PermRock Royalty Trust Declares Monthly Cash Distribution

Rhea-AI Summary

PermRock Royalty Trust (NYSE: PRT) has declared a monthly cash distribution of $611,451.25, equating to $0.050260 per Trust Unit, payable on April 14, 2023, for record holders as of March 31, 2023. This distribution is based primarily on production from January 2023. In January 2023, oil sales volumes decreased, leading to cash receipts of $2.00 million, down $0.35 million from the previous month. Natural gas receipts remained steady at $0.17 million. Direct operating expenses totaled $0.75 million, while capital expenses rose to $0.50 million, attributed to a project in the Permian Abo area.

Positive

• Declared monthly cash distribution of $611,451.25 ($0.050260 per Trust Unit).
• Operating expenses decreased by $0.38 million from the prior month.

Negative

• Oil cash receipts decreased by $0.35 million.
• Total oil sales volumes fell from 32,340 Bbls to 26,629 Bbls.

DALLAS, March 21, 2023 /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 March 31, 2023, and payable on April 14, 2023, in the amount of $611,451.25 ($0.050260 per Trust Unit), based principally upon production during the month of January 2023.

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	26,629		859		36,924		1,191		$74.99		$4.63
Prior Month	32,340		1,043		34,177		1,102		$72.62		$4.89

Oil cash receipts for the properties underlying the Trust totaled $2.00 million for the current month, a decrease of $0.35 million from the prior month's distribution period. This decrease was due to a decrease in oil sales volumes. 

Natural gas cash receipts for the properties underlying the Trust totaled $0.17 million for the current month, which is unchanged from the prior month's distribution period.

Total direct operating expenses, including marketing, lease operating expenses, and workover expenses, were $0.75 million reflecting a $0.38 million decrease from the prior month. Severance and ad valorem taxes were $0.17 million. 

Capital expenses this month were $0.50 million, an increase of $0.19 million from the prior month's distribution. Boaz Energy reports the increase in capital expenses this month was primarily due to a reentry project in the Permian Abo area.

Boaz Energy informed the Trust that this month's net profits calculation included the application of $200,000 net to the Trust of funds previously 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. 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
	Argent Trust Company, Trustee
	Ron E. Hooper, SVP Royalty Trust Management
	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 latest distribution amount for PermRock Royalty Trust (PRT)?

PermRock Royalty Trust declared a distribution of $611,451.25, or $0.050260 per Trust Unit.

When will the cash distribution for PRT be paid?

The cash distribution will be paid on April 14, 2023.

What were the oil sales volumes for PermRock Royalty Trust in January 2023?

Oil sales volumes for January 2023 were 26,629 Bbls, down from 32,340 Bbls in the prior month.

How much did natural gas receipts remain unchanged for PRT?

Natural gas cash receipts totaled $0.17 million, unchanged from the prior month.