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Cross Timbers Royalty Trust
Cross Timbers Royalty Trust Declares July Cash Distribution
DALLAS, July 19, 2016 /PRNewswire/ -- Southwest Bank, as Trustee of the Cross Timbers Royalty Trust (NYSE: CRT), today declared a cash distribution to the holders of its units of beneficial interest of $0.054416 per unit, payable on August 12, 2016, to unitholders of record on July 29, 2016. The following table shows underlying oil and gas sales and average prices attributable to the current month and prior month distributions.
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Underlying Sales |
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Volumes |
Average Price | |||||||||||
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Oil (Bbls) |
Gas (Mcf) |
Oil (Bbls) |
Gas (Mcf) | |||||||||
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Current Month Distribution |
18,000 |
113,000 |
$40.61 |
$3.93 | ||||||||
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Prior Month Distribution |
19,000 |
182,000 |
$35.87 |
$2.83 | ||||||||
Excess Costs
XTO Energy has advised the trustee that increased oil prices led to the partial recovery of excess costs on properties underlying the Oklahoma Working Interest net profits interests. However after the partial recovery, there were no remaining proceeds from the properties underlying the Oklahoma Working Interest net profits interests to be included in this month's distribution.
XTO Energy has advised the trustee that increased oil prices led to the partial recovery of excess costs on properties underlying the Texas Working Interest net profits interests. However after the partial recovery, there were no remaining proceeds from the properties underlying the Texas Working Interest net profits interests to be included in this month's distribution.
Reserves
The current month distribution includes a deduction of $125,000 related to the expense reserve. This deduction brings the reserve to $1,000,000. The reserve will allow the trust to pay its obligations should any extraordinary events or expenses occur, especially with commodity prices at the current level. The trustee will continue to evaluate and revise the reserve as necessary.
For more information on the Trust, please visit our web site at www.crt-crosstimbers.com.
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SOURCE Cross Timbers Royalty Trust