The Trust calculates the net profits and royalties for the Developed Properties and Remaining Properties monthly. For any monthly period during which costs for the Remaining Properties exceed gross proceeds, the Trust would be entitled to receive the Royalty Interest Proceeds, and the Trust would continue to receive such proceeds until the first day of the month following the day on which cumulative gross proceeds for the Remaining Properties exceed the cumulative total excess costs for the Remaining Properties, an event we refer to as an "NPI Payout." Due to significant planned capital expenditures to be made by PCEC on the Remaining Properties for the benefit of the Trust, PCEC expects the Trust to receive payments associated with the Remaining Properties in the form of Royalty Interest Proceeds until the NPI Payout occurs in approximately 2020. The Trust would be entitled to receive the Royalty Interest Proceeds again if, in any monthly period following an NPI Payout, costs for the Remaining Properties exceeded gross proceeds. The description of the net profits interests, the overriding royalty interest and the Conveyance contained in the section entitled "Computation of Net Profits and Royalties" of the Prospectus is incorporated herein by reference.
Don't know what you mean by a classic oil trust.
Trusts like SJT, BPT, PBT, HGT, CRT, MTR, SBR, etc which have been around for years have no fixed termination. On the contrary, it is the newer ones which tend to have fixed termination criteria (either dates or production limits).
You can find the answer pretty easily by looking at the S-1 available on edgar (SEC site).
Not sure if you are right or not. It was my understanding that ALL US oil trusts have finite lives, perhaps it is just the newer ones like WHX, MVO,STD for example. Since you did not answer my question it implies that you do not know the answer. One thing for sure this one is very new so if it is limited it is still out there in years for sure. And I do like the fact that this one pays monthly div.