Further to my post - latest out from nce - they are really covering their ass as far as future distributions goes. Expect to see more of this over the next month from just about all the O&G Trusts
The stock is down 5.7 % (.85) so far today.
Mark
NCE Petrofund (2)
NCF
Shares issued 0
Sep 7 2001 close $14.950
Monday Sep 10 2001
News Release
An anonymous director reports
September distribution
NCE Petrofund has declared that the September distribution for the trust is 25
Canadian cents per trust unit.
In conjunction with the offering declared earlier today, the company has reviewed
its near-term expenditure requirements, as well as its available credit, and has
determined to distribute during the fourth quarter of 2001 all of its cash flow from
operating activities. This policy will be reviewed periodically. NCE Petrofund
believes that it can sustain monthly distributions at approximately 25 Canadian
cents per unit during this fourth quarter based on the following assumptions:
(i) average prices of $27 (U.S.) per barrel for oil (West Texas intermediate) and
$3 (Canadian) per thousand cubic feet for Canadian gas, (ii) no interruption or
significant change from production levels or operating conditions, and (iii) no
issuance of additional trust units other than in the offering announced today. Under
these assumptions, monthly distributions during the fourth quarter period will
include an average of approximately five Canadian cents per unit of previously
accrued cash flow not yet distributed, which would fully exhaust these accruals by
the end of the fourth quarter. If NCE Petrofund does not distribute these
previously accrued amounts, under these same assumptions the company would
only be able to sustain monthly distributions from current cash flow from
operations at an average of 20 Canadian cents per unit during this period. There
can be no assurance that distributions at the September level will be achieved
during the fourth quarter.
The price for NCE Petrofund on the Toronto Stock Exchange at the close of the
market on Sept. 7, 2001, was $14.95 (Canadian) per unit. The price for NCE
Petrofund on the American Stock Exchange on Sept. 7, 2001, was $9.47 (U.S.)
per unit.
U.S. equivalent
Based on an exchange rate of $1.50 (Canadian) per $1 (U.S.), the September
distribution would be 16.66 U.S. cents per unit. The exact exchange rate is
calculated on the date of record (Sept. 17, 2001).
Payable date
The distribution is payable on Sept. 30, 2001, to holders of record on Sept. 17,
2001.
The September distribution amount reflects a 1-for-3 trust unit consolidation,
which became effective for trading at the opening of trading on July 6, 2001.
WARNING: The company relies upon litigation protection for "forward-looking"
statements.
(c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com |
