I just got off the phone with Mike Ulrich and he confirmed that the distribution is based on production from four months back. So we can expect the highest distribution to be for the third quarter, which will be based on March, April and May production.
July distribution will be from 4 months back and the following two months, March (is 4 months back from July) and April and May. What is confusing so many is that the historical report of this action (10-Q) won't happen until 2 months after the quarter ends. The quarter for the July distribution will end on Sept 30 and the report will come out end of Nov.
The next time MVO releases a 10-Q it will be for the quarter that ended June 30 and included the April distribution. The April distribution was for production 4 and 3 and 2 months back (Dec, Jan, Feb). This report will be released the end of Aug.