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Permian Basin Royalty Trust Announces July Cash Distribution Email Print
DALLAS, July 20, 2012 /PRNewswire/ -- Permian Basin Royalty Trust (NYSE: PBT) ("Permian") today declared a cash distribution to the holders of its units of beneficial interest of $.073765 per unit, payable on August 14, 2012, to unit holders of record on July 31, 2012. Permian's cash distribution history, current and prior year financial reports and tax information booklets, a link to filings made with the Securities and Exchange Commission and more can be found on its website at http://www.pbt-permianbasintrust.com/.
This month's distribution decreased from the previous month as the result of increased capital expenditures due to increased workover activity on the Waddell Ranch. Approximately six workover wells were completed in the month of June. Also, the pricing for both oil and gas declined. This would primarily reflect production for the month of May for oil and the month of April for gas. The worldwide market conditions continue to affect the pricing for domestic production. It is difficult to predict what effect these conditions will have on future distributions.
As previously reported, ConocoPhillips, as the parent company of Burlington Resources Oil & Gas Company LP, the operator of the Waddell Ranch Properties, notified Permian's Trustee that as a result of inaccuracies in ConocoPhillips' accounting and record keeping relating to Permian's interest in proceeds from the gas plant production since January 2007, ConocoPhillips overpaid Permian approximately $5.9 million. The Trustee continues to evaluate the claim for overpayment.
Production for Waddell Ranch and the Texas Royalty Properties combined for oil and gas respectively was 37,112 bbls and 79,729 Mcf. The average price for oil was $86.03 per bbl and for gas was $5.04 per Mcf. Capital expenditures were approximately $2,128,724. The numbers provided reflect what was net to the Trust.