Freeport-McMoRan Oil and Gas Royalty Trust Makes Announcement
HOUSTON--(BUSINESS WIRE)--April 1, 1999--Freeport-McMoRan Oil and Gas Royalty Trust (NYSE:FMR) announced that for the month of February 1999, the Class A costs exceeded Gross Proceeds by $177,209 increasing the cumulative Class A cost carry-forward to $28,038,760. Accordingly, there will be no distribution for the month of March 1999. In addition, net current month Trust administrative expenses of $29,975 were paid from the Trust administrative expense reserve resulting in approximately $1.3 million remaining in the expense reserve.
For the month, Gross Proceeds included oil and condensate revenues of approximately $0.1 million and gas revenues of approximately $0.2 million from sales volumes of 12,488 barrels and 152,500 mcf, respectively, net to the Trust's interest. Total Class A costs included approximately $0.4 million of development and operating costs, net to the Trust's interest, primarily for West Cameron Block 498 and Vermilion 58. The Working Interest Owner is entitled to recoup the cumulative carry-forward from future Gross Proceeds prior to making royalty payments to the Trust. |
