Santa Fe Energy Trust Announces Fourth Quarter 2007 Distribution
February 05 2008 - 8:11AM
Business Wire
Santa Fe Energy Trust (NYSE:SFF) announced the Trust income
distribution for the operating quarter ended December 31, 2007.
Unitholders of record on February 15, 2008, will receive a
distribution amounting to $4,311,544 or $0.68437 per unit payable
February 29, 2008. As previously announced by the Trust, the
Trustee has been informed by Devon Energy Corporation that Devon
has overpaid the Trust during 2006 and prior years for its net
profits royalties. Devon has estimated the amount of the
overpayment to be $10.6 million. This distribution includes a
recoupment of past overpayments by Devon of $1,532,702. Trust
administrative expenses paid during the quarter were approximately
$400,000. In addition, the Trustee has reserved approximately
$500,000 from the upcoming distribution for Trust related expenses
anticipated to be incurred in the first quarter of 2008. This
distribution includes approximately $4.9 million attributable to
the Wasson ODC unit, but does not include any other amounts payable
on the Trust's net profits interests, as Devon has reduced the
distribution, as described above. Price and Volume Statistics for
the Quarter Were: � � � Volumes � � � Prices Oil � � � Gas Oil � �
� Gas (BBLS) (MCF) ($/BBL) ($/MCF) Wasson ODC Unit 60,200 � 85.45 �
� Net Profits Royalties 26,770 239,355 61.03 5.16 As previously
announced, the Trust sold its assets on December 18, 2007, and the
Trust will be liquidated on February 15, 2008. The Trustee intends
to issue a press release with details regarding the final
distribution in the near future. The foregoing information, other
than the information regarding Trust administrative costs and the
amount held in reserve for anticipated expenses, has been furnished
to the Trustee by Devon or calculated by the Trustee based on
information furnished by Devon.
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