VOC Energy Trust Announces Trust Quarterly Distribution

VOC Energy Trust (NYSE: VOC) announced the Trust distribution of net
profits for the fourth quarterly payment period ended December 31, 2018.

Unitholders of record on January 30, 2019 will receive a distribution
amounting to $2,465,000 or $0.145 per unit, payable February 14, 2019.

Volumes, average sales prices and net profits for the payment period
were:

VOC Brazos Energy Partners, L.P. (“VOC Brazos”) has reported to the
Trustee that it has entered into a joint venture agreement with MD
America Energy, LLC (“MD America”) to develop the lower EagleBine
interval, also referred to as the Lower Woodbine Organic Shale (“LWOS”),
within the north half of the Kurten Woodbine Unit (the “North Contract
Area”). Under the terms of the joint venture agreement, MD America may
carry VOC Brazos for its share of drilling and completion costs for up
to four LWOS wells (the “MD Earning Wells”), with the first MD Earning
Well to be spud by December 31, 2018 and the fourth MD Earning Well to
be spud by November 20, 2020. In exchange, MD America has the
opportunity to earn a working interest representing 50% of VOC Brazos’
interest in each MD Earning Well and up to a 50% interest in VOC Brazos’
acreage in the North Contract Area. After the MD Earning Wells are
completed, MD America also has the right to propose and drill up to
three LWOS wells per year. MD America spudded the first MD Earning Well
on November 20, 2018 and, as of the date of this press release, MD
America has also drilled and set production casing with completion
expected to occur later this year. The joint venture agreement with MD
America covering the North Contract Area is separate from the previously
reported joint venture agreement with Hawkwood Energy East Texas, LLC
(“Hawkwood Energy”) to develop the LWOS within the south half of the
Kurten Woodbine Unit (the “South Contract Area”), whereby Hawkwood
Energy may carry VOC Brazos for its share of drilling and completion
costs for up to four LWOS wells (the “Hawkwood Earning Wells”).

VOC Brazos is evaluating the potential economic benefits associated with
development of the LWOS and pad drilling in the upper EagleBine
interval. If these activities are pursued, with the exception of the MD
and Hawkwood Earning Wells in which MD America and Hawkwood Energy would
carry VOC Brazos for its share of drilling and completion costs, such
activities would result in increased development costs burdening the net
profits interest of the Trust relative to historical development costs.
As a result of such increased development costs, cash available for
distributions by the Trust would be temporarily reduced until
anticipated production from the various development efforts in the
Kurten Woodbine Unit can be brought on-line. To address these emerging
opportunities, VOC Brazos will continue to evaluate the appropriate
strategy and capital plan to fund development for the Trust.

This press release contains forward-looking statements. Although VOC
Brazos has advised the Trust that VOC Brazos believes that the
expectations contained in this press release are reasonable, no
assurances can be given that such expectations will prove to be correct.
The announced distributable amount is based on the amount of cash
received or expected to be received by the Trustee from the underlying
properties on or prior to the record date with respect to the quarter
ended December 31, 2018. Any differences in actual cash receipts by the
Trust could affect this distributable amount. Other important factors
that could cause these statements to differ materially include the
actual results of drilling operations, risks inherent in drilling and
production of oil and gas properties, the ability of commodity
purchasers to make payment, and other risk factors described in the
Trust’s Form 10-K for the year ended December 31, 2017 filed with the
Securities and Exchange Commission. Statements made in this press
release are qualified by the cautionary statements made in these risk
factors. The Trust does not intend, and assumes no obligation, to update
any of the statements included in this press release.

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