MV Oil Trust Announces Trust Second Quarter Distribution

Source: www.gulfoilandgas.com 7/5/2022, Location: North America

MV Oil Trust announced the Trust distribution of net profits for the second quarterly payment period ended June 30, 2022.

Unitholders of record on July 15, 2022 will receive a distribution amounting to $8,050,000 or $0.700 per unit payable July 25, 2022.

As previously disclosed, in November 2021, the Trustee notified MV Partners, LLC (“MV Partners”) that the Trustee intends to build a reserve for the payment of future known, anticipated or contingent expenses or liabilities, commencing with the distribution payable in the first quarter of 2022. The Trustee intends to withhold a portion of the proceeds otherwise available for distribution each quarter to gradually build a cash reserve to approximately $1.265 million. This amount is in addition to the letter of credit in the amount of $1.8 million provided to the Trustee by MV Partners to protect the Trust against the risk that it does not have sufficient cash to pay future expenses. The Trustee may increase or decrease the targeted amount at any time, and may increase or decrease the rate at which it is withholding funds to build the cash reserve at any time, without advance notice to the unitholders. Cash held in reserve will be invested as required by the Trust Agreement. Any cash reserved in excess of the amount necessary to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities eventually will be distributed to unitholders, together with interest earned on the funds. The Trustee has elected to withhold $421,668 from the proceeds otherwise available for distribution this quarter, for a total amount of $632,502 withheld to date.


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