Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - PERMIAN BASIN ROYALTY TRUST | d79828e8vk.htm |
Exhibit 99.1
Permian Basin Royalty Trust
News Release
PERMIAN BASIN ROYALTY TRUST
ANNOUNCES FEBRUARY CASH DISTRIBUTION
ANNOUNCES FEBRUARY CASH DISTRIBUTION
DALLAS, Texas, February 17, 2011 — Permian Basin Royalty Trust (NYSE: PBT) (“Permian”)
today declared a cash distribution to the holders of its units of beneficial interest of $.097901
per unit, payable on March 14, 2011, to unit holders of record on February 28, 2011. Permian’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.pbt-permianbasintrust.com/.
This month’s distribution decreased from the previous month due primarily to extraordinarily
higher capital expenditures as the result of timing of payments relating to the 2010 budget. This
is offset by higher prices for both oil and gas. This would primarily reflect production for the
month of December. The worldwide market conditions continue to affect the pricing for domestic
production. It is difficult to predict what effect these conditions will have on future
distributions.
Production for Waddell Ranch and the Texas Royalty Properties combined for oil and gas
respectively was 42,871 bbls and 180,258 Mcf. The average price for oil was $82.59 per bbl and for
gas was $7.28 per Mcf. Capital expenditures were approximately $1,446,982. The numbers provided
reflect what was net to the Trust.
| Net to Trust Sales | ||||||||||||||||
| Volumes | Average Price | |||||||||||||||
| Oil (bbls) | Gas (Mcf) | Oil | Gas | |||||||||||||
| (per bbl) | (per Mcf) | |||||||||||||||
Current Month |
42,871 | 180,258 | $ | 82.59 | $ | 7.28 | ||||||||||
Prior Month |
54,882 | 236,912 | $ | 79.54 | $ | 6.75 | ||||||||||
The 2010 tax information packets are expected to begin mailing directly to unitholders in
early, and through, mid-March. A copy of Permian’s 2010 Tax Information booklet will be posted on
Permian’s website by March 1, 2011. In addition to the tax booklet, and new this year, the Permian
website will also offer two simple calculators for computing the income and expense amounts and the
cost depletion. The calculators will also be available on Permian’s website by March 1, 2011.
***
Contact:
|
Ron E. Hooper | |
| Senior Vice President | ||
| U.S. Trust, Bank of America Private Wealth Management, Trustee | ||
| Toll Free — 1.877.228.5085 |