Sabine Royalty Trust Announces Monthly Cash Distribution for November
DALLAS, Nov. 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 $0.65309 per unit, payable on
November 28, 2008, to unit holders of record on November 17, 2008.
This distribution reflects primarily the oil production for August 2008
and the gas production for July 2008, both including postings from the
previous month's production. Preliminary production volumes are approximately
45,363 barrels of oil and 585,452 Mcf of gas. Preliminary average prices are
approximately $110.24 per barrel of oil and $9.47 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 Oil Gas
(Bbls) (Mcf) (per Bbl) (per Mcf)
Current Month 45,363 585,452 $110.24 $9.47
Prior Month 27,424 510,291 $121.59 $11.30
The substantial increase in postings for this month's distribution is a
direct result of various energy companies recovering from the payment
processing disruptions that Hurricanes Gustav and Ike caused. At this time
most payors appear to be operating on a current status. 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 October, approximately
$179,000 of revenue received will be posted in the following month of November
in addition to normal receipts during November. Since the close of business
in October and prior to this press release, approximately $1,427,000 in
revenue has been received.
Approximately $443,000 for 2008 Ad Valorem taxes is being deducted from
this month's distribution as compared to $424,000 for 2007. These payments
are normal expenditures at this time of year.
