DALLAS, May 19, 2017 /PRNewswire/ -- Southwest Bank,
as Trustee of the Hugoton Royalty Trust (NYSE: HGT) (the "Trust"),
today declared a cash distribution to the holders of its units of
beneficial interest of $0.006021 per
unit, payable on June 14, 2017, to
unitholders of record on May 31,
2017. The following table shows underlying gas sales and
average prices attributable to the net overriding royalty for both
the current month and prior month. Underlying gas sales
volumes attributable to the current month were primarily produced
in March.
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Underlying Gas
Sales
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Volumes (Mcf)
(a)
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Average
Gas
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Total
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Daily
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Price per
Mcf
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Current
Month
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1,179,000
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38,000
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$2.54
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Prior Month
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1,066,000
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38,000
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$3.22
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(a) Sales volumes are recorded in the month the Trust
receives the related net profits income. Because of this,
sales volumes may fluctuate from month to month based on the timing
of cash receipts.
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XTO Energy has advised the trustee that it has deducted budgeted
development costs of $200,000,
production expense of $1,416,000 and
overhead of $932,000 in determining
the royalty payment to the Trust for the current month.
Excess Costs
XTO Energy has advised the trustee that increased gas production
in the current month distribution led to the partial recovery of
excess costs on properties underlying the Kansas net profits interests. However, after
the partial recovery there were no remaining proceeds from
properties underlying the Kansas
net profits interests to be included in the current month's
distribution.
XTO Energy has advised the trustee that lower gas prices caused
costs to exceed revenues on properties underlying the Wyoming net profits interests. However, these
excess costs did not reduce net proceeds from the remaining
conveyances.
For more information on the Trust, please visit our web site at
www.hgt-hugoton.com.
Statements made in this press release regarding future events
or conditions are forward looking statements. Actual future
results, including development costs and future net profits, could
differ materially due to changes in natural gas prices and other
economic conditions affecting the gas industry and other factors
described in Part I, Item 1A of the Trust's Annual Report on Form
10-K for the year ended December 31,
2016.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/hugoton-royalty-trust-declares-may-cash-distribution-300459959.html
SOURCE Hugoton Royalty Trust