Royalty trust

San Juan Basin Royalty Trust Confirms Resignation of PNC Bank as Trustee and Appointment of Argent Trust Company as Successor Trustee

Retrieved on: 
Thursday, February 15, 2024
Professional Services, Mining, Minerals, Oil, Gas, Natural Resources, Energy, Finance, Banking, Acquisition, PNC Financial Services, Trustee, SJT, BBVA, Trust, Royalty trust, PNC

San Juan Basin Royalty Trust (the “Trust”) (NYSE:SJT) announced today that the resignation of PNC Bank (“PNC”) as Trustee of the Trust and appointment of Argent Trust Company, a Tennessee chartered trust company (“Argent”) as successor Trustee is effective as of February 15, 2024.

Key Points: 
  • San Juan Basin Royalty Trust (the “Trust”) (NYSE:SJT) announced today that the resignation of PNC Bank (“PNC”) as Trustee of the Trust and appointment of Argent Trust Company, a Tennessee chartered trust company (“Argent”) as successor Trustee is effective as of February 15, 2024.
  • PNC has appreciated the opportunity to serve as Trustee of the San Juan Basin Royalty Trust over the past two years and will continue to collaborate with Argent in the transition as successor trustee.
  • The Trust will be administered by Argent’s Royalty Trust division, which currently administers seven other publicly traded royalty trusts, in addition to the Trust.
  • "Argent is excited to expand its Royalty Trust service offerings to the Trust," said Reid Harrell, CEO of Argent Trust Company.

San Juan Basin Royalty Trust Announces Status Update to Hilcorp’s Reporting

Retrieved on: 
Friday, July 23, 2021
Maritime, Energy, Transport, Oil, Gas, Law, Equity, Countries, Foreign relations, Legal entities, Royalty trust, Trust law, Hague Trust Convention

BBVA USA, as Trustee of the San Juan Basin Royalty Trust (the Trust) (NYSE:SJT), today announced a status update to the monthly reporting by the owner of the Trusts subject interests, Hilcorp San Juan L.P. (Hilcorp).

Key Points: 
  • BBVA USA, as Trustee of the San Juan Basin Royalty Trust (the Trust) (NYSE:SJT), today announced a status update to the monthly reporting by the owner of the Trusts subject interests, Hilcorp San Juan L.P. (Hilcorp).
  • However, the May 2021 reporting month was based on estimated revenue and severance tax.
  • On July 21, 2021, Hilcorp informed the Trust it was continuing to work internally on the revenue and severance tax reporting issues.
  • However, to the extent Hilcorp has underpaid the Trust, Hilcorp will be obligated to pay the Trust interest (prime rate plus 4%) as required by the Conveyance.

Mesa Royalty Trust Announces Trust Income for July 2021

Retrieved on: 
Tuesday, July 20, 2021
Oil, Gas, Energy, Legal entities, Articles, Royalty trust, Trust law, Law, Royalty payment, Income trust

Mesa Royalty Trust (the “Trust”) (NYSE: MTR) announced today the Trust income distribution for the month of July 2021. Unitholders of record on July 30, 2021 will receive distributions amounting to $0.003925566 per unit, payable on October 29, 2021. The Trust received $33,763, all of which came from the Colorado portion of the Trust’s San Juan Basin properties operated by SIMCOE LLC, an affiliate of IKAV Energy Inc. (“Operator”). No income was received in July 2021 from any other working interest owner. The Trust was formed to own an overriding royalty interest of the net proceeds attributable to certain producing oil and gas properties located in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado.

Key Points: 
  • Mesa Royalty Trust (the Trust) (NYSE: MTR) announced today the Trust income distribution for the month of July 2021.
  • Unitholders of record on July 30, 2021 will receive distributions amounting to $0.003925566 per unit, payable on October 29, 2021.
  • No income was received in July 2021 from any other working interest owner.
  • The working interest owners alone control historical operating data, and handle receipt and payment of funds relating to the royalty properties and payments to the Trust for the related royalty.

San Juan Basin Royalty Trust Declares Cash Distribution for July 2021

Retrieved on: 
Tuesday, July 20, 2021
Energy, Other Energy, Oil, Gas, Articles, Law, Equity, Countries, Legal entities, Common law, Inheritance, Trust law, Royalty trust, Trust, Ion Media, Hague Trust Convention

BBVA USA, as Trustee of the San Juan Basin Royalty Trust (the Trust) (NYSE:SJT), today declared a monthly cash distribution to the holders of its Units of beneficial interest (the Unit Holders) of $3,949,643.61 or $0.084740 per Unit, based primarily upon estimated production during the month of May 2021, subject to certain adjustments by the owner of the Trusts subject interests, Hilcorp San Juan L.P. (Hilcorp), for prior months.

Key Points: 
  • BBVA USA, as Trustee of the San Juan Basin Royalty Trust (the Trust) (NYSE:SJT), today declared a monthly cash distribution to the holders of its Units of beneficial interest (the Unit Holders) of $3,949,643.61 or $0.084740 per Unit, based primarily upon estimated production during the month of May 2021, subject to certain adjustments by the owner of the Trusts subject interests, Hilcorp San Juan L.P. (Hilcorp), for prior months.
  • The distribution is payable August 13, 2021, to Unit Holders of record as of July 30, 2021.
  • Based upon information provided to the Trust by Hilcorp, gas production for the subject interests totaled 2,695,014 Mcf (2,994,460 MMBtu) for May 2021, as compared to 2,498,553 Mcf (2,776,171 MMBtu) for April 2021.
  • Hilcorp has advised the Trust that the May 2021 reporting month included additional profits of $2,559,341 gross ($1,919,505 net to the Trust) based on true-ups to the lease operating expense, property tax and capital cost categories for the January 2021 through April 2021 production months.

