Sabine Royalty Trust Announces Monthly Cash Distribution For May 2021
DALLAS, May 7, 2021 /PRNewswire/ -- Simmons Bank, as Trustee of the Sabine Royalty Trust (NYSE: SBR), today declared a cash distribution to the holders of its units of beneficial interest of
This distribution reflects primarily the oil production for February 2021 and the gas production for January 2021. Preliminary production volumes are approximately 43,616 barrels of oil and 863,460 Mcf of gas. Preliminary prices are approximately
The table below compares this month's production and prices to the previous month's:
Net to Trust Sales | ||||||||||
Volumes | Average Price | |||||||||
Oil (bbls) | Gas (Mcf) | Oil (per bbl) | Gas (per Mcf) | |||||||
Current Month | 43,616 | 863,460 | ||||||||
Prior Month | 50,741 | 650,124 | ||||||||
Revenues are only distributed after they are received, verified and posted. Most energy companies normally issue payment of royalties on or about the 25th of every month, and depending on mail delivery, a varying amount of royalties are not received until after the revenue posting on the last business day of the month. The revenues received after that date will be posted within 30 days of receipt.
During the month of April, the respective shelter-at-home/work-from-home orders across the spectrum of the industry has significantly affected the posting of revenues for the Trust, until the following month of May. As adjustments are made accordingly, the functions of the Trust are still being performed, although on a delayed basis. We will continue to strive to make the operations of the Trust and its providers, as fluid as possible.
Due to the timing of the end of the month of April, approximately
Sabine Royalty Trust, as it does after the end of each year, had a year-end Reserve Report prepared in accordance with the Securities and Exchange Commission's requirements. This report provides an evaluation of the estimated asset value as of December 31 of each year, which can be used to estimate the remaining life of the Trust.
The estimated net proved reserves, as of January 1, 2021, attributable to the Trust from the properties appraised are approximately 6.3 million barrels of oil and 39.8 billion cubic feet of gas with a future net value of approximately
The 2020 Annual Report with Form 10-K and the January 1, 2021 Reserve Summary are now available on the Sabine website at http://www.sbr-sabine.com/.
View original content:http://www.prnewswire.com/news-releases/sabine-royalty-trust-announces-monthly-cash-distribution-for-may-2021-301286546.html
SOURCE SABINE ROYALTY TRUST