Oct 18, 2019   SOURCE: BusinessWire

VOC Energy Trust Announces Trust Quarterly Distribution

VOC Energy Trust (NYSE: VOC) announced the Trust distribution of net profits for the third quarterly payment period ended September 30, 2019.

Unitholders of record on October 30, 2019 will receive a distribution amounting to $3,145,000 or $0.185 per unit, payable November 14, 2019.

Volumes, average sales prices and net profits for the payment period were:

Sales volumes:

 

 

 

Oil (Bbl)

 

152,615

 

Natural gas (Mcf)

 

98,408

 

Total (BOE)

 

169,016

 

Average sales prices:

 

 

 

Oil (per Bbl)

 

$

54.00

 

Natural gas (per Mcf)

 

$

2.16

 

Gross proceeds:

 

 

 

 

Oil sales

 

$

8,241,488

 

Natural gas sales

 

 

212,415

 

Total gross proceeds

 

$

8,453,903

 

Costs:

 

 

 

Lease operating expenses

 

$

3,297,250

 

Production and property taxes

 

 

237,252

 

Development expenses

 

 

743,522

 

Total costs

 

$

4,278,024

 

Net proceeds

 

$

4,175,879

 

Percentage applicable to Trust’s Net Profits Interest

 

80%

 

Net profits interest

 

$

3,340,703

 

Increase in cash reserve held by VOC Brazos Energy Partners, L.P.

 

 

0

 

Total cash proceeds available for the Trust

 

$

3,340,703

 

Provision for estimated Trust expenses

 

 

(195,703)

 

Net cash proceeds available for distribution

 

$

3,145,000

 

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 September 30, 2019. 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, 2018 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.