Enduro Royalty Trust (NYSE: NDRO) (the “Trust”) today announced
its monthly cash distribution to be paid in January 2015, reported
results from recently completed wells in the Permian Basin Wolfcamp
play and announced its 2015 capital program.
Monthly Cash Distribution
A cash distribution of $0.065822 per unit will be paid on
January 15, 2015 to the Trust’s unitholders of record on December
31, 2014. The distribution primarily represents oil production
during the month of September 2014 and natural gas production
during August 2014.
The following table displays underlying oil and natural gas
sales volumes and average prices attributable to the current and
prior month net profits interest calculations.
Underlying Sales Volumes
Average Price
Oil
(Bbls)
Natural Gas
(Mcf)
Oil
(per Bbl)
Natural Gas
(per Mcf)
Current Month 82,474 432,652
$ 84.91 $ 4.16 Prior Month 76,512 418,408 $
87.17 $ 4.39
Oil cash receipts for the properties underlying the Trust
totaled $7.0 million for the current month, an increase of $0.3
million from the prior month calculation. The increase was due to
the receipt of the first revenue receipts on five Rocker B wells,
partially offset by a three percent decline in NYMEX oil prices.
Natural gas receipts were consistent with the prior month, totaling
$1.8 million.
The current month distribution includes receipts from 13 Rocker
B wells producing through September 2014. In total, the 13 Rocker B
wells contributed $1.1 million of oil cash receipts for the current
distribution period, including approximately $0.6 million from the
first revenue receipts for the Rocker B 43H, 44H, 45H, 47H, and
48H. These wells came online in July and early August, and the
first payment was received in October for oil production from July,
August, and September and gas production from July and August.
Total average daily oil sales volumes for the current distribution
period for the properties underlying the Trust were approximately
2,750 Bbls/D, of which 400 Bbls/D are attributable to the Rocker B
wells, including 135 Bbls/D of prior month volumes for the five
wells noted previously.
Capital expenditures included in the current month distribution
totaled $2.3 million and relate to expenses incurred during October
2014. Of this amount, approximately $1.5 million of capital
expenditures are related to the Wolfcamp activity in the Midland
Basin. Through October, capital incurred for projects in the
Wolfcamp Rocker B program totaled $21.1 million, or $16.9 million
net to the Trust’s 80% net profits interest.
2014 Production Results and Activity Update
Permian Basin Wolfcamp – Rocker B Program
To date, Enduro Resource Partners LLC (“Enduro”) has received
and participated in 20 gross well proposals received from Pioneer
Natural Resources, all of which are currently producing.
The following table displays the 24-hour peak gross flowback
rate and 30-day IP rate, where such information is available, for
those wells for which rates have not been previously announced:
Well Name
Enduro
Working
Interest
Enduro
Net Revenue
Interest
First
Production
Date
24-Hour IP
Rate
(BOE/D)
30-Day
IP Rate
(BOE/D)
Rocker B 51H 12.50% 9.375%
10/16/2014 682 421
Rocker B 52H 12.50% 9.375%
10/13/2014 949 671 Rocker
B 53H 12.50% 9.375%
10/12/2014 1,025 612 Rocker B
54H 12.50% 9.375%
10/12/2014 1,127 781 Rocker B
60H 12.50% 9.375%
12/04/2014 Not Available Not Available
Rocker B 61H 12.50% 9.375%
12/15/2014 Not Available
Not Available Rocker B 62H 12.50%
9.375% 12/14/2014 Not Available
Not Available
Lost Tank Field
In late 2012, Enduro elected to participate in two Permian oil
wells drilled by Occidental Petroleum in the Lost Tank field in
southeastern New Mexico, in which Enduro owns a 50% working
interest. The wells were spud in December 2012; however, due to
delays including takeaway capacity for associated gas volumes and
completion delays on one well, the wells are not currently
producing. The first well which was completed, the Lost Tank 4
Federal 22, experienced delays due to a stuck packer in the well,
and at this time, Occidental Petroleum plans to clean out the well
with coil tubing and produce through the packer with an estimated
first sales date at the beginning of February 2015. The second
well, the Lost Tank 4 Federal 23, will be completed this month and
is expected to be flowing to sales in February 2015 as well.
