Freeport-McMoRan Oil and Gas Royalty Trust Makes Announcement
HOUSTON--(BUSINESS WIRE)--Feb. 6, 2001--Freeport-McMoRan Oil and Gas Royalty Trust (OTCBB:FMOLS) announced that for the month of December, 2000, the gross proceeds exceeded the Class A costs by $346,749. As a result of the above, the Class A cost carry-forward has decreased to $19,408,971. 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 $28,920 were paid from the trust administrative reserve resulting in $586,539 remaining in the expense reserve.
For the month, gross proceeds included oil and condensate revenues of approximately $900,402 and gas revenues of approximately $362,808 from sales volumes of 26,313 barrels and 66,358 mcf, respectively, net to the trust's interest. Class A costs included $202,641 in operating and transportation costs and $557,421 in capital expenditures related to workover activities on West Cameron 498, net to the trust's interest. Class A costs also included $156,399 in interest charges related to the Class A cost carry-forward. |
