Freeport-McMoran Oil Trust (FMOLS, formerly FMR) Message Board

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Gold/Mining/Energy : Freeport-McMoran Oil Trust (FMOLS, formerly FMR)

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To: Paul Lee who wrote (48)	12/13/1999 5:25:00 PM
From: Paul Lee	of 69

Freeport-McMoRan Oil and Gas Royalty Trust Makes Announcement HOUSTON--(BUSINESS WIRE)--Dec. 13, 1999--Freeport-McMoRan Oil and Gas Royalty Trust (OTCBB:FMOLS) announced that for the month of October 1999 Class A costs exceeded the Gross Proceeds by $96,708. As a result of the above, the Class A cost carry-forward has increased to $22,440,192. The Working Interest Owner is entitled to recoup the cumulative carry-forward from future Gross Proceeds prior to making royalty payments to the Trust. Net current month Trust administrative expenses of $3,604 were paid from the Trust administrative reserve resulting in approximately $955,000 remaining in the expense reserve. For the month, Gross Proceeds included oil and condensate revenues of approximately $206 thousand and gas revenues of approximately $204 thousand from sales volumes of 12,775 barrels and 179,941 mcf, respectively, net to the Trust's interest. Class A costs included approximately $0.1 million in operating and transportation costs and approximately $0.2 million in capital expenditures related to workover activities on West Cameron 498, net to the Trust's Interest.

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