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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 Pink–ROYTL) announced no cash distribution for unitholders due to insufficient net profits for March 2021. If income remains low, the Trust could terminate by year-end. Operating income was approximately $738,000, while revenues totaled about $2.5 million. A cumulative net profits deficit decreased slightly to $24.6 million. The Trust requires a loan from Pacific Coast Energy Company to cover a shortfall of $188,000 as its $1 million letter of credit is fully drawn. Future distributions to unitholders are unlikely until debts are cleared.
The Pacific Coast Oil Trust (OTC Pink: ROYTL) announced no cash distribution for unitholders as of April 30, 2021, due to negative net profits from February 2021 operations resulting in a deficit of approximately $6,000. Revenue was reported at $2.04 million, with lease operating expenses at $1.77 million. The cumulative net profits deficit for Developed Properties remains at $25.2 million. The Trust's future distributions appear unlikely due to insufficient income, operational deficits, and an outstanding debt of approximately $1.1 million to Pacific Coast Energy Company.
PACIFIC COAST OIL TRUST (OTC Pink–ROYTL) announced no cash distribution for unitholders as of March 26, 2021, due to insufficient net profits in January 2021. The current month's operating income was approximately $574,000, with revenues of $2.13 million and lease operating expenses of $1.56 million. The Trust faces a cumulative net profits deficit of about $25.2 million. PCEC has provided a $1 million letter of credit to cover administrative expenses, but distributions to unitholders remain unlikely until debts are settled. The Trust may terminate by year-end if income remains insufficient.
PACIFIC COAST OIL TRUST (OTC Pink: ROYTL) announced no cash distribution for unitholders on February 26, 2021, due to insufficient net profits for December 2020. The Trust's operating income was about $280,000 against revenues of $1.71 million and expenses of $1.42 million. The net profits deficit slightly decreased to approximately $25.6 million. PCEC provided a $1 million letter of credit to cover administrative expenses. The likelihood of future distributions is remote, and the Trust may be terminated by year-end 2021 if income remains inadequate.
PACIFIC COAST OIL TRUST (OTC Pink: ROYTL) announces no cash distribution for units recorded on January 25, 2021, due to negative net profits from November 2020. Operating income was approximately $88,000, with revenues at $1.54 million against operating expenses of $1.36 million. The likelihood of future distributions is extremely remote. The Trust's cumulative net profits deficit stands at about $25.8 million. PCEC has provided a $1 million letter of credit for administrative expenses, but future loans are uncertain amid low commodity prices and market oversupply.