Freeport McMoRan Oil and Gas Royalty Trust Makes Announcement
HOUSTON--(BUSINESS WIRE)--April 14, 2000--Freeport McMoRan Oil and Gas Royalty Trust (OTCBB:FMOLS - news) announced that for the month of February 2000 Gross Proceeds exceeded the Trust's Class A costs by $600,354. As a result of the above, the Class A cost carry-forward has decreased to $20,600,128. 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 $24,655 were paid from the Trust administrative reserve resulting in $832,617 remaining in the expense reserve.
For the month, Gross Proceeds included oil and condensate revenues of approximately $979,837 and gas revenues of approximately $67,994 from sales volumes of 34,702 barrels and 31,442 mcf, respectively, net to the Trust's interest. Class A costs included $157,367 in operating and transportation costs and $135,523 in capital expenditures related to workover activities on West Cameron 498, net to the Trust's interest. Class A costs also included $154,587 in interest charges related to the Class A cost carry-forward. |