Through October 2014, capital incurred for these two wells has
totaled $9.2 million, or $7.4 million net to the Trust’s 80% net
profits interest. Additional completion capital of $0.8 million is
anticipated in early 2015.
2015 Capital Program
In 2015, total capital expenditures included in announced
distributions are expected to range from $12 to $16 million
attributable to the properties in which the Trust owns a net
profits interest, or $10 to $13 million net to the Trust’s 80% net
profits interest. The 2015 capital program will continue to focus
primarily on Permian Basin projects, including legacy waterfloods,
infill drilling, and Wolfcamp Permian Basin oil development
projects in the Midland Basin.
As noted above, to date Enduro has participated in 20 gross
wells in the Rocker B Permian development program with Pioneer
Natural Resources. Of the wells drilled, the primary reservoir
targeted has been the Wolfcamp B and results have been best for
those wells drilled in the B2 reservoir. In the current commodity
environment, Enduro is evaluating the total capital to be committed
to this program and Enduro’s participation in proposed Wolfcamp
wells. Enduro anticipates capital for the Trust in 2015 to be
considerably less than 2014 at current commodity prices.
About Enduro Royalty Trust
Enduro Royalty Trust is a Delaware statutory trust formed by
Enduro Resource Partners to own a net profits interest representing
the right to receive 80% of the net profits from the sale of oil
and natural gas production from certain of Enduro Resource
Partners’ properties in the states of Texas, Louisiana and New
Mexico. As described in the Trust’s filings with the Securities and
Exchange Commission, the amount of the periodic distributions is
expected to fluctuate, depending on the proceeds received by the
Trust as a result of actual production volumes, oil and gas prices
and the amount and timing of capital expenditures and the Trust’s
administrative expenses, among other factors. Future distributions
are expected to be made on a monthly basis. For additional
information on the Trust, please visit
www.enduroroyaltytrust.com.
Forward-Looking Statements and Cautionary Statements
This press release contains statements that are “forward-looking
statements” within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. All statements contained in this
press release, other than statements of historical facts, are
“forward-looking statements” for purposes of these provisions.
These forward-looking statements include the amount and date of any
anticipated distribution to unitholders, estimates of capital
expenditures and drilling activity, and expectations regarding
future production. The anticipated distribution is based, in part,
on the amount of cash received or expected to be received by the
Trust from Enduro Resource Partners with respect to the relevant
period. Any differences in actual cash receipts by the Trust could
affect this distributable amount.
Other important factors that could cause actual results to
differ materially from the estimates and expectations included in
this press release include expenses, capital investments, timing of
production from new wells, production from the underlying
properties of the Trust and reserves for anticipated future
expenses. Initial production rates may not be indicative of future
production rates and are not indicative of the amounts of oil and
gas that a well may produce. Statements made in this press release
are qualified by the cautionary statements made in this press
release and by all of the cautionary statements and risks described
in the Trust’s Annual Report on Form 10-K for the year ended
December 31, 2013, filed with the SEC on March 11, 2014. All
information in this release has been provided by Enduro Resource
Partners. Neither Enduro Resource Partners nor the Trustee intends,
and neither assumes any obligation, to update any of the statements
included in this press release. An investment in units issued by
Enduro Royalty Trust is subject to the risks described in the
Trust’s filings with the SEC, including the risks described in the
Trust’s 2013 Form 10-K. The Trust’s quarterly and other filed
reports are or will be available over the Internet at the SEC’s
website at http://www.sec.gov.
Enduro Royalty TrustThe Bank of New York Mellon Trust Company,
N.A., as TrusteeSarah Newell, 512-236-6555
Grafico Azioni Enduro Royalty Trust Trust Units Representing Beneficial Interest IN The Trust (NYSE:NDRO)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Enduro Royalty Trust Trust Units Representing Beneficial Interest IN The Trust (NYSE:NDRO)
Storico
Da Giu 2023 a Giu 2024