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Sarals, Good thing "We rushed", fewer women and children in the mass graves, would not you agree? Or do you think Saddam was done with the mass killings? Glad you were not around in the early 40's. Or maybe you think we rushed into Germany too???????
Seabass, One question. If Saddam had NO WMD why would he allow sanctions for over a decade costing billions?
Sarals, "Running out of places to look"(Iraq bigger than Texas)? Fruitless searches(Mobile Bio Labs found),"No more Targets",(Why is a larger team taking over?) Patience will yield many finds in the future, then what will the opposition talk about? The Looting of a museum? Here are the facts to date: No more mass graves are being dug for women and children, Iraqs have freedom of worship, millions of citizens are involved in the seedlings of a democratic process, not a bad start.
Seabass,International Atomic Reg Agency??? As bad as the U.N. imho. Come on you can do better than that can't you? I never get you guys, everything is a conspiracy. I'm very proud of my government and country, no matter who is in office. It would be nice if others on this thread thought country first did away with the name calling and gave credit where it is due.
If the Bio's go, the floor with it Bear.
Pegn, WMD, Regime change, liberate the Iraqi people. A taste of freedom can go a long way. Sometime within the next year I think we will see a revolution in Iran and a move towards moderation, freedom will spread, a good thing right? Be patient, one less tyrant with his abusive thumb on a populace.
Pegn,You forgot to mention the thousands found in mass graves.
Hap.WMD in Iraq known to exist for Years says the U.N. Where have you been???
Coal, Very childish, nothing of substance?
Coal,Maine,Sara,Rick,Very weak responses.
Coal, Very enlightening of your background.
Coal, The whole World Knows WMD were in Saddam's hands,are you kidding me? U.N., Every living U.S. President. This is your core belief that no WMD ever in the hands of Husseins regime?
Next Political battle is the Supreme Court :))))
Coal, at least be correct in your assessments. I do believe the Clintonites have agreed WMD existed. If not them then only Pres. Clinton based on his historical statements,would not you agree?
Brain, Patience is the key, good men are slow to anger and I feel we are in a righteous position.
Coal,What is your real deal? Answer me this, Saddam in or out? Which do you prefer? Simple question. BTW,. I saw your answer RE: Mass graves. As far as I am concerned, the image of a mother holding her baby in her arms being forced into a pit and having tons of dirt poured over them alive is enough to justify whatever the coalition accomplished in Iraq. do you agree? Transition is tough but freedom is worth the battle, do you agree? It all started with the Minutemen back in the 1700's. I think Iraq deserves the chance for self rule and a free society, do you? Patience Re: WMD, the world was not wrong in it's original assessment.
Rick,your kidding right?
Maine,(D)Gephardt has ideas,Higher Taxes!
sarals, He is the Dem. leader of the house, why are you surprised that he is lite?
Sarai,WMD was only one reason for the recent conflict in Iraq. Regime change, liberation of the Iraqi peoples to name a few others. Something btw that was agreed to by both the U.N. and former President Clinton. WMD in the hands of the past Iraqi regime is not in question, only a matter of time. I think you do an injustice to political adversaries of Pres. Bush when you bring into question his truthfulness. No leaders I have ever read have questioned this. If you can show me evidence of his willful deception I'll send you the address of the DNC.
T/U for the ignore. My intention is not to insult you, rather point out your misspelling. It is annoying to the reader. If you are a "great mind" in your own opinion, how do you explain posting these thoughts in a public forum?
http://www.investorshub.com/boards/read_msg.asp?message_id=860403
Great minds never resort to name calling and are slow to anger.
Maine,Ever hear of spellcheck?
Coal,What are your personal thoughts on the mass graves that were found? Most men, women, and children buried alive.
What happened,any news???
Odiemutt,Oracle is a cash Bid,not yet accepted by Peoplesoft,I'm sure they think $16 not enough.
Oracle buying Peoplesoft for $16.00/share!
