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) May 20, 2014

 

 

DOMINION RESOURCES BLACK WARRIOR TRUST

(Exact name of Registrant as specified in its charter)

 

 

 

Delaware   1-11335   75-6461716

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

U.S. Trust, Bank of America

Private Wealth Management

901 Main Street, 17th Floor

Dallas, Texas

  75202
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (214) 209-2400

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 (see General Instruction A.2.):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 2.02 Results Of Operations And Financial Condition.

On May 20, 2014, the Registrant issued a press release announcing its quarterly cash distribution to unitholders of record on May 30, 2014, payable on June 9, 2014. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

This Current Report on Form 8-K is being furnished pursuant to Item 2.02, Results of Operations and Financial Condition. The information furnished is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

d. Exhibits

 

99.1    Press Release dated May 20, 2014.


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 thereunto duly authorized.

 

DOMINION RESOURCES BLACK WARRIOR TRUST

By:

  BANK OF AMERICA, N.A., TRUSTEE
  By:   /s/ Ron E. Hooper
    Ron E. Hooper
    Senior Vice President

Date: May 21, 2014


EXHIBIT INDEX

 

Exhibit
Number

  

Description

99.1    Press Release dated May 20, 2014


Exhibit 99.1

DOMINION RESOURCES BLACK WARRIOR TRUST

Press Release

Dominion Resources Black Warrior Trust

Announces 2nd Quarter Cash Distribution and 2014 Reserve Quantities

DALLAS, TEXAS, May 20, 2014—Dominion Resources Black Warrior Trust (NYSE: DOM) today announced a quarterly cash distribution to the holders of its units of beneficial interest of $0.191957 per unit. The distribution will be payable June 9, 2014 to unitholders of record on May 30, 2014. Dominion’s cash distribution history, current and prior year financial reports, a link to filings made with the Securities and Exchange Commission and more can be found on its website at http://www.dom-dominionblackwarriortrust.com/.

This distribution represents the quarterly royalty payment from Walter Black Warrior Basin LLC (“WBWB”) reflecting production from January 1, 2014 to March 31, 2014. WBWB reported that production attributable to the Trust’s overriding royalty interests was approximately 429 million cubic feet (“MMcf”) during this period compared to 474 MMcf in the previous quarter. Prices for this quarter to the trust averaged $4.86 per Mcf compared to $3.57 per Mcf for the previous quarter. Production declined due to the plugging and abandonment of non-economic wells.

In March 2012, WBWB notified the Trustee that it was undertaking a study of the Underlying Properties on a well-by-well basis to determine the economic viability of continuing to produce each individual well. WBWB has plugged and abandoned 22 such wells, 11 in 2012 and 11 in 2013. These wells were very low producing and deemed non-economical. Additional information about remaining wells has been disclosed in detail in the Trust’s 2013 10-K filed on March 10, 2014. The additional decisions on a well by well basis could adversely affect the Trust’s future revenue stream, and if a significant number of wells are abandoned, it could cause a termination of the Trust. The total number of wells abandoned in 2013 was 11 wells. Walter Energy will continue to evaluate the economic viability of each well on an ongoing basis and provide notice as to any development.

Dominion Resources Black Warrior Trust, as it does after the end of each year, had a year-end Reserve Report prepared in accordance with the Securities and Exchange Commission’s requirements. This report provides an evaluation of the estimated asset value as of December 31 of each year, which can be used to estimate the remaining life of the Trust.

The estimated net proved reserves, as of January 1, 2014, attributable to the Trust from the properties appraised are approximately 8 billion cubic feet of gas with a future net value of approximately $25,993,000 with a 10% discounted value of $16,843,000.

With the estimated quantities of this year’s reserve estimate of 8 billion cubic feet of gas remaining, it could be estimated that the Trust still has a life span of 4 to 5 years. The report is an exhibit to the Trust’s Annual Report on Form 10-K that was filed on March 10, 2014 and is available to all unitholders at this time on the Trust website.

As previously disclosed, U.S. Trust, Bank of America Private Wealth Management has announced its intention to resign as trustee of the Trust, subject to certain conditions set forth in the trustee’s notice dated January 9, 2014, including unitholder approval of a successor trustee.

The Trust owns overriding royalty interests burdening certain proved developed coal seam gas properties owned by WBWB and located in the Black Warrior Basin of Alabama. The Trust is a grantor trust originally formed by Dominion Resources, Inc. The Trust is designed to provide unitholders with quarterly cash distributions from its royalty interests in certain coal seam gas properties. The units are listed on The New York Stock Exchange under the symbol “DOM”.


*         *         *

Contact:

Ron E. Hooper, Senior Vice President

U.S. Trust, Bank of America Private Wealth Management, Trustee

Toll-free – 1.800.365.6548

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