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Freeport-McMoRan Oil and Gas Royalty Trust Makes Announcement
HOUSTON--(BUSINESS WIRE)--March 21, 2000--Freeport-McMoRan Oil and Gas Royalty Trust (OTCBB: FMOLS) announced that for the month of January 2000 Gross Proceeds exceeded the Trust's Class A costs by $1,070,982. As a result of the above, the Class A cost carry-forward has decreased to $21,200,481. 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 $15,072 were paid from the Trust administrative reserve resulting in $857,272 remaining in the expense reserve.
For the month, Gross Proceeds included oil and condensate revenues of approximately $611,688 and gas revenues of approximately $102,440 from sales volumes of 22,815 barrels and 33,205 mcf, respectively, net to the Trust's interest. Class A costs included $1,173,676 in operating and transportation costs resulting from the adjustment of Joint interest billing charges for High Island A552 from Force Energy and $663,705 in capital expenditures related to workover activities on West Cameron 498, net to the Trust's interest. Class A costs also included $153,117 in interest charges related to the Class A cost carry-forward. |
