Permianville Royalty Announces Monthly Operational Update

Source: www.gulfoilandgas.com 5/17/2021, Location: North America

Permianville Royalty Trust announced the net profits interest calculation for May 2021. The net profits interest calculation represents reported oil production for the month of February 2021 and reported natural gas production during January 2021. The calculation includes accrued costs incurred in March 2021.

This month, excluding prior net profits interest shortfalls, income from the distributable net profits interest would have been approximately $0.1 million. As a result of the cumulative outstanding net profits shortfall of approximately $0.6 million, however, no distribution will be paid to the Trust’s unitholders of record on May 31, 2021 in June 2021. Distributions to the Trust will resume once the cumulative net profits shortfall, which continues to decrease and now totals approximately $0.5 million, is eliminated.

Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $1.8 million for the current month on realized wellhead prices of $56.98/Bbl, down $0.6 million from the prior month distribution period. The decrease in sales volumes was primarily due to winter storm Uri in February 2021, which caused a number of the operators of the Underlying Properties to temporarily shut-in wells.

Recorded natural gas cash receipts from the Underlying Properties remained consistent with the prior month at $0.7 million.

Total accrued operating expenses for the period were $2.1 million, a $0.3 million decrease month-over-month from the prior period. Capital expenditures increased $0.1 from the prior period.

The remaining cumulative shortfall in net profits for the prior months will be deducted from any net profits in next month’s net profits interest calculation. At this time based on current commodity prices, COERT Holdings 1 LLC (the “Sponsor”) anticipates that the Underlying Properties will continue to generate positive net profits to reduce the cumulative shortfall before returning to monthly distributions again.


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