Sabine Royalty Trust Announces Monthly Cash Distribution for February
DALLAS, Feb. 5 /PRNewswire-FirstCall/ -- U.S. Trust, as Trustee of the Sabine Royalty Trust (NYSE: SBR), today declared a cash distribution to the holders of its units of beneficial interest of $0.25441 per unit, payable on February 27, 2009, to unit holders of record on February 17, 2009.
This distribution reflects primarily the oil production for November 2008 and the gas production for October 2008, both including postings from the previous month's production. Preliminary production volumes are approximately 39,181 barrels of oil and 456,170 Mcf of gas. Preliminary average prices are approximately $46.75 per barrel of oil and $5.32 per Mcf of gas. The table below compares this month's production and prices to the previous month's:
Net to Trust Sales
Volumes Average Price
Oil Gas (Mcf) Oil Gas
(Bbls) (per Bbl) (per Mcf)
Current Month 39,181 456,170 $46.75 $5.32
Prior Month 49,599 546,438 $69.25 $6.66
Revenues are only posted and distributed when they are received. Most energy companies normally issue payment of royalties on or about the 25th of every month, and depending on mail delivery, a varying amount of royalties are not received until after the revenue posting on the last business day of the month. The revenues received after that date will be posted within 30 days of receipt.
Due to the timing of the end of the month of January, approximately $387,000 of revenue received will be posted in the following month of February in addition to normal receipts during February. Since the close of business in January and prior to this press release, approximately $1,230,000 in revenue has been received.
Approximately $43,000 for 2008 Ad Valorem taxes is being deducted from this month's distribution as compared to $45,000 for 2007. These payments are normal expenditures at this time of year.
The 2008 tax information packets are expected to begin mailing directly to unitholders in early, and through, mid-March. A copy of the 2008 Tax Information booklet will be posted on the Trust website by March 1st.
