FORT WORTH, Texas, Aug. 19, 2022 /PRNewswire/ -- PermRock Royalty
Trust (NYSE:PRT) (the "Trust") today declared a monthly cash
distribution to record holders of its trust units representing
beneficial interests in the Trust ("Trust Units") as of
August 31, 2022 and payable on
September 15, 2022 in the amount of
$1,119,292.92 ($0.092003 per Trust Unit), based principally upon
production during the month of June
2022.
The following table displays underlying oil and natural gas
sales volumes and average received wellhead prices attributable to
the current and prior month net profits interest calculations:
|
Underlying Sales Volumes
|
Average Price
|
|
Oil
|
Natural
Gas
|
Oil
|
Natural
Gas
|
|
Bbls
|
Bbls/D
|
Mcf
|
Mcf/D
|
(per
Bbl)
|
(per Mcf)
|
Current
Month
|
28,114
|
937
|
34,980
|
1,166
|
$114.14
|
$9.30
|
Prior Month
|
31,118
|
1,004
|
33,285
|
1,074
|
$106.85
|
$8.42
|
Oil cash receipts for the properties underlying the Trust
totaled $3.21 million for the current
month, a decrease of $0.11 million
from the prior month's distribution period. This decrease was
due to a decrease in sales volumes that was only partially offset
by an increase in oil prices.
Natural gas cash receipts for the properties underlying the
Trust totaled $0.33 million for the
current month, an increase of $0.05
million from the prior month's distribution period. This
increase was due to an increase in sales volumes and natural gas
prices.
Total direct operating expenses, including marketing, lease
operating expenses and workover expenses, were $0.70 million reflecting a $0.09 million decrease from the prior month.
Severance and ad valorem taxes were $0.22
million.
Capital expenses this month were $(0.09)
million, a decrease of $0.60
million from the prior month's distribution due to a refund
of capital expenses in August. A title opinion was obtained in
connection with a recompletion of a well in Crane County, Texas and revealed that the well
was only partially owned by the Trust. In August, Boaz Energy
refunded capital expenditures originally charged to the Trust to
reflect the Trust's actual ownership interest in the well based on
current leases in place.
Boaz Energy informed the Trust that this month's net profits
calculation included $880,000 net to
the Trust of funds reserved by Boaz Energy to cover future capital
obligations and expenses.
About PermRock Royalty
Trust
PermRock Royalty Trust is a Delaware statutory trust formed by Boaz Energy
II, LLC ("Boaz Energy") 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 properties owned by Boaz
Energy in the Permian Basin of West Texas. For more
information on PermRock Royalty Trust, please visit our website at
www.permrock.com.
Cautionary Statement Concerning
Forward-Looking Statements
Certain statements contained in this press release constitute
"forward-looking statements." These forward-looking statements
represent the Trust's and Boaz Energy's expectations or beliefs
concerning future events, and it is possible that the results
described in this press release will not be achieved. These
forward-looking statements include the amount and date of any
anticipated distribution to unitholders, future cash retentions,
advancements or recoupments from distributions, and statements
regarding Boaz Energy's operations and the resulting impact on the
computation of the Trust's net profits. The amount of cash received
or expected to be received by the Trust (and its ability to pay
distributions) has been and will continue to be directly affected
by volatility in commodity prices, oversupply and the economic
effects of the COVID-19 pandemic. Other important factors that
could cause actual results to differ materially from those
projected in the forward-looking statements include expenses of the
Trust and reserves for anticipated future expenses, uncertainties
in estimating the cost of drilling activities and risks associated
with drilling and operating oil and natural gas wells.
Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, the Trust does
not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. New factors emerge from time to time,
and it is not possible for the Trust to predict all such factors.
When considering these forward-looking statements, you should keep
in mind the risk factors and other cautionary statements in the
Trust's Annual Report on Form 10-K filed with the SEC on
March 31, 2022 and other public
filings filed with the SEC. The risk factors and other factors
noted in the Trust's public filings with the SEC could cause its
actual results to differ materially from those contained in any
forward-looking statement. The Trust's filed reports are or will be
available over the Internet at the SEC's website at
http://www.sec.gov.
Contact:
PermRock Royalty Trust
Simmons Bank, Trustee
Ron E. Hooper, SVP Royalty Trust Management
Toll-free: (855) 588-7839
Fax: (817) 298-5579
Website:
www.permrock.com
e-mail:
trustee@permrock.com
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SOURCE PermRock Royalty Trust