Le Lézard
Classified in: Oil industry, Business
Subject: DIV

Sabine Royalty Trust Announces Monthly Cash Distribution For April 2018 And 2018 Reserve Quantities


DALLAS, April 5, 2018 /PRNewswire/ -- Simmons Bank, as Trustee of the Sabine Royalty Trust (NYSE: SBR), today declared a cash distribution to the holders of its units of beneficial interest of $0.279340 per unit, payable on April 30, 2018, to unit holders of record on April 16, 2018.  Sabine's cash distribution history, current and prior year financial reports and tax information booklets, a link to filings made with the Securities and Exchange Commission and more can be found on its website at http://www.sbr-sabine.com/.

This distribution reflects primarily the oil production for January 2018 and the gas production for December 2017.  Preliminary production volumes are approximately 51,521 barrels of oil and 614,123 Mcf of gas.  Preliminary prices are approximately $59.51 per barrel of oil and $2.85 per Mcf of gas.

The table below compares this month's production and prices to the previous month's:






Net to Trust Sales




Volumes


Average Price


Oil
(bbls)


Gas
(Mcf)


Oil

(per bbl)


Gas

(per Mcf)









Current Month

51,521


614,123


$59.51


$2.85









Prior Month

47,575


490,026


$52.59


$2.71









Revenues are only posted and distributed when they are received.  Most energy companies normally issue payment of royalties on or about the 25th of every month, and depending on mail delivery, a varying amount of royalties are not received until after the revenue posting on the last business day of the month.  The revenues received after that date will be posted within 30 days of receipt.

Due to the timing of the end of the month of March, approximately $1,357,000 of revenue received will be posted in the following month of April in addition to normal receipts during April.  Since the close of business in March and prior to this press release, approximately $2,398,000 in revenue has been received.

Sabine Royalty Trust, as it does after the end of each year, had a year-end Reserve Report prepared in accordance with the Securities and Exchange Commission's requirements.  This report provides an evaluation of the estimated asset value as of December 31 of each year, which can be used to estimate the remaining life of the Trust.

The estimated net proved reserves, as of January 1, 2018, attributable to the Trust from the properties appraised are approximately 6.7 million barrels of oil and 34.250 billion cubic feet of gas with a future net value of approximately $319,703,000 with a discounted value at 10% of $156,300,000.  With these estimated quantities of this year's reserve estimate of 6.7 million barrels of oil and 34.250 billion cubic feet of gas remaining, it could be estimated that the Trust still has a life span of 9 to 12 years.  The report is an exhibit to the Trust's Annual Report on Form 10-K that was filed on March 8, 2018 and is available to all unitholders at this time on the SEC website and Sabine's website.

The January 1, 2018 Reserve Summary is available on the Sabine website at http://www.sbr-sabine.com/.

 

SOURCE Sabine Royalty Trust


These press releases may also interest you

28 mar 2024
Curio Legacy Ventures (Curio), a frontrunner in nuclear technology innovation, proudly announces a strategic partnership with Navarro Research and Engineering, Inc. (Navarro). This collaboration signals a significant step forward in advancing nuclear...

28 mar 2024
Arctech has recently signed a contract for the 500MW Manah I power plant project in Oman, following its successful bid for the 588MW Manah II PV project in Oman earlier in 2023. This consecutive project win showcases Arctech's customized solutions...

28 mar 2024
The "Fuel Cells - Global Strategic Business Report" has been added to  ResearchAndMarkets.com's offering. The global market for Fuel Cells estimated at US$11.4 Billion in the year 2023, is projected to reach a revised size of US$40.7 Billion by...

28 mar 2024
Peabody today filed its Proxy Statement for its 2024 Annual Meeting of Stockholders to be held on May 9, 2024, which disclosed that current members of Peabody's Board of Directors Samantha B. Algaze and David J. Miller have determined that they will...

28 mar 2024
Quanta Services, Inc. announced today that its Board of Directors has declared a quarterly cash dividend to stockholders of $0.09 per share, or a rate of $0.36 per share on an annualized basis. The dividend is payable on April 17, 2024, to...

28 mar 2024
ONEOK, Inc. will release first quarter 2024 earnings after the market closes on April 30, 2024. ONEOK's executive management will participate in a conference call the following day.      What:              ONEOK first quarter 2024 earnings...



News published on and distributed by: