low prices, production cutbacks =
Freeport-McMoRan Oil and Gas Royalty Trust Makes Announcement
HOUSTON--(BUSINESS WIRE)--Oct. 20, 1998--Freeport-McMoRan Oil and Gas Royalty Trust (NYSE:FMR) announced that for the month of September 1998, the Trust's Class A costs exceeded Gross Proceeds by $135,483, increasing the cumulative Class A cost carry-forward to $23,513,357. Accordingly, there will be no distribution for October 1998. In addition, net current month Trust administrative expenses of $2,663 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 approximately $0.6 million and gas revenues of approximately $0.3 million from sales volumes of 43,083 barrels and, 136,189 mcf, respectively, net to the Trust's interest. Class A costs included approximately $0.5 million of development costs and $0.4 million in operating costs, net to the Trust's interest, both primarily for West Cameron Block 498. |
