Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - SABINE ROYALTY TRUST | d78196e8vk.htm |
Exhibit 99.1
Sabine Royalty Trust
| News Release |
SABINE ROYALTY TRUST ANNOUNCES
MONTHLY CASH DISTRIBUTION FOR DECEMBER
MONTHLY CASH DISTRIBUTION FOR DECEMBER
Dallas, Texas, December 3, 2010 — Sabine Royalty Trust (NYSE: SBR), today declared a
cash distribution to the holders of its units of beneficial interest of $0.26351 per unit, payable
on December 29, 2010, to unit holders of record on December 15, 2010. Sabine’s cash distribution
history, current and prior year financial reports, a link to filings made with the Securities and
Exchange Commission and more can be found on its website at http://www.sbr-sabineroyalty.com/.
This distribution reflects primarily the oil production for September 2010 and the gas
production for August 2010. Preliminary production volumes are approximately 40,000 barrels of oil
and 694,704 Mcf of gas. Preliminary average prices are approximately $74.64 per barrel of oil and
$3.94 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 | Gas | Oil | Gas | |||||||||||||
| (bbls) | (Mcf) | (per bbl) | (per Mcf) | |||||||||||||
Current Month |
40,000 | 694,704 | $ | 74.64 | $ | 3.94 | ||||||||||
Prior Month |
32,079 | 827,684 | $ | 72.10 | $ | 4.38 | ||||||||||
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 November, approximately $90,000 of revenue
received will be posted in the following month of December in addition to normal receipts during
December. Since the close of business in November and prior to this press release, approximately
$79,000 in revenue has been received.
Approximately $1,421,000 for 2010 Ad Valorem taxes was deducted from this month’s distribution
as compared to $848,000 for November 2009 taxes. These payments are normal expenditures at this
time of year.
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