PACIFIC COAST OIL TRUST (NYSE:ROYT) (the "Trust") a perpetual royalty trust, announced today a cash distribution to the holders of its units of beneficial interest of $0.15761 per unit, payable on October 14, 2013, to unitholders of record on October 4, 2013. The Trust's distribution relates to net profits and overriding royalties generated during August 2013 as provided in the conveyance of net profits and overriding royalty interest.
This month's distribution of $6.1 million is lower than the previous month ($0.15761 per unit vs. $0.16990 per unit) principally due to higher capital expenditures, lower average realized oil prices, which was partially offset by higher production. Production was 6.8 MBoe, or 5% higher than July. Average realized prices were $100.61, or less than 1% lower than prior month.
The current net profits amount from the Developed Properties was approximately $6.0 million, after receipt by PCEC from its counterparties of $0.3 million related to the settlement of applicable hedge contracts during the period. The current month's lease operating expenses were in-line with prior month. The current month's capital expenditures for the Developed Properties were $1.0 million compared to $0.5 million from the prior month. The current month's distribution also includes $0.2 million for the 7.5% overriding royalty on the Remaining Properties which produced 31,129 Boe from 37 Orcutt Diatomite wells and two Orcutt Field wells. The cumulative deficit of the net profits interest on the Remaining Properties, including the 7.5% overriding royalty payments, decreased from $3.9 million to approximately $3.5 million during the month.
Trust administrative expenses and the monthly operating and services fee payable to PCEC totaled approximately $0.1 million and were deducted in the calculation of the total distribution.
I'm new at trading stocks with cash distributions so let me make sure I got this right. ALL shareholders, not just BENEFICIAL shareholders owning 5% or more will receive $0.15761 per unit on October 14th if they are a shareholder of record on October 4th. Is that correct? The statement "cash distribution to the holders of its units of beneficial interest" made me a little unsure.
ALL shareholders will receive $0.15761 per unit on October 14th if they are a shareholder of record on October 4th. Careful record is not same as ex dividend date. It traded ex-dividend on 10/2/13 so If you owned it until that date you will receive the div. You can sell on that date and you still get the Div but you must have owned it the day before.