CORRECTING and REPLACING Permianville Royalty Trust Announces Monthly Cash Distribution
In the press release issued September 18, 2018, average oil price for
the current month in the table should read $56.64 per Bbl (instead of
$67.32 per Bbl).
The corrected release reads:
PERMIANVILLE ROYALTY TRUST ANNOUNCES MONTHLY CASH DISTRIBUTION
Permianville Royalty Trust (NYSE: PVL) (the “Trust”), formerly known as
Enduro Royalty Trust, today announced a cash distribution to the holders
of its units of beneficial interest of $0.038593 per unit, payable on
October 12, 2018 to unitholders of record on September 28, 2018. The
distribution primarily represents oil production during the month of
June 2018 and natural gas production during May 2018.
The following table displays underlying oil and natural gas sales
volumes and average received wellhead prices attributable to the current
and prior month net profits interest calculations.
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Underlying Sales Volumes
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Average Price
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Oil
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Natural Gas
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Oil
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Natural Gas
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Bbls
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Bbls/D
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Mcf
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Mcf/D
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(per Bbl)
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(per Mcf)
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Current Month
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56,432
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1,881
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423,439
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13,659
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$
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56.64
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$
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2.73
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Prior Month
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58,110
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1,875
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400,200
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13,340
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$
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62.82
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$
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2.58
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Oil cash receipts for the properties underlying the Trust totaled $3.2
million for the current month, a decrease of $0.5 million from the prior
month distribution period due to a decrease in volumes related to one
less day of production in June compared to May. Payment timing
differences also contributed to the volume fluctuations.
Natural gas cash receipts increased slightly from the prior distribution
period to $1.2 million in the current month. This is primarily due to a
6% increase in the realized wellhead price as compared to the prior
month. Natural gas sales volumes increased due to payment timing
differences associated with operators in the Permian Basin.
Total direct operating expenses, including lease operating expenses,
production and ad valorem taxes, and gathering and transportation
expenses, were $2.3 million, a decrease of $0.2 million from the prior
month. Capital expenditures were $0.3 million in the current month.
Total direct operating expenses and capital expenditures relate to
expenses incurred in July 2018.
About Permianville Royalty Trust
Permianville Royalty Trust is a Delaware statutory trust formed to own a
net profits interest representing the right to receive 80% of the net
profits from the sale of oil and natural gas production from certain,
predominantly non-operated oil and gas properties, in the states of
Texas, Louisiana and New Mexico. As described in the Trust’s filings
with the Securities and Exchange Commission, the amount of the periodic
distributions is expected to fluctuate, depending on the proceeds
received by the Trust as a result of actual production volumes, oil and
gas prices, the amount and timing of capital expenditures, and the
Trust’s administrative expenses, among other factors. Future
distributions are expected to be made on a monthly basis. For additional
information on the Trust, please visit www.permianvilleroyaltytrust.com.
Forward-Looking Statements and Cautionary Statements
This press release contains statements that are “forward-looking
statements” within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended. All statements contained in this press release,
other than statements of historical facts, are “forward-looking
statements” for purposes of these provisions. These forward-looking
statements include the amount and date of any anticipated distribution
to unitholders and expected expenses, including capital expenditures.
The anticipated distribution is based, in large part, on the amount of
cash received or expected to be received by the Trust from COERT
Holdings 1 LLC (“COERT”, the acquirer of such properties from Enduro
Resource Partners LLC) with respect to the relevant period. The amount
of such cash received or expected to be received by the Trust (and its
ability to pay distributions) has been and will continue to be directly
affected by the volatility in commodity prices, which could decline or
remain low for an extended period of time. Other important factors that
could cause actual results to differ materially include expenses of the
Trust and reserves for anticipated future expenses. Statements made in
this press release are qualified by the cautionary statements made in
this press release. Neither COERT nor the Trustee intends, and neither
assumes any obligation, to update any of the statements included in this
press release. An investment in units issued by the Trust is subject to
the risks described in the Trust’s filings with the SEC, including the
risks described in the Trust’s Annual Report on Form 10-K for the year
ended December 31, 2017, filed with the SEC on March 12, 2018. The
Trust’s quarterly and other filed reports are or will be available over
the Internet at the SEC’s website at http://www.sec.gov.
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