Chesapeake Granite Wash Trust (NYSE:CHKR) is a Delaware statutory trust formed by Chesapeake Energy Corporation to own certain royalty interests in oil and natural gas wells in Washita County, Oklahoma, producing from the Colony Granite Wash Play within the broader Granite Wash formation of the Anadarko Basin. The common units representing beneficial interests in Chesapeake Granite Wash Trust do not represent interests in and are not obligations of Chesapeake Energy Corporation.Chesapeake Granite Wash Trust owns royalty interests in oil, natural gas liquids and natural gas properties located in Washita County, Oklahoma, which were conveyed to the Trust by Chesapeake Energy Corporation (NYSE:CHK). These royalty interests entitle the trust to receive, after the deduction of post-production expenses and taxes:90% of the proceeds attributable to Chesapeake Energy Corporation’s net revenue interest in the sale of production from 69 horizontal producing wells; and 50% of the proceeds attributable to Chesapeake’s net revenue interest in the sale of production from 118 horizontal development wells to be drilled by Chesapeake Energy Corporation within a defined Area of Mutual Interest (AMI).
- The Area of Mutual Interest (AMI) of the Chesapeake Granite Wash Trust is limited to the Colony Granite Wash formation and consists of approximately 45,400 gross acres (28,700 net acres) held by Chesapeake Energy Corporation. The AMI is identified on the map below.The Colony Granite Wash formation is encountered at depths between approximately 11,500 and 13,000 feet. It lies between the top of the Des Moines formation (or top of Colony Granite Wash “A”) and the top of the Prue formation (or base of Colony Granite Wash “C”).
The Colony Granite Wash is a subset of the greater Granite Wash plays of the Anadarko Basin. The Colony Granite Wash is situated at the eastern end of a series of Des Moines-age granite wash fields that extend along the southern flank of the Anadarko Basin, approximately 60 miles into the Texas Panhandle.
The Trust will make quarterly distributions of the cash receipts attributable to the royalty interests, after deducting the Trust’s expenses, through the quarter ending June 30, 2031.
The business and affairs of the Trust are managed by The Bank of New York Mellon Trust Company, N.A., as trustee.
|Ex-dividend date ||Amount ||Record date ||Pay date |
|February 17, 2016 ||$0.2195 ||February 19, 2016 ||February 29, 2016 |
|November 17, 2015 ||$0.3232 ||November 19, 2015 ||November 30, 2015 |
|August 17, 2015 ||$0.3579 ||August 19, 2015 ||August 31, 2015 |
|May 18, 2015 ||$0.3899 ||May 20, 2015 ||June 1, 2015 |