VOC Energy Trust Announces Trust Quarterly Distribution

Rhea-AI Summary

VOC Energy Trust (NYSE: VOC) announced a fourth quarterly distribution of net profits amounting to $510,000 or $0.03 per unit, payable on February 12, 2021, to unitholders recorded on February 1, 2021. The report detailed sales volumes of 136,583 Bbl of oil and 95,986 Mcf of natural gas, totaling 152,581 BOE. Average sales prices were $36.26 per Bbl for oil and $2.07 per Mcf for natural gas. The net cash proceeds available for distribution were reported at $510,000.

Positive

• Distribution of $510,000 or $0.03 per unit for the fourth quarter.
• Strong sales volumes: 136,583 Bbl of oil and 95,986 Mcf of natural gas.
• Total gross proceeds of $5,151,821.

Negative

• Net cash proceeds available for distribution stand at $510,000, indicating potential liquidity concerns.

VOC Energy Trust (NYSE: VOC) announced the Trust distribution of net profits for the fourth quarterly payment period ended December 31, 2020.

Unitholders of record on February 1, 2021 will receive a distribution amounting to $510,000 or $0.03 per unit, payable February 12, 2021.

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

Sales volumes:
Oil (Bbl)		136,583
Natural gas (Mcf)		95,986
Total (BOE)		152,581
Average sales prices:
Oil (per Bbl)		$	36.26
Natural gas (per Mcf)		$	2.07
Gross proceeds:
Oil sales		$	4,952,685
Natural gas sales			199,136
Total gross proceeds		$	5,151,821
Costs:
Lease operating expenses		$	2,691,487
Production and property taxes			751,557
Development expenses			1,014,161
Total costs		$	4,457,205
Net proceeds		$	694,616
Percentage applicable to Trust’s Net Profits Interest		80%
Net profits interest		$	555,693
Increase in cash reserve held by VOC Brazos Energy Partners, L.P.			0
Total cash proceeds available for the Trust		$	555,693
Provision for estimated Trust expenses			(45,693)
Net cash proceeds available for distribution		$	510,000

This press release contains forward-looking statements. Although VOC Brazos Energy Partners, L.P. has advised the Trust that VOC Brazos Energy Partners, L.P. 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 December 31, 2020. 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, the effect, impact, potential duration or other implications of the COVID-19 pandemic, the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia, and other risk factors described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the period ended September 30, 2020 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/20210120005667/en/

FAQ

What is the fourth quarterly distribution amount for VOC Energy Trust?

The fourth quarterly distribution amount for VOC Energy Trust is $510,000 or $0.03 per unit.

When will the distribution be paid to unitholders of VOC?

The distribution will be payable on February 12, 2021, to unitholders recorded on February 1, 2021.

What were the sales volumes for VOC Energy Trust in the fourth quarter?

In the fourth quarter, VOC Energy Trust reported sales volumes of 136,583 Bbl of oil and 95,986 Mcf of natural gas.

What were the average sales prices for oil and natural gas for VOC?

The average sales prices were $36.26 per Bbl for oil and $2.07 per Mcf for natural gas.

What were the total gross proceeds for VOC Energy Trust for the fourth quarter?

The total gross proceeds for VOC Energy Trust were $5,151,821.