VOC Energy Trust Announces Trust Quarterly Distribution
April 20, 2023 at 04:22 pm EDT
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VOC Energy Trust (NYSE: VOC) announced the Trust distribution of net profits for the first quarterly payment period ended March 31, 2023.
Unitholders of record on May 1, 2023 will receive a distribution amounting to $3,910,000 or $0.23 per unit, payable May 12, 2023.
Volumes, average sales prices and net profits for the payment period were:
Sales volumes:
Oil (Bbl)
120,771
Natural gas (Mcf)
74,644
Total (BOE)
133,212
Average sales prices:
Oil (per Bbl)
$
74.16
Natural gas (per Mcf)
$
5.37
Gross proceeds:
Oil sales
$
8,955,923
Natural gas sales
401,092
Total gross proceeds
$
9,357,015
Costs:
Lease operating expenses
$
3,637,884
Production and property taxes
279,484
Development expenses
162,095
Total costs
$
4,079,463
Net proceeds
$
5,277,552
Percentage applicable to Trust’s Net Profits Interest
80
%
Net profits interest
$
4,222,042
Increase in cash reserve held by VOC Brazos Energy Partners, L.P.
0
Total cash proceeds available for the Trust
$
4,222,042
Provision for current estimated Trust expenses
(312,042
)
Net cash proceeds available for distribution
$
3,910,000
This press release contains forward-looking statements. Although VOC Brazos Energy Partners, L.P. (“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, 2023. 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, 2022 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/20230420005933/en/
VOC Energy Trust (the Trust) is a statutory trust formed by VOC Brazos Energy Partners, L.P. (VOC Brazos). The Trust is managed by The Bank of New York Mellon Trust Company, N.A., as trustee (the Trustee). The Trust is created to acquire and hold the net profits interest for the benefit of the trust unitholders. VOC Brazoâs properties included interests in approximately 739 gross (454.6 net) producing wells and included 81,095 gross (50,310.7 net) acres. The underlying properties are interests in developing properties located in the oil and natural gas producing regions of Kansas and Texas. The fields in the Central Kansas Uplift include Fairport Field, Marcotte Field and Chase-Silica Field. The fields in Western Kansas include the Bindley, Griston SW and Rosa Northwest fields. The fields in South Central Kansas include the Gerberding, Spivey Grabs and Alford fields, which are produced primarily from the Mississippian, Simpson and Lansing Kansas City zones.