Freeport-McMoRan Oil and Gas Royalty Trust Makes Announcement
HOUSTON--(BUSINESS WIRE)--Oct. 5, 2000--Freeport-McMoRan Oil and Gas Royalty Trust (OTCBB:FMOLS) announced that for the month of August, 2000 the Trust's Class A costs exceeded the Gross Proceeds by $1,077. As a result of the above, the Class A cost carry-forward has increased to $19,699,861. 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 $5,365 were paid from the Trust administrative reserve resulting in $696,256 remaining in the expense reserve.
For the month, Gross Proceeds included oil and condensate revenues of approximately $266,934 and gas revenues of approximately $129,810 from sales volumes of 7,475 barrels and 30,592 mcf, respectively, net to the Trust's interest. Class A costs included $113,480 in operating and transportation costs and $88,392 in capital expenditures related to workover activities on West Cameron 498, net to the Trust's interest. Class A costs also included $155,949 in interest charges related to the Class A cost carry-forward. |
