TIDELANDS ROYALTY TRUST "B" ANNOUNCES FINAL DISTRIBUTION OF REMAINING LIQUID ASSETS

Rhea-AI Summary

Simmons Bank, as Trustee of Tidelands Royalty Trust "B" (OTC PINK: TIRTZ), has announced a final distribution of $0.205883 per unit, payable to unitholders on February 14, 2022. This distribution marks the liquidation of all assets of the Trust, which was created in 1953. Production from the Trust's Gulf of Mexico leases ceased in 2018, and the Trust was effectively terminated on April 30, 2021. The remaining assets consist of short-term investments, with tax implications discussed in an upcoming letter to unitholders.

Positive

• Final distribution of $0.205883 per unit announced.
• Distribution signifies the closure of Trust operations.

Negative

• Production from leases ceased in 2018, indicating a lack of viable assets.
• Trust effectively terminated on April 30, 2021.

DALLAS, Jan. 18, 2022 /PRNewswire/ -- Simmons Bank, as Trustee ("Trustee") of the Tidelands Royalty Trust "B" (OTC PINK: TIRTZ) (the "Trust") is declaring a FINAL distribution of $0.205883 per unit representing the liquidation of all assets of the Trust to unitholders who hold units as of record date January 31, 2022. This distribution will be payable on February 14, 2022.

The Trust was created December 2^nd, 1953 holding certain overriding interests in certain leases in the Gulf of Mexico.  The interests were held as long as production was being generated by these leases. That production essentially ceased in 2018.  The Trust continued to exist until its stated termination date of April 30, 2021.  During 2021 it was confirmed by the various operators of these leases that the leases were no longer producing and were being permanently shut in. The only remaining assets were short-term investments residing with a subsidiary account and that is what is being distributed with this final distribution.  Whereas this distribution will be treated as a 2022 tax event, a tax letter providing guidance regarding it will be issued shortly. Certainties of Tidelands' financial and other information may continue to be made available and can be found on its website at http://www.tirtz-tidelands.com/.

Forward-Looking Statements. Certain of the statements discussed in this press release, and other statements that are not historical facts, are forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. This press release uses the words "anticipate," "believe," "continue," "expect," "intend," "may," or other similar words to identify forward-looking statements. You should read statements that contain these words carefully because they discuss the expected final distribution.

Contact:	Ron Hooper
	Senior Vice President
	Simmons Bank
	Toll Free (855) 588-7839

 

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SOURCE Tidelands Royalty Trust 'B'

FAQ

What is the final distribution amount for Tidelands Royalty Trust 'B' (TIRTZ)?

The final distribution amount is $0.205883 per unit.

When will the final distribution for TIRTZ be paid?

The final distribution will be paid on February 14, 2022.

What led to the final distribution of TIRTZ?

The final distribution is the liquidation of all assets following the cessation of production in 2018.

What is the record date for the distribution of TIRTZ?

The record date for the distribution is January 31, 2022.

Is the final distribution of TIRTZ a taxable event?

Yes, the distribution will be treated as a 2022 tax event.