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EX-99.1 - EX-99.1 - TEL OFFSHORE TRUST | a12-27729_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 |
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1-6910 |
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76-6004064 |
(State or other jurisdiction of |
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(Commission |
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(IRS Employer |
incorporation ) |
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File Number) |
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Identification No.) |
The Bank of New York Mellon Trust Company, N.A., |
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Global Corporate Trust |
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919 Congress Avenue |
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Austin, Texas |
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78701 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants 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 Trusts source of capital is the Trusts 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 Trusts Press Release dated November 20, 2012.
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.
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TEL Offshore Trust |
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By: The Bank of New York Mellon Trust Company, N.A., | ||
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as Trustee | ||
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Date: November 20, 2012 |
By: |
/s/ Mike Ulrich | |
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Mike Ulrich | |
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Vice President and Trust Officer | |