Freeport McMoRan Oil and Gas Royalty Trust Makes Announcement
HOUSTON--(BUSINESS WIRE)--Aug. 4, 2000--Freeport McMoRan Oil and Gas Royalty Trust (OTCBB:FMOLS - news) announced that for the month of June 2000 the Gross Proceeds exceeded the Trust's Class A costs by $327,514. As a result of the above, the Class A cost carry-forward has decreased to $19,775,211. 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 $39,056 were paid from the Trust administrative reserve resulting in $703,685 remaining in the expense reserve.
For the month, Gross Proceeds included oil and condensate revenues of approximately $317,520 and gas revenues of approximately $242,423 from sales volumes of 10,671 barrels and 81,631 mcf, respectively, net to the Trust's interest. Class A costs included $55,768 in operating and transportation costs and $17,513 in capital expenditures related to workover activities on West Cameron 498, net to the Trust's interest. Class A costs also included $159,147 in interest charges related to the Class A cost carry-forward. |