Gulf Coast Ultra Deep Royalty Trust Announces Quarterly Cash Distribution

Retrieved on: 
Friday, July 16, 2021
Energy, Other Energy, Oil, Gas, Legal entities, Articles, Royalty trust, Law, Trust law, Royalty payment, Income trust

About Gulf Coast Ultra Deep Royalty Trust.

Key Points: 
  • About Gulf Coast Ultra Deep Royalty Trust.
  • The subject interests and the Trusts overriding royalty interests are described in the Trusts filings with the Securities and Exchange Commission (SEC).
  • Any differences in actual cash receipts by the Trust could affect the amount of quarterly cash distributions.
  • If you have any questions related to the Trust, please see below for contact information:
    View source version on businesswire.com: https://www.businesswire.com/news/home/20210716005436/en/

Permianville Royalty Trust Announces Monthly Operational Update

Retrieved on: 
Friday, July 16, 2021
Energy, Professional services, Oil, Gas, Finance, Law, Legal entities, Articles, Expense, Intellectual property law, Patent law, Royalty payment, Trust law, Royalty trust, Oil and gas law in the United States, Energy

The remaining administrative advances for the prior months will be repaid with any net profits in next months net profits interest calculation.

Key Points: 
  • The remaining administrative advances for the prior months will be repaid with any net profits in next months net profits interest calculation.
  • Permianville Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico.
  • In addition, future monthly capital expenditures may exceed the average levels experienced in 2020 and prior periods.
  • Neither the Sponsor nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release.

Hugoton Royalty Trust Announces Agreement To Sell Trust Assets

Retrieved on: 
Friday, July 2, 2021
XTO Energy, Petroleum industry, Articles, Trust law, Royalty trust, Purchase and sale agreement, Law

DALLAS, July 2, 2021 /PRNewswire/ --Simmons Bank, as trustee (the "Trustee"), of Hugoton Royalty Trust (OTCQB:HGTXU) (the "Trust"), announced today that it has entered into a purchase and sale agreement with XTO Energy Inc. ("XTO Energy") pursuant to which XTO Energy would, subject to the terms and conditions in the purchase and sale agreement, acquire for $6,600,000 in cash the net overriding royalty interest created pursuant to the net overriding royalty conveyancesheld by the Trust and certain other assets constituting substantially all of the assets of the Trust.

Key Points: 
  • DALLAS, July 2, 2021 /PRNewswire/ --Simmons Bank, as trustee (the "Trustee"), of Hugoton Royalty Trust (OTCQB:HGTXU) (the "Trust"), announced today that it has entered into a purchase and sale agreement with XTO Energy Inc. ("XTO Energy") pursuant to which XTO Energy would, subject to the terms and conditions in the purchase and sale agreement, acquire for $6,600,000 in cash the net overriding royalty interest created pursuant to the net overriding royalty conveyancesheld by the Trust and certain other assets constituting substantially all of the assets of the Trust.
  • The Trustee intends to call a special meeting of Unit holders for the purpose of approving the sale of assets.
  • Execution of the purchase and sale agreement followed a process previously announced by the Trust whereby the Trustee had engaged a third party to market the Trust's assets.
  • This communication is being made in respect of the proposed transaction involving the Trust and XTO Energy.

Pacific Coast Oil Trust Announces There Will Be No June Cash Distribution

Retrieved on: 
Thursday, June 24, 2021
Oil, Gas, Energy, Articles, Legal entities, Law, Royalty trust, Trust law, Delaware statutory trust, Royalty payment, Organizations

ARO is the accounting recognition related to plugging and abandonment obligations that all oil and gas operators face.

Key Points: 
  • ARO is the accounting recognition related to plugging and abandonment obligations that all oil and gas operators face.
  • Therefore, until the net profits deficit is eliminated, the only cash proceeds the Trust will receive are pursuant to the 7.5% overriding royalty interest.
  • Costs associated with returning wells to service must be recovered before cash flow to the Trust can be created.
  • Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the Underlying Properties).

Mesa Royalty Trust Announces Trust Income for June 2021

Retrieved on: 
Friday, June 18, 2021
Oil, Gas, Energy, Legal entities, Articles, Royalty trust, Trust law, Law, Royalty payment, Income trust

Mesa Royalty Trust (the Trust) (NYSE: MTR) announced today the Trust income distribution for the month of June 2021.

Key Points: 
  • Mesa Royalty Trust (the Trust) (NYSE: MTR) announced today the Trust income distribution for the month of June 2021.
  • Unitholders of record on June 30, 2021 will receive distributions amounting to $0.017151226 per unit, payable on July 30, 2021.
  • No income was received in June 2021 from any other working interest owner.
  • The working interest owners alone control historical operating data, and handle receipt and payment of funds relating to the royalty properties and payments to the Trust for the related royalty.

Permianville Royalty Trust Announces Monthly Operational Update

Retrieved on: 
Friday, June 18, 2021
Oil, Gas, Energy, Law, Articles, Legal entities, Expense, Intellectual property law, Patent law, Royalty payment, Trust law, Oil and gas law in the United States, Royalty trust, Energy

Total accrued operating expenses for the period were $2.0 million, a $0.1 million decrease month-over-month from the prior period.

Key Points: 
  • Total accrued operating expenses for the period were $2.0 million, a $0.1 million decrease month-over-month from the prior period.
  • Permianville Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico.
  • In addition, future monthly capital expenditures may exceed the average levels experienced in 2020 and prior periods.
  • Neither the Sponsor nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release.