PermRock Royalty Trust Declares Monthly Cash Distribution

Rhea-AI Summary

PermRock Royalty Trust (NYSE:PRT) announced a monthly cash distribution of $760,847.69 ($0.062540 per Trust Unit) to be paid on December 14, 2021, based on September 2021 production. Oil cash receipts totaled $2.03 million, down $0.01 million due to decreased sales volumes. In contrast, natural gas receipts rose to $0.24 million, an increase of $0.01 million attributed to higher prices. Total operating expenses were $0.55 million, down $0.05 million from the previous month, while capital expenditures decreased to $0.30 million, reflecting reduced drilling activity.

Positive

• Natural gas cash receipts increased by $0.01 million due to higher prices.
• Total direct operating expenses decreased to $0.55 million, down $0.05 million from last month.

Negative

• Oil cash receipts fell by $0.01 million due to decreased sales volumes.
• Capital expenditures dropped by $0.21 million, indicating reduced drilling activity.

FORT WORTH, Texas, Nov. 19, 2021 /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 November 30, 2021 and payable on December 14, 2021 in the amount of $760,847.69 ($0.062540 per Trust Unit), based principally upon production during the month of September 2021.

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	29,184	973	38,302	1,277	$69.51	$6.37
Prior Month	30,722	991	38,924	1,256	$66.32	$5.85

Oil cash receipts for the properties underlying the Trust totaled $2.03 million for the current month, a decrease of $0.01 million from the prior month's distribution period.  This decrease was due to a decrease in sales volumes. 

Natural gas cash receipts for the properties underlying the Trust totaled $0.24 million for the current month, an increase of $0.01 million from the prior month's distribution period. This increase was due to an increase in natural gas prices.

Total direct operating expenses, including marketing, lease operating expenses and workover expenses, were $0.55 million reflecting a $0.05 million decrease from the prior month. Severance and ad valorem taxes were essentially unchanged from the prior month, totaling $0.17 million.

Capital expenditures were $0.30 million, a decrease of $0.21 million from the prior month.    Boaz Energy indicated the decrease in capital expenditures was primarily related to the drilling of a well in Crane County in the prior month.   Boaz Energy informed the Trust that this month's net profits calculation included $80,000 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. Further, low oil and natural gas prices may result in no distributions to unitholders in certain periods. 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 Securities and Exchange Commission (the "SEC") on March 31, 2021 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
Lee Ann Anderson, Senior Vice President
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

FAQ

What is the cash distribution amount declared by PermRock Royalty Trust (PRT)?

PermRock Royalty Trust declared a cash distribution of $760,847.69 ($0.062540 per Trust Unit).

When is the cash distribution payment date for PermRock Royalty Trust (PRT)?

The cash distribution payment date for PermRock Royalty Trust is December 14, 2021.

What were the oil and natural gas cash receipts for PermRock Royalty Trust (PRT) this month?

Oil cash receipts totaled $2.03 million, while natural gas cash receipts amounted to $0.24 million.

How did total direct operating expenses change for PermRock Royalty Trust (PRT)?

Total direct operating expenses decreased to $0.55 million, down $0.05 million from the prior month.

What were the capital expenditures for PermRock Royalty Trust (PRT) this month?

Capital expenditures amounted to $0.30 million, a decrease of $0.21 million from the previous month.