Enduro Royalty Trust Announces Monthly Cash Distribution
AUSTIN, Texas--(BUSINESS WIRE)--Jun. 19, 2012-- Enduro Royalty Trust (NYSE: NDRO) announced today a cash distribution to the holders of its units of beneficial interest of $0.145842 per unit, payable on July 16, 2012, to unitholders of record on June 29, 2012. The distribution primarily represents oil production during the month of March 2012 and natural gas production during February 2012, and includes proceeds of approximately $1.1 million related to the settlement of applicable hedge contracts.
The following table displays underlying oil and natural gas sales volumes and average prices attributable to the current month and prior month distributions.
Underlying Sales Volumes Average Price
Oil Natural Gas Oil Natural Gas
(Bbls) (Mcf) (per Bbl) (per Mcf)
Current Month 81,730 665,676 $ 101.11 $ 3.03
Prior Month 79,914 819,095 $ 98.62 $ 3.31
The majority of the decrease in natural gas production is due to certain shut-in production in the Haynesville while the operator completes neighboring wells. This is a typical practice and the wells are being brought back on in phases. Oil production continues to exceed estimates due to increased capital projects in the Permian Basin and a flatter base decline on existing oil wells.
Capital expenditures included in the net profits calculation during the period were approximately $1.7 million.
Enduro Royalty Trust is a Delaware statutory trust formed by Enduro Resource Partners 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 of Enduro Resource Partners’ properties in the states of Texas, Louisiana and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission, the amount of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices and the amount and timing of the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.enduroroyaltytrust.com.
