MV Oil Trust Announces Trust Third Quarter Distribution

Rhea-AI Summary

MV Oil Trust announces quarterly distribution of $4,370,000 or $0.380 per unit

Positive

• MV Oil Trust will distribute $4,370,000 or $0.380 per unit to unitholders on October 25, 2023.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- MV Oil Trust (NYSE: MVO) announced the Trust distribution of net profits for the quarterly payment period ended September 30, 2023.

Unitholders of record on October 16, 2023 will receive a distribution amounting to $4,370,000 or $0.380 per unit payable October 25, 2023.

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

Volume (BOE)		153,249
Average price (per BOE)		$	71.42
Gross proceeds		$	10,945,311
Costs		$	5,253,310
Net profits		$	5,692,001
Percentage applicable to Trust’s 80%
Net profits interest		$	4,553,601
MV Partners reserve for capital expenditures		$	--
Total cash proceeds available for the Trust		$	4,553,601
Provision for current estimated Trust expenses		$	(183,601	)
Net cash proceeds available for distribution		$	4,370,000

This press release contains forward-looking statements. Although MV Partners, LLC (“MV Partners”) has advised the Trust that MV Partners 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, 2023. 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, 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, 2022 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231005337397/en/

MV Oil Trust

The Bank of New York Mellon Trust Company, N.A., as Trustee

Elaina Rodgers

713-483-6020

Source: MV Oil Trust

FAQ

What is the distribution amount for MV Oil Trust?

MV Oil Trust will distribute $4,370,000 or $0.380 per unit.

When will the distribution be payable?

The distribution will be payable on October 25, 2023.

Who is eligible to receive the distribution?

Unitholders of record on October 16, 2023 are eligible to receive the distribution.

What were the volumes and average price for the payment period?

The volume was 153,249 BOE and the average price per BOE was $71.42.

What were the net profits for the payment period?

The net profits were $5,692,001.

What percentage of net profits is applicable to the Trust's 80% net profits interest?

80% of the net profits, amounting to $4,553,601, is applicable to the Trust's net profits interest.

How much cash is available for distribution to the Trust?

A total of $4,553,601 is available for distribution to the Trust.

Are there any provisions for current estimated Trust expenses?

Yes, there is a provision of $(183,601) for current estimated Trust expenses.

What factors could affect the distributable amount?

Actual cash receipts by the Trust and other risk factors described in the Trust's Annual Report could affect the distributable amount.

Will the Trust update the statements included in the press release?

No, the Trust does not intend to update any of the statements included in the press release.