DALLAS, Dec. 5, 2022
/PRNewswire/ -- Simmons Bank, as
Trustee of the Sabine Royalty Trust (NYSE: SBR), today declared a
cash distribution to the holders of its units of beneficial
interest of $1.067860 per unit,
payable on December 29, 2022, to unit
holders of record on December 15,
2022. Sabine'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.sbr-sabine.com/. Additionally, printed
reports can be requested and are mailed free of charge.
This distribution reflects primarily the oil production for
September 2022 and the gas production
for August 2022. Preliminary production volumes are
approximately 59,760 barrels of oil and 1,874,536 Mcf of gas.
Preliminary prices are approximately $85.53 per barrel of oil and $6.82 per Mcf of gas.
This month's distribution is higher than the previous month's
primarily due to increased production due to the timing of receipts
through the end of the month as compared to the previous month's
timing of receipts, offset by a decrease in oil pricing and flat
pricing for gas.
The production from new horizontal gas wells in Panola County, Texas, has contributed
approximately $1,070,000 reflecting
August production with an average pricing of $8.57 per Mcf. In addition to these proceeds, the
additional 8 wells which were paid upon for the month of August,
contributed approximately $180,000. All volumes and pricing are
included in the tables below.
Also, revenue of $3,900,000 was
received for 4 new additional wells in Panola County reflecting production back
through December 2021.
Additionally, for the other 3 horizontal wells, also in
Panola County, the receipts were
not posted for this month's distribution.
As more regular monthly receipts are made in the months to come,
additional information will be made available.
The table below compares this month's production and prices to
the previous month's:
|
|
Net to Trust
Sales
|
|
|
|
|
Volumes
|
|
Average
Price
|
|
|
Oil (bbls)
|
|
Gas (Mcf)
|
|
Oil
(per bbl)
|
|
Gas
(per Mcf)
|
|
|
|
|
|
|
|
|
|
Current
Month
|
|
59,760
|
|
1,874,536
|
|
$85.53
|
|
$6.82
|
|
|
|
|
|
|
|
|
|
Prior Month
|
|
36,531
|
|
983,628
|
|
$98.32
|
|
$6.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues are only distributed after they are received, verified,
and posted. Most energy companies normally issue payment of
royalties on or about the 25th of every month, and
depending on mail delivery, a varying amount of royalties are not
received until after the revenue posting on the last business day
of the month. The revenues received after that date will be
posted within 30 days of receipt.
Due to the timing of the end of the month of November,
approximately $3,889,795 of revenue
received will be posted in the following month of December in
addition to normal receipts during December. Since the close of
business in November and prior to this press release, $1,527,000 in revenue has been received.
Approximately $684,000 for 2022 Ad
Valorem taxes was deducted from this month's distribution as
compared to $670,000 this time last
year. These payments are normal expenditures at this time of
year.
The 2021 Annual Report with Form 10-K and the January 1, 2022 Reserve Summary has been posted
on the Sabine website at
http://www.sbr-sabine.com/.
View original
content:https://www.prnewswire.com/news-releases/sabine-royalty-trust-announce-monthly-cash-distribution-for-december-2022-301694376.html
SOURCE Sabine Royalty Trust