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Pacific Coast Oil Trust (ROYTL) reports monthly net profits interest calculations for a royalty trust formed by Pacific Coast Energy Company LP. The Trust's updates describe cash distribution determinations for units of beneficial interest, payments received from PCEC with respect to the Remaining Properties, and the conveyance covering net profits interests and a 7.5% overriding royalty interest.
Recurring announcements also address estimated asset retirement obligations deducted by PCEC, Trust administrative expenses, operating and services fees, and outstanding debt to PCEC. The releases include the status of the Trust's dissolution and wind-up under the amended and restated trust agreement after annual cash proceeds from the royalty interests fell below the specified threshold.
Pacific Coast Oil Trust (OTC: ROYTL) reported that there will be no cash distribution to unitholders of record on August 31, 2026 based on net profits generated in June 2026. According to the Trust, information from PCEC indicates that monthly payments may not cover administrative expenses and approximately $14.2 million owed to PCEC, making distributions in the foreseeable future described as extremely remote.
The Trust Agreement requires dissolution and winding up because annual cash proceeds from the Net Profits Interests and the 7.5% Royalty Interest were below $2.0 million in both 2020 and 2021. For June 2026, Developed Properties generated about $2.2 million in revenue but an operating loss of roughly $73,000, and the cumulative net profits deficit increased from $10.7 million to about $11.4 million. Remaining Properties generated roughly $67,000 from the overriding royalty interest and had a cumulative deficit of about $4,000. Monthly fees and Trust G&A of about $311,000 exceeded amounts received, creating a $245,000 shortfall, which PCEC is expected to fund via loans.
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