chug, chug chug went the little train
Freeport-McMoRan Oil and Gas Royalty Trust Makes Announcement
HOUSTON--(BUSINESS WIRE)--Sept. 18, 1998--Freeport-McMoRan Oil and Gas Royalty Trust (NYSE:FMR) announced that for the month of August 1998, the Trust's Class A costs exceeded Gross Proceeds by $197,150, increasing the cumulative Class A cost carry-forward to $23,377,874. Accordingly, there will be no distribution for September 1998. In addition, net current month Trust Administrative expenses of $21,929 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 $0.6 million and gas revenues of approximately $0.3 million from sales volumes of 44,917 barrels and 153,239 mcf, respectively, net to the Trust's interest. Royalty Trust Class A costs, primarily for West Cameron 498, included approximately $0.3 million of development costs and $0.4 million in operating costs. Additionally, the Trust's Class A costs included approximately $0.2 million in operating costs for Vermilion block 310 related to the settlement of a disputed liability. |
