VOC Energy Trust Announces Trust Quarterly Distribution

Rhea-AI Summary

VOC Energy Trust (NYSE: VOC) has announced the Trust distribution of net profits for the first quarterly payment period, ending March 31, 2024. Unitholders of record as of April 30, 2024, will receive a distribution of $3,060,000 or $0.18 per unit, payable on May 15, 2024. The Trust reported sales volumes, average sales prices, and net profits for the period, with oil sales reaching $7,875,193 and natural gas sales totaling $201,034.

HOUSTON--(BUSINESS WIRE)-- VOC Energy Trust (NYSE: VOC) announced the Trust distribution of net profits for the first quarterly payment period ended March 31, 2024.

Unitholders of record on April 30, 2024 will receive a distribution amounting to $3,060,000 or $0.18 per unit, payable May 15, 2024.

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

Sales volumes:
Oil (Bbl)			110,534
Natural gas (Mcf)			64,808
Total (BOE)			121,335
Average sales prices:
Oil (per Bbl)		$	71.25
Natural gas (per Mcf)		$	3.10
Gross proceeds:
Oil sales		$	7,875,193
Natural gas sales			201,034
Total gross proceeds		$	8,076,227
Costs:
Lease operating expenses		$	3,312,352
Production and property taxes			183,728
Development expenses			358,318
Total costs		$	3,854,398
Net proceeds		$	4,221,829
Percentage applicable to Trust’s Net Profits Interest			80	%
Net profits interest		$	3,377,463
Increase in cash reserve held by VOC Brazos Energy Partners, L.P.			0
Total cash proceeds available for the Trust		$	3,377,463
Provision for current estimated Trust expenses			(317,463	)
Net cash proceeds available for distribution		$	3,060,000

This press release contains forward-looking statements. Although VOC Brazos has advised the Trust that VOC Brazos 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, 2024. 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, 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, 2023 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/20240418137871/en/

VOC Energy Trust

The Bank of New York Mellon Trust Company, N.A., as Trustee

Elaina Rodgers

(713) 483-6020

Source: VOC Energy Trust

FAQ

What is the ticker symbol for VOC Energy Trust?

The ticker symbol for VOC Energy Trust is 'VOC'.

When is the Trust distribution for the first quarterly payment period ending March 31, 2024, announced?

The Trust distribution for the first quarterly payment period ending March 31, 2024, is announced on April 30, 2024.

What is the distribution amount for unitholders for the first quarterly payment period?

The distribution amount for unitholders for the first quarterly payment period is $3,060,000 or $0.18 per unit.

When will the distribution be payable to unitholders?

The distribution will be payable to unitholders on May 15, 2024.

What were the total gross proceeds from oil and natural gas sales for the period?

The total gross proceeds from oil and natural gas sales for the period were $8,076,227.