FORT WORTH, Texas, March 19, 2021 /PRNewswire/ -- PermRock
Royalty Trust (NYSE: PRT) (the "Trust") today declared a monthly
cash distribution to record holders of its trust units representing
beneficial interests in the Trust ("Trust Units") as of
March 31, 2021 and payable on
April 14, 2021 in the amount of
$566,240.02 ($0.046543 per Trust Unit), based principally upon
production during the month of January
2021.
The following table displays underlying oil and natural gas
sales volumes and average received wellhead prices attributable to
the current and prior month net profits interest calculations:
|
Underlying Sales
Volumes
|
Average
Price
|
|
Oil
|
Natural
Gas
|
Oil
(per Bbl)
|
Natural Gas
(per Mcf)
|
|
Bbls
|
Bbls/D
|
Mcf
|
Mcf/D
|
Current
Month
|
34,299
|
1,106
|
49,862
|
1,608
|
$51.20
|
$3.60
|
Prior
Month
|
36,226
|
1,169
|
48,298
|
1,558
|
$43.03
|
$2.94
|
Oil cash receipts for the properties underlying the Trust
totaled $1.76 million for the current
month, an increase of $0.20 million
from the prior month's distribution period. This increase was
due to an increase in oil prices.
Natural gas cash receipts for the properties underlying the
Trust totaled $0.18 million for the
current month, an increase of $0.04
million from the prior month's distribution period.
This increase was due to an increase in natural gas prices.
Total direct operating expenses, including marketing, lease
operating expenses and workover expenses, were $0.46 million reflecting a $0.23 million decrease from the prior month.
Severance and ad valorem taxes were $0.16
million.
Capital expenditures were $0.18
million in the current month, a decrease of $0.10 million from the prior month. Boaz Energy
indicated the capital expenditures were primarily related to new
well completion operations in Crane
County. Boaz Energy informed the Trust that this month's net
profits calculation included $80,000
net to the Trust of funds reserved by Boaz Energy to cover future
capital obligations and expenses.
About PermRock Royalty Trust
PermRock Royalty Trust is a Delaware statutory trust formed by Boaz Energy
II, LLC ("Boaz Energy") 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 properties owned by Boaz
Energy in the Permian Basin of West Texas. For more
information on PermRock Royalty Trust, please visit our website at
www.permrock.com.
Cautionary Statement Concerning Forward-Looking
Statements
Certain statements contained in this press release constitute
"forward-looking statements." These forward-looking statements
represent the Trust's and Boaz Energy's expectations or beliefs
concerning future events, and it is possible that the results
described in this press release will not be achieved. These
forward-looking statements include the amount and date of any
anticipated distribution to unitholders, future cash retentions,
advancements or recoupments from distributions, and statements
regarding Boaz Energy's operations and the resulting impact on the
computation of the Trust's net profits. The amount of 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 volatility in commodity prices, oversupply and the economic
effects of the COVID-19 pandemic. Further, low oil and natural gas
prices may result in no distributions to unitholders in certain
periods. Other important factors that could cause actual results to
differ materially from those projected in the forward-looking
statements include expenses of the Trust and reserves for
anticipated future expenses, uncertainties in estimating the cost
of drilling activities and risks associated with drilling and
operating oil and natural gas wells.
Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, the Trust does
not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. New factors emerge from time to time,
and it is not possible for the Trust to predict all such factors.
When considering these forward-looking statements, you should keep
in mind the risk factors and other cautionary statements in the
Trust's Annual Report on Form 10-K filed with the Securities and
Exchange Commission (the "SEC") on March 30,
2020 and other public filings filed with the SEC. The risk
factors and other factors noted in the Trust's public filings with
the SEC could cause its actual results to differ materially from
those contained in any forward-looking statement. The Trust's filed
reports are or will be available over the Internet at the SEC's
website at http://www.sec.gov.
Contact:
PermRock Royalty Trust
Simmons Bank, Trustee
Lee
Ann Anderson, Senior Vice President
Toll-free: (855) 588-7839
Fax: (817) 298-5579
Website: www.permrock.com
e-mail: trustee@permrock.com
View original
content:http://www.prnewswire.com/news-releases/permrock-royalty-trust-declares-monthly-cash-distribution-301250827.html
SOURCE PermRock Royalty Trust