
Securities and Exchange Commission. Statements made in this press
release are qualified by the cautionary statements made in these risk
factors. The Trust does not intend, and assumes no obligation, to update
any of the statements included in this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190418005474/en/
VOC Energy Trust (the Trust) is a statutory trust formed by VOC Brazos Energy Partners, L.P. (VOC Brazos). The Trust is managed by The Bank of New York Mellon Trust Company, N.A., as trustee (the Trustee). The Trust is created to acquire and hold the net profits interest for the benefit of the trust unitholders. VOC Brazoâs properties included interests in approximately 739 gross (454.6 net) producing wells and included 81,095 gross (50,310.7 net) acres. The underlying properties are interests in developing properties located in the oil and natural gas producing regions of Kansas and Texas. The fields in the Central Kansas Uplift include Fairport Field, Marcotte Field and Chase-Silica Field. The fields in Western Kansas include the Bindley, Griston SW and Rosa Northwest fields. The fields in South Central Kansas include the Gerberding, Spivey Grabs and Alford fields, which are produced primarily from the Mississippian, Simpson and Lansing Kansas City zones.