Freeport-McMoRan Oil and Gas Royalty Trust Makes Announcement
HOUSTON--(BUSINESS WIRE)--May 8, 2001--Freeport-McMoRan Oil and Gas Royalty Trust (OTCBB:FMOLS) announced that for the month of March 2001 the Gross Proceeds exceeded the Class A costs by $1,354,752. As a result of the above, the Class A cost carry-forward has decreased to $15,990,647. 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 $47,821 were paid from the Trust administrative reserve resulting in $468,100 remaining in the expense reserve.
For the month, Gross Proceeds included oil and condensate revenues of approximately $723,935 and gas revenues of approximately $1,000,892 from sales volumes of 24,327 barrels and 97,527 mcf, respectively, net to the Trust's interest. Class A costs included $176,936 in operating and transportation costs and $84,731 in capital expenditure related to workover activities on West Cameron 498, net to the Trust's interest. Class A costs also included $108,409 in interest charges related to the Class A cost carry-forward. |
