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MV Oil Trust Announces Trust Third Quarter Distribution
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
MV Oil Trust (NYSE: MVO) announced a third-quarter distribution of net profits amounting to $4,197,500, equating to $0.365 per unit, payable on October 25, 2021. This payment is for unitholders of record on October 15, 2021. The Trust reported a total volume of 165,777 BOE and gross proceeds of $10,891,023 for the period. Net profits stood at $5,567,322 after costs of $5,323,701. The Trust cautioned that actual cash receipts may differ from expectations due to various risks.
Positive
Announced distribution of net profits of $4,197,500, $0.365 per unit.
Gross proceeds reported at $10,891,023.
Net profits of $5,567,322 after costs.
Negative
Actual cash receipts may differ, affecting distributable amounts.
Risks inherent in drilling and production could impact results.
HOUSTON--(BUSINESS WIRE)--
MV Oil Trust (NYSE: MVO) announced the Trust distribution of net profits for the third quarterly payment period ended September 30, 2021.
Unitholders of record on October 15, 2021 will receive a distribution amounting to $4,197,500 or $0.365 per unit payable October 25, 2021.
Volumes, average price and net profits for the payment period were:
Volume (BOE)
165,777
Average price (per BOE)
$
65.70
Gross proceeds
$
10,891,023
Costs
$
5,323,701
Net profits
$
5,567,322
Percentage applicable to Trust’s 80%
Net profits interest
$
4,453,858
MV Partners reserve for capital expenditures
$
--
Total cash proceeds available for the Trust
$
4,453,858
Provision for estimated Trust expenses
$
(256,358
)
Net cash proceeds available for distribution
$
4,197,500
This press release contains forward-looking statements. Although MV Partners, LLC has advised the Trust that MV Partners, LLC 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, 2021. 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, the effect, impact, potential duration or other implications of the COVID-19 pandemic, actions by the members of the Organization of Petroleum Exporting Countries, and other risk factors described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2020 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 obligations, to update any of the statements included in this press release.
