Freeport-McMoRan Oil and Gas Royalty Trust Makes Announcement
HOUSTON--(BUSINESS WIRE)--Nov. 10, 2000--Freeport-McMoRan Oil and Gas Royalty Trust (OTCBB:FMOLS) announced that for the month of September 2000 the Trust's Class A costs exceeded the Gross Proceeds by $296,928. As a result of the above, the Class A cost carry-forward has increased to $19,996,789. 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 $28,886 were paid from the Trust administrative reserve resulting in $667,371 remaining in the expense reserve.
For the month, Gross Proceeds included oil and condensate revenues of approximately $601,305 and gas revenues of approximately $155,739 from sales volumes of 18,960 barrels and 34,326 mcf, respectively, net to the Trust's interest. Class A costs included $181,787 in operating and transportation costs and $716,227 in capital expenditures related to workover activities on West Cameron 498, net to the Trust's interest. Class A costs also included $155,957 in interest charges related to the Class A cost carry-forward.
CONTACT:
Freeport-McMoRan Oil and Gas Royalty Trust
The Chase Manhattan Bank, Trustee
Mike Ulrich, 512/479-2562 |
