Attached files
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8-K - FORM 8-K - TORCH ENERGY ROYALTY TRUST | h81430e8vk.htm |
Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE | Contact: | |
April 18, 2011 | Investor Relations | |
(800) 536-7453 |
Torch Energy Royalty Trust Announces that Court Approves Settlement with Derivative Unitholder
Plaintiff and Constellation Energy Partners LLC
HOUSTON Torch Energy Royalty Trust (Trust) (NYSE: TRU) (www.torchroyalty.com) today announced
that the Circuit Court of Tuscaloosa County, Alabama in the matter captioned Trust Venture
Company, LLC v. Constellation Energy Partners LLC (CV-2008-900751) approved in all respects the
settlement as memorialized in the proposed Settlement and Release Agreement and ordered that the
matter be dismissed, with prejudice, costs taxed as paid. In the Order and Final Judgment entered
by the Court dated as of April 13, 2011, the Circuit Court acknowledged receiving the report from
counsel for the trustee of the Trust that no objections to the proposed settlement in this matter
had been received, and the Court confirmed after review that the Settlement and Release Agreement
is fair, reasonable and adequate. The proposed Settlement and Release Agreement shall become
effective on the date on which the Order and Final Judgment becomes final and unappealable, which
absent appeal, is anticipated to be June 13, 2011.
Additional information about the lawsuit and settlement can be found in the Trusts filings with
the Securities and Exchange Commission and on the Trusts Web site www.torchroyalty.com.
About the Trust
The Trusts underlying properties are depleting assets consisting of net overriding royalty
interests in proved developed oil and gas properties located in Texas, Alabama and Louisiana and
approximately 99% of the estimated reserves are gas.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 with respect to the Trusts business that is not
historical information. As a general matter, forward-looking statements are those focused upon
future or anticipated events or trends and expectations and beliefs relating to matters that are
not historical in nature. The words believe, expect, plan, intend, estimate, or
anticipate and similar expressions, as well as future or conditional verbs such as will,
should, would, and could, often identify forward-looking statements. The Trust believes
there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain,
and the Trust may not realize its expectations and its beliefs may not prove correct, including,
without limitation, whether the court will approve the settlement discussed in this press release.
These and other risks, uncertainties and assumptions are detailed in the Risk Factors section and
elsewhere in the documents filed by the Trust with the Securities and Exchange Commission.
Accordingly, there are or will be important factors that could cause actual outcomes or results to
differ materially from those indicated in these statements. The Trust undertakes no obligation to
publicly update or revise any forward-looking statement, whether as a result of new information,
future events, or otherwise.