HOUSTON--(BUSINESS WIRE)--Jun. 17, 2019--
Permianville Royalty Trust (NYSE: PVL) (the “Trust”) today announced a
cash distribution to the holders of its units of beneficial interest of
$0.041556 per unit, payable on July 15, 2019 to unitholders of record on
June 28, 2019. The net profits interest calculation represents reported
oil production for the month of March 2019 and reported natural gas
production during February 2019. The calculation includes accrued costs
incurred in April 2019.
The following table displays reported underlying oil and natural gas
sales volumes and average received wellhead prices attributable to the
current and prior month recorded net profits interest calculations.
|
|
Underlying Sales Volumes |
|
Average Price |
|
|
Oil |
|
Natural Gas |
|
Oil |
|
Natural Gas |
|
|
Bbls |
|
Bbls/D |
|
Mcf |
|
Mcf/D |
|
(per Bbl) |
|
(per Mcf) |
Current Month
|
|
65,134
|
|
2,101
|
|
332,432
|
|
11,873
|
|
$
|
53.36
|
|
$
|
2.70
|
Prior Month
|
|
70,909
|
|
2,532
|
|
319,771
|
|
10,315
|
|
$
|
43.04
|
|
$
|
2.60
|
Recorded oil cash receipts from the oil and gas properties underlying
the Trust (the “Underlying Properties”) totaled $3.5 million for the
current month on realized wellhead prices of $53.36/bbl, an increase of
$0.4 million from the prior month distribution period due to an increase
in realized prices, which offset the decline in reported volumes for the
month. Recorded oil cash receipts represented the highest monthly total
since June 2018.
Recorded natural gas cash receipts from the Underlying Properties
totaled $0.9 million for the current month on realized wellhead prices
of $2.70/mcf. Gas cash receipts represented a $0.1 million increase from
the prior month, which included both greater gas sales volumes as well
as higher realized wellhead prices.
Total accrued operating expenses for the period were $2.3 million, a
$0.1 million increase month-over-month from March 2019. Capital
expenditures decreased from $1.3 million in the month of March 2019 to
$0.3 million in the month of April 2019, which were flat this month
compared to the average monthly capital expenditures of $0.3 million
during 2018.
About Permianville Royalty Trust
Permianville Royalty Trust is a Delaware statutory trust formed to own a
net profits interest representing the right to receive 80% of the net
profits from the sale of oil and natural gas production from certain,
predominantly non-operated, oil and gas properties in the states of
Texas, Louisiana and New Mexico. As described in the Trust’s filings
with the Securities and Exchange Commission (the “SEC”), the amount of
the periodic distributions is expected to fluctuate, depending on the
proceeds received by the Trust as a result of actual production volumes,
oil and gas prices, the amount and timing of capital expenditures, and
the Trust’s administrative expenses, among other factors. Future
distributions are expected to be made on a monthly basis. For additional
information on the Trust, please visit www.permianvilleroyaltytrust.com.
Forward-Looking Statements and Cautionary Statements
This press release contains statements that are “forward-looking
statements” within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended. All statements contained in this press release,
other than statements of historical facts, are “forward-looking
statements” for purposes of these provisions. These forward-looking
statements include the amount and date of any anticipated distribution
to unitholders and expected expenses, including capital expenditures.
The anticipated distribution is based, in large part, on the amount of
cash received or expected to be received by the Trust from COERT
Holdings 1 LLC (the “Sponsor”) with respect to the relevant period. The
amount of such cash received or expected to be received by the Trust
(and its ability to pay distributions) has been and will continue to be
directly affected by the volatility in commodity prices, which could
decline or remain low for an extended period of time. Other important
factors that could cause actual results to differ materially include
expenses of the Trust, reserves for anticipated future expenses and the
continuing transition process following the sale of the Underlying
Properties to the Sponsor. Volumes and revenues reflected in the current
period are, and in certain future periods during this transition process
may be, higher than expected as delayed revenues are received by the
Sponsor and are not indicative of future production and revenues. In
addition, future monthly capital expenditures may exceed the average
levels experienced in 2018 and prior periods. Statements made in this
press release are qualified by the cautionary statements made in this
press release. Neither the Sponsor nor the Trustee intends, and neither
assumes any obligation, to update any of the statements included in this
press release. An investment in units issued by the Trust is subject to
the risks described in the Trust’s filings with the SEC, including the
risks described in the Trust’s Annual Report on Form 10-K for the year
ended December 31, 2018, filed with the SEC on March 18, 2019. The
Trust’s quarterly and other filed reports are or will be available over
the Internet at the SEC’s website at http://www.sec.gov.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190617005639/en/
Source: Permianville Royalty Trust
Permianville Royalty Trust
The Bank of New York Mellon Trust
Company, N.A., as Trustee
Sarah Newell 1 (512) 236-6555