AUSTIN, Texas--(BUSINESS WIRE)--VOC Energy Trust (NYSE: VOC) announced the Trust distribution of net profits for the first quarterly payment period ended March 31, 2014.
Unitholders of record on April 30, 2014 will receive a distribution amounting to $8,840,000 or $0.52 per unit, payable May 15, 2014.
Volumes, average sales prices and net profits for the payment period were:
|Natural gas (Mcf)||132,349|
|Average sales prices:|
|Oil (per Bbl)||$||92.68|
|Natural gas (per Mcf)||$||4.79|
|Natural gas sales||633,518|
|Total gross proceeds||$||17,101,038|
|Production and development costs:|
|Lease operating expenses||$||3,541,521|
|Production and property taxes||505,141|
|Total production and development costs||$||5,780,927|
|Settlement of hedge contracts – payments received||(152,207||)|
|Percentage applicable to Trust’s Net Profits Interest||80||%|
|Net profits interest||$||9,177,854|
|Increase in cash reserve held by VOC Brazos Energy Partners, L.P.||(0||)|
|Total cash proceeds available for the Trust||$||9,177,854|
|Provision for estimated Trust expenses||(337,854||)|
|Net cash proceeds available for distribution||$||8,840,000|
This press release contains forward-looking statements. Although VOC Brazos Energy Partners, L.P. has advised the Trust that VOC Brazos Energy Partners, L.P. believes that the expectations contained in this press release are reasonable, no assurances can be given that such expectations will prove to be correct. The announced distributable amount is based on the amount of cash received or expected to be received by the Trustee from the underlying properties on or prior to the record date with respect to the quarter ended March 31, 2014. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause these statements to differ materially include the actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, the ability of commodity purchasers to make payment, and other risk factors described in the Trust’s Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission. Statements made in this press release are qualified by the cautionary statements made in these risk factors. The Trust does not intend, and assumes no obligation, to update any of the statements included in this press release.