Enduro Royalty Trust Announces Monthly Cash Distribution
AUSTIN, Texas--(BUSINESS WIRE)--Mar. 18, 2013-- Enduro Royalty Trust (NYSE: NDRO) (the “Trust”) announced today a cash distribution to the holders of its units of beneficial interest of $0.056553 per unit, payable on April 12, 2013, to unitholders of record on March 28, 2013. The distribution primarily represents oil production during the month of December 2012 and natural gas production during November 2012.
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
(Bbls)
Natural Gas
(Mcf)
Oil
(per Bbl)
Natural Gas
(per Mcf)
Current Month 77,391 755,408 $ 77.66 $ 3.54
Prior Month 75,573 798,646 $ 81.40 $ 3.21
Average oil prices decreased compared to the prior month due to the impact of wider than historical basis differentials in the Permian Basin. Basis differentials were wider than normal through February 2013 but have narrowed to return to normal levels in March 2013. Proceeds from the settlement of applicable hedge contracts related to the properties underlying the Trust were approximately $1.0 million.
Capital expenditures for the properties underlying the Trust during the period were approximately $3.8 million. Capital relates to expenses incurred during January 2013, primarily for two Permian oil wells being drilled in the Lost Tank field in southeastern New Mexico, in which Enduro owns a 50% working interest. Capital expenditures for these two wells are expected to total approximately $7.3 million, of which $2.9 million was included in the previous month’s capital, $3.2 million is included in the current month’s capital expenditures, and the remainder is expected to be incurred in March. The wells were spud in December 2012 and are expected to be completed and producing within the next two months. Capital remains consistent with expectations for the 2013 capital program of $22 - $24 million for the underlying properties ($18 - $19 million net to the Trust's 80% net profits interest) as discussed in the prior month's release and the February 2013 presentation included on the Trust's website.
