PermRock Royalty Trust Declares Monthly Cash Distribution

Rhea-AI Summary

PermRock Royalty Trust (NYSE:PRT) has declared a monthly cash distribution of $756,626.31 (or $0.062193 per Trust Unit) for record holders as of April 29, 2022, payable on May 13, 2022. This distribution is based on production from February 2022. Oil cash receipts increased to $2.52 million, while natural gas cash receipts rose to $0.24 million. Total direct operating expenses totaled $0.89 million, with capital expenditures at $0.94 million. The Trust maintains a 80% net profits interest from oil and gas production properties in Texas.

Positive

• Increased oil cash receipts to $2.52 million, up $0.22 million from prior month.
• Natural gas cash receipts rose to $0.24 million, up $0.04 million from prior month.
• Capital expenditures of $0.94 million related to wells in Stonewall, Schleicher, and Crane counties.

Negative

• Decrease in oil and natural gas sales volumes compared to previous month.
• Total direct operating expenses increased by $0.13 million.

FORT WORTH, Texas, April 19, 2022 /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 April 29, 2022 and payable on May 13, 2022 in the amount of $756,626.31 ($0.062193 per Trust Unit), based principally upon production during the month of February 2022.

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	28,084	1,003	33,647	1,202	$89.71	$7.03
Prior Month	28,662	925	31,488	1,016	$80.23	$6.51

Oil cash receipts for the properties underlying the Trust totaled $2.52 million for the current month, an increase of $0.22 million from the prior month's distribution period.  This increase was due to an increase in oil prices which more than offset 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 $0.04 million from the prior month's distribution period. This increase was due to an increase in natural gas sales volumes and prices.

Total direct operating expenses, including marketing, lease operating expenses and workover expenses, were $0.89 million reflecting a $0.13 million increase from the prior month. Severance and ad valorem taxes were $0.19 million.  

Capital expenditures were $0.94 million, an increase of $0.35 million from the prior month. Boaz Energy informed the Trust that capital expenses were related to bringing wells in Stonewall, Schleicher and Crane counties back to production.  Boaz Energy informed the Trust that this month's net profits calculation included the application of $361,815 net to the Trust of income received from the qualified de minimis sale that was previously disclosed in the Trust's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 31, 2022. 

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. 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 SEC on March 31, 2022 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) for May 2022?

PermRock Royalty Trust declared a cash distribution of $756,626.31, or $0.062193 per Trust Unit.

When will the cash distribution for PRT be payable?

The cash distribution will be payable on May 13, 2022.

What were the oil cash receipts for PermRock Royalty Trust in April 2022?

Oil cash receipts for April 2022 totaled $2.52 million, an increase of $0.22 million from the prior month.

How much did capital expenditures increase for PRT in April 2022?

Capital expenditures increased by $0.35 million to $0.94 million in April 2022.

What were the natural gas sales volumes for PRT in April 2022?

Natural gas sales volumes totaled 33,647 Mcf for April 2022.