Freeport-McMoRan Oil and Gas Royalty Trust Makes Announcement
HOUSTON--(BUSINESS WIRE)--Sept. 7, 2000--Freeport-McMoRan Oil and Gas Royalty Trust (OTCBB:FMOLS) announced that for the month of July, 2000, the Gross Proceeds exceeded the Trust's Class A costs by $76,427. As a result of the above, the Class A cost carry-forward has decreased to $19,698,784. 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 $2,064 were paid from the Trust administrative reserve resulting in $701,621 remaining in the expense reserve.
For the month, Gross Proceeds included oil and condensate revenues of approximately $288,243 and gas revenues of approximately $83,281 from sales volumes of 9,023 barrels and 26,137 mcf, respectively, net to the Trust's interest. Class A costs included $115,516 in operating and transportation costs and $23,027 in capital expenditures related to workover activities on West Cameron 498, net to the Trust's interest. Class A costs also included $156,554 in interest charges related to the Class A cost carry-forward. |
