Freeport-McMoRan Oil and Gas Royalty Trust Makes Announcement
HOUSTON--(BUSINESS WIRE)--Aug. 21, 1998--Freeport-McMoRan Oil and Gas Royalty Trust (New York Stock Exchange Symbol:FMR) announced that for the month of July 1998, the Trust's Class A costs exceeded Gross Proceeds by $597,760, increasing the cumulative Class A cost carry-forward to $23,180,724. Accordingly, there will be no distribution for August 1998. In addition, net current month Trust Administrative expenses of $17,219 will be paid from the Trust Administrative expense reserve resulting in approximately $1.5 million remaining in the expense reserve.
For the month Gross Proceeds included oil and condensate revenues of $0.7 million and gas revenues of $0.5 million from sales volumes of 50,220 barrels and, 217,088 mcf, respectively, net to the Trust's interest. Class A costs included $1.3 million in development costs and $0.3 million in operating costs, net to the Trust's interest, both primarily for West Cameron Block 498. |
