Freeport-McMoRan Oil and Gas Royalty Trust Makes Announcement
HOUSTON--(BUSINESS WIRE)--March 1, 1999--Freeport-McMoRan Oil and Gas Royalty Trust (NYSE:FMR) announced that for the month of January 1999, the Gross Proceeds exceeded Class A costs by $116,895, decreasing the cumulative Class A cost carry-forward to $27,861,551. Accordingly, there will be no distribution for the month of February 1999. In addition, net current month Trust administrative expenses of $36,753 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 $0.2 million and gas revenues of approximately $0.3 million from sales volumes of 18,934 barrels and 140,176 mcf, respectively, net to the Trust's interest. Total Class A costs were approximately $0.1 million net to the Trust's interest, primary for West Cameron Block 498. The working interest owner is entitled to recoup the cumulative carry-forward from future Gross Proceeds prior to making royalty payments to the Trust. |
