Gulf Coast Ultra Deep Royalty Trust Announces Quarterly Cash Distribution

Gulf Coast Ultra Deep Royalty Trust Announces Quarterly Cash Distribution

Jan 14, 2022 by Business Wire Energy News

Key Facts

  • Natural gas (Mcf) sales volumes, average sales price and net cash proceeds available for distribution for the quarter ended December 31, 2021 are set forth in the table below: Natural gas (Mcf) sales volumes (a) 143,564 Natural gas (per Mcf) average sales price $ 4.51 Gross proceeds $ 646,981 Post-production costs and specified taxes (52,084) Royalty income 594,897 Interest and dividend income 11 Administrative expenses (88,459) Income in excess of administrative expenses 506,449 Increase to minimum cash reserve (8,750) Cash proceeds available for distribution $ 497,699 (a) Attributable to the onshore Highlander subject interest which is the only subject interest with commercial production.
  • Commencing with the distribution to unitholders this quarter, the Trust is withholding, and in the future intends to withhold, $8,750 from the funds otherwise available for distribution each quarter to gradually build a cash reserve of approximately $350,000.
  • The Trust is a Delaware statutory trust created to hold a 5% gross overriding royalty interest in future production from specified Inboard Lower Tertiary/Cretaceous exploration prospects located in the shallow waters of the Gulf of Mexico and onshore in South Louisiana that existed as of December 5, 2012, which are collectively referred to as subject interests.
  • As described in the Trust’s SEC filings, future distributions are not guaranteed and will depend on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, post-production costs and specified taxes, and the amount and timing of the Trust’s administrative expenses, among other factors.

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