Attached files
| file | filename |
|---|---|
| 8-K - 8-K - VOC Energy Trust | a16-8689_18k.htm |
Exhibit 99.1
VOC Energy Trust
VOC Energy Trust Announces Trust Quarterly Distribution
VOC ENERGY TRUST
The Bank of New York Mellon Trust Company, N.A., Trustee
NEWS RELEASE
FOR IMMEDIATE RELEASE
Austin, Texas, April 19, 2016 — VOC Energy Trust (NYSE: VOC) announced the Trust distribution of net profits for the first quarterly payment period ended March 31, 2016.
Unitholders of record on May 2, 2016 will receive a distribution amounting to $850,000 or $0.05 per unit, payable May 13, 2016.
Volumes, average sales prices and net profits for the payment period were:
|
Sales volumes: |
|
|
| |
|
Oil (Bbl) |
|
150,815 |
| |
|
Natural gas (Mcf) |
|
96,212 |
| |
|
Total (BOE) |
|
166,850 |
| |
|
Average sales prices: |
|
|
| |
|
Oil (per Bbl) |
|
$ |
30.46 |
|
|
Natural gas (per Mcf) |
|
$ |
1.80 |
|
|
Gross proceeds: |
|
|
| |
|
Oil sales |
|
$ |
4,594,404 |
|
|
Natural gas sales |
|
172,730 |
| |
|
Total gross proceeds |
|
$ |
4,767,134 |
|
|
Costs: |
|
|
| |
|
Lease operating expenses |
|
$ |
3,070,932 |
|
|
Production and property taxes |
|
136,081 |
| |
|
Development expenses |
|
216,504 |
| |
|
Total costs |
|
$ |
3,423,517 |
|
|
Net proceeds |
|
$ |
1,343,617 |
|
|
Percentage applicable to Trust’s Net Profits Interest |
|
80 |
% | |
|
Net profits interest |
|
$ |
1,074,894 |
|
|
Increase in cash reserve held by VOC Brazos Energy Partners, L.P. |
|
(0 |
) | |
|
Total cash proceeds available for the Trust |
|
$ |
1,074,894 |
|
|
Provision for estimated Trust expenses |
|
(224,894 |
) | |
|
Net cash proceeds available for distribution |
|
$ |
850,000 |
|
Please note that the Trust distribution of net profits for the first quarterly payment period ended March 31, 2016 includes amounts for a one-time event associated with the collection of monies in suspense from ten wells in Texas related to a working interest owner that elected to go non-consent. Details of the amounts for the one-time event are as follows:
|
Sales volumes: |
|
|
| |
|
Oil (Bbl) |
|
4,502 |
| |
|
Natural gas (Mcf) |
|
3,389 |
| |
|
Total (BOE) |
|
5,067 |
| |
|
Average sales prices: |
|
|
| |
|
Oil (per Bbl) |
|
$ |
93.03 |
|
|
Natural gas (per Mcf) |
|
$ |
5.72 |
|
|
Gross proceeds: |
|
|
| |
|
Oil sales |
|
$ |
418,804 |
|
|
Natural gas sales |
|
19,375 |
| |
|
Total gross proceeds |
|
$ |
438,179 |
|
|
Costs: |
|
|
| |
|
Lease operating expenses |
|
$ |
(27,906 |
) |
|
Production and property taxes |
|
19,068 |
| |
|
Development expenses |
|
0 |
| |
|
Total costs reimbursed by working interest owner |
|
$ |
(8,838 |
) |
|
Net proceeds |
|
$ |
447,017 |
|
This press release contains forward-looking statements. Although VOC Brazos Energy Partners, L.P. has advised the Trust that VOC Brazos Energy Partners, L.P. believes that the expectations contained in this press release are reasonable, no assurances can be given that such expectations will prove to be correct. The announced distributable amount is based on the amount of cash received or expected to be received by the Trustee from the underlying properties on or prior to the record date with respect to the quarter ended March 31, 2016. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause these statements to differ materially include the actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, the ability of commodity purchasers to make payment, and other risk factors described in the Trust’s Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission. Statements made in this press release are qualified by the cautionary statements made in these risk factors. The Trust does not intend, and assumes no obligation, to update any of the statements included in this press release.
Contact: VOC Energy Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Mike Ulrich
512-236-6599
919 Congress Avenue, Austin, TX 78701