Freeport-McMoRan Oil and Gas Royalty Trust Makes Announcement
HOUSTON--(BUSINESS WIRE)--Nov. 3, 1999--Freeport-McMoRan Oil and Gas Royalty Trust (OTCBB:FMOLS) announced that for the month of October 1999 the Trust's Class A cost carry-forward has decreased by $77,623, to $22,343,484. Because of the Class A cost carry-forward, there will be no distribution for the month of October. The Working Interest Owner is entitled to recoup the cumulative carry-forward from future Gross Proceeds prior to making royalty payments to the Trust. This decrease is due to the final settlement of the property assignment of Vermilion Blocks 21/22 to the operator, on August 30, 1999, as well as the reversal of the related plugging and abandonment accrual associated with these assigned properties of $178,803. This decrease is partially offset by the Trust's Class A costs exceeding Gross Proceeds by $101,179. In addition, net current month Trust administrative expenses of $55,783 were paid from the Trust administrative reserve resulting in approximately $958,000 remaining in the expense reserve.
For the month, Gross Proceeds included oil and condensate revenues of approximately $222,000 and gas revenues of approximately $92,000 from sales volumes of 10,657 barrels and 39,719 mcf, respectively, net to the Trust's interest. Class A costs included approximately $200,000 in operating and transportation costs, net to the Trust's interest.
CONTACT:
Freeport-McMoRan Oil and Gas Royalty Trust
Chase Bank of Texas, National Association, Trustee
Mike Ulrich, 512/479-2562 |
