Cross Timbers Royalty Trust Declares December Cash Distribution

DALLAS, Dec. 20, 2018 /PRNewswire/ -- Simmons Bank, as Trustee of the Cross Timbers Royalty Trust (NYSE:CRT), today declared a cash distribution to the holders of its units of beneficial interest of $0.100503 per unit, payable on January 15, 2019, to unitholders of record on December 31, 2018. The following table shows underlying oil and gas sales and average prices attributable to the current month and prior month distributions.

                        Underlying Sales


                   
           Volumes (a)      Average Price



                      
            Oil        
          Gas         
        Oil        Gas

                     
            (Bbls)     
          (Mcf)      
       (per Bbl)    (per
                                                                             Mcf)





     Current
      Month
      Distribution                18,000            93,000           $61.49    $4.62




     Prior
      Month
      Distribution                18,000           131,000           $60.94    $4.13

                            (a)               Sales volumes are
                                               recorded in the month
                                               the Trust receives the
                                               related net profits
                                               income. Because of
                                               this, sales volumes may
                                               fluctuate from month to
                                               month based on the
                                               timing of cash
                                               receipts.

Excess Costs
XTO Energy has advised the Trustee that improved oil prices and timing of invoices led to the partial recovery of excess costs of $93,000 on properties underlying the Texas Working Interest net profits interests. However after the partial recovery, there were no remaining proceeds from the properties underlying the Texas Working Interest net profits interests to be included in this month's distribution. Underlying cumulative excess costs remaining on the Texas Working Interest net profits interests after the current month's distribution total $1.7 million, including accrued interest of $246,000.

XTO Energy has advised the Trustee that increased development costs, primarily due to the drilling of seven vertical wells in the Hewitt Unit, caused costs to exceed revenues by $124,000 on properties underlying the Oklahoma Working Interest net profits interests. However, these excess costs did not reduce net proceeds from the remaining conveyances.

For more information on the Trust, please visit our web site at www.crt-crosstimbers.com.

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SOURCE Cross Timbers Royalty Trust