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EX-99.1 - EX-99.1 - TEL OFFSHORE TRUSTa12-27729_1ex99d1.htm

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 20, 2012

 

TEL Offshore Trust

(Exact name of registrant as specified in its charter)

 

Texas

 

1-6910

 

76-6004064

(State or other jurisdiction of

 

(Commission

 

(IRS Employer

incorporation )

 

File Number)

 

Identification No.)

 

The Bank of New York Mellon Trust Company, N.A.,
Trustee

 

 

Global Corporate Trust

 

 

919 Congress Avenue

 

 

Austin, Texas

 

78701

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (800) 852-1422

 

Not Applicable

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 8.01  Other Events.

 

On November 20, 2012, TEL Offshore Trust (the “Trust”) issued a press release announcing that Chevron U.S.A. Inc. (“Chevron”), as the managing general partner of the TEL Offshore Trust Partnership (the “Partnership”), has commenced a formal auction process for the sale by the Partnership of its overriding royalty interest (the “Royalty”), equivalent to eighty percent (80%) of a 25% net profits interest, proportionately reduced, in certain oil and gas properties located offshore Louisiana (the “Royalty Properties”).  The principal asset of the Trust consists of a 99.99% interest in the Partnership.  In turn, the principal asset of the Partnership is the Royalty.  The Trust’s source of capital is the Trust’s share of the net proceeds from the Royalty Properties under the terms of the Royalty.  Chevron has engaged EnergyNet.com, Inc. to conduct the marketing process and the related auction for the Royalty, with the bids in the auction currently scheduled to be due on Wednesday, December 12, 2012.  The entire Royalty is being marketed for sale; however, the Partnership has reserved the right to sell all or only a portion of its interest in the Royalty.

 

Item 9.01 Financial Statements and Exhibits.

 

(d)                                 Exhibits.

 

Exhibit 99.1                              TEL Offshore Trust’s Press Release dated November 20, 2012.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

TEL Offshore Trust

 

 

By: The Bank of New York Mellon Trust Company, N.A.,

 

as Trustee

 

 

 

 

 

 

Date: November 20, 2012

By:

/s/ Mike Ulrich

 

 

Mike Ulrich

 

 

Vice President and Trust Officer

 

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EXHIBIT INDEX

 

Exhibit

 

Description

 

 

 

99.1

 

TEL Offshore Trust’s Press Release dated November 20, 2012.

 

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