VOC Energy Trust Announces Trust Quarterly Distribution
July 20, 2023 at 04:18 pm EDT
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VOC Energy Trust (NYSE: VOC) announced the Trust distribution of net profits for the quarterly payment period ended June 30, 2023.
Unitholders of record on July 31, 2023 will receive a distribution amounting to $3,570,000 or $0.21 per unit, payable August 14, 2023.
Volumes, average sales prices and net profits for the payment period were:
Sales volumes:
Oil (Bbl)
126,373
Natural gas (Mcf)
70,964
Total (BOE)
138,200
Average sales prices:
Oil (per Bbl)
$
71.49
Natural gas (per Mcf)
$
2.91
Gross proceeds:
Oil sales
$
9,033,970
Natural gas sales
206,615
Total gross proceeds
$
9,240,585
Costs:
Lease operating expenses
$
3,553,191
Production and property taxes
657,484
Development expenses
295,971
Total costs
$
4,506,646
Net proceeds
$
4,733,939
Percentage applicable to Trust’s Net Profits Interest
80
%
Net profits interest
$
3,787,151
Increase in cash reserve held by VOC Brazos Energy Partners, L.P.
0
Total cash proceeds available for the Trust
$
3,787,151
Provision for current estimated Trust expenses
(217,151
)
Net cash proceeds available for distribution
$
3,570,000
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 June 30, 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/20230720800964/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.