Sabine Royalty Trust Declares Monthly Cash Distribution for Oct.
Sabine Royalty Trust has declared a cash distribution to the holders of its units of beneficial interest of $0.24321 per unit, payable on October 29, 2009, to unit holders of record on October 15, 2009.
This distribution reflects primarily the oil production for July 2009 and the gas production for June 2009, both including postings from the previous month's production. Preliminary production volumes are approximately 33,676 barrels of oil and 449,449 Mcf of gas. Preliminary average prices are approximately $63.13 per barrel of oil and $3.78 per Mcf of gas. The table below compares this month's production and prices to the previous month's:
Net to Trust Sales
Volumes Average Price
Oil Gas Oil Gas
(bbls) (Mcf) (per bbl) (per Mcf)
------- ------- -------- --------
Current Month 33,676 449,449 $63.13 $3.78
Prior Month 40,400 426,879 $63.06 $3.18
Revenues are only posted and distributed when they are received. Most energy companies normally issue payment of royalties on or about the 25th of every month, and depending on mail delivery, a varying amount of royalties are not received until after the revenue posting on the last business day of the month. The revenues received after that date will be posted within 30 days of receipt.
Due to the timing of the end of the month of September, approximately $255,000 of revenue received will be posted in the following month of October in addition to normal receipts during October. Since the close of business in September and prior to this press release, approximately $226,000 in revenue has been received.