Freeport-McMoRan Oil and Gas Royalty Trust Makes Announcement
HOUSTON--(BUSINESS WIRE)--Jan. 18, 2000--Freeport-McMoRan Oil and Gas Royalty Trust (OTCBB:FMOLS) announced that for the month of November 1999 Gross Proceeds exceeded the Trust's Class A cost by $13,098. As a result of the above, the Class A cost carry-forward has decreased to $22,427,094. The Working Interest Owner is entitled to recoup the cumulative carry-forward from future Gross Proceeds prior to making royalty payments to the Trust. In addition, net current month Trust administrative expenses of $58,115 were paid from the Trust administrative reserve resulting in approximately $896,620 remaining in the expense reserve.
For the month, Gross Proceeds included oil and condensate revenues of approximately $198,153 and gas revenues of approximately $105,333 from sales volumes of 8,607 barrels and 38,869 mcf, respectively, net to the Trust's interest. Class A costs included approximately $89,117 in operating and transportation costs and $42,320 in capital expenditures related to workover activities on West Cameron 498, net to the Trust's Interest. Class A costs also included $158,951 in interest charges related to the Class A cost carry-forward.
CONTACT:
Freeport-McMoRan Oil and Gas Royalty Trust
Chase Bank of Texas, National Association, Trustee
Mike Ulrich, 512/479-2562 |
