VOC Energy Trust Announces Trust Quarterly Distribution
VOC Energy Trust (NYSE: VOC) announced a quarterly distribution of net profits for the period ending March 31, 2021. Unitholders on record by April 30, 2021, will receive $2,040,000, equating to $0.12 per unit, payable on May 14, 2021. The period saw oil sales of 121,019 barrels at an average price of $48.53 per barrel, contributing to total gross proceeds of $6,123,007. After expenses totaling $3,206,782, net proceeds available for distribution amounted to $2,040,000. The Trust warns of potential variances based on actual cash receipts from operations.
- Quarterly distribution of $2,040,000 or $0.12 per unit announced.
- Oil sales volume reached 121,019 barrels.
- Average sales price for oil was strong at $48.53 per barrel.
- Total gross proceeds of $6,123,007.
- Net proceeds of $2,040,000 may vary based on actual cash receipts.
- Risks inherent in drilling and production operations could impact future results.
- The impact of the COVID-19 pandemic remains a concern.
VOC Energy Trust (NYSE: VOC) announced the Trust distribution of net profits for the first quarterly payment period ended March 31, 2021.
Unitholders of record on April 30, 2021 will receive a distribution amounting to
Volumes, average sales prices and net profits for the payment period were:
Sales volumes: |
|
|
|
||
Oil (Bbl) |
|
121,019 |
|
|
|
Natural gas (Mcf) |
|
89,151 |
|
|
|
Total (BOE) |
|
135,878 |
|
|
|
Average sales prices: |
|
|
|
||
Oil (per Bbl) |
|
$ |
48.53 |
|
|
Natural gas (per Mcf) |
|
$ |
2.81 |
|
|
Gross proceeds: |
|
|
|
|
|
Oil sales |
|
$ |
5,872,798 |
|
|
Natural gas sales |
|
|
250,209 |
|
|
Total gross proceeds |
|
$ |
6,123,007 |
|
|
Costs: |
|
|
|
||
Lease operating expenses |
|
$ |
2,803,042 |
|
|
Production and property taxes |
|
|
120,097 |
|
|
Development expenses |
|
|
283,643 |
|
|
Total costs |
|
$ |
3,206,782 |
|
|
Net proceeds |
|
$ |
2,916,225 |
|
|
Percentage applicable to Trust’s Net Profits Interest |
|
80 |
% |
|
|
Net profits interest |
|
$ |
2,332,980 |
|
|
Increase in cash reserve held by VOC Brazos Energy Partners, L.P. |
|
|
0 |
|
|
Total cash proceeds available for the Trust |
|
$ |
2,332,980 |
|
|
Provision for estimated Trust expenses |
|
|
(292,980 |
) |
|
Net cash proceeds available for distribution |
|
$ |
2,040,000 |
|
|
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 March 31, 2021. 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, actions by the members of the Organization of Petroleum Exporting Countries, and other risk factors described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 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/20210420006142/en/
FAQ
What is the distribution amount for VOC Energy Trust for Q1 2021?
When will VOC Energy Trust's distribution be paid to unitholders?
What were the oil sales volumes for VOC Energy Trust in Q1 2021?
What was the average sales price of oil for VOC Energy Trust in Q1 2021?
What are the net proceeds available for distribution for VOC Energy Trust?