Brain, do you have a link, are you saying prices per MMbtu over $7.00 dollars?? If so I'm celebrating. Check out *TRU* Dividend now over 15%,check out highlighted section below! Wow!
TORCH ENERGY ROYALTY TRUST (TRU)
Quarterly Report (SEC form 10-Q)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Three Months Ended March 31, 2003 Compared to Three Months Ended March 31, 2002
Because a modified cash basis of accounting is utilized by the Trust, net profits income of the Trust for the three months ended March 31, 2003 and 2002 is derived from actual oil and gas produced during the three months ended December 31, 2002 and 2001, respectively. Oil and gas sales attributable to the working interests burdened by the Underlying Properties for such periods are as follows:
Three Months Ended March 31,
--------------------------------------------------
2003 2002
--------------------- ---------------------
Bbls Mcf Bbls Mcf
of Oil of Gas of Oil of Gas
------ ------ ------ ------
Chalkley Field 2,075 458,789 2,524 540,910
Robinson's Bend Field --- 515,801 --- 552,829
Cotton Valley Fields 710 258,307 984 270,753
Austin Chalk Fields 3,509 19,041 3,514 6,700
----- --------- ----- ---------
6,294 1,251,938 7,022 1,371,192
===== ========= ===== =========
For the three months ended March 31, 2003, net profits income was $2.9 million, up 32% from net profits income of $2.2 million for the same period in 2002. Such increases are mainly due to increases in the average price paid for oil and gas production attributable to the Underlying Properties during the current quarter, partially offset by decreased production.
Gas production attributable to the distributions received by Unitholders during the three months ended March 31, 2003 was 1,251,938 Mcf, or 9% lower than gas production of 1,371,192 Mcf for the same period in 2002. Oil production attributable to distributions received by Unitholders during the quarter ended March 31, 2003 was 6,294 Bbls as compared to 7,022 Bbls for the same period in 2002. Such decreases in production are mainly due to normal production declines.
The average price used to calculate Net Proceeds for gas and oil during the three months ended March 31, 2003 was $2.96 per MMBtu for gas and $21.82 per Bbl for oil as compared to $2.12 per MMBtu for gas and $14.21 per Bbl for oil during the same period in 2002. When TEMI pays a purchase price for gas based on the Minimum Price ($1.71 per MMBtu for 2003 and 2002), TEMI receives Price Credits which it is
TORCH ENERGY ROYALTY TRUST
entitled to deduct in determining the purchase price when the Index Price for gas exceeds the Minimum Price. No Price Credits were deducted in calculating the purchase price related to distributions received by Unitholders during the quarters ended March 31, 2003 and 2002. As of March 31, 2003, TEMI had no accumulated Price Credits. Additionally, if the Index Price for gas exceeds the Sharing Price ($2.12 per MMBtu for 2003 and 2002), TEMI is entitled to deduct 50% of such excess in calculating the purchase price. The deduction of the Price Differential in calculating the purchase price had the effect of reducing distributions received by Unitholders during the three months ended March 31, 2003 and 2002 by $1.0 million and $0.2 million respectively.
General and administrative expenses amounted to $0.2 million for each of the three-month periods March 31, 2003 and 2002. These expenses primarily relate to administrative services provided by Torch and the Trustee.
The foregoing resulted in distributable income of $2.7 million, or $.31 per Unit, for the three months ended March 31, 2003, as compared to $2.1 million, or $.24 per Unit, for the same period in 2002. Cash distributions of $2.7 million, or $0.31 per Unit, were made during the quarter ended March 31, 2003 as compared to $2.1 million, or $0.24 per Unit, for the same period in 2002. The Section 29 Credits relating to these distributions, generated from production during the three months ended December 31, 2002 and 2001, were approximately $0.07 per Unit per period.
TORCH ENERGY ROYALTY TRUST
Net profits income received by the Trust during the three month periods ended March 31, 2003 and 2002, derived from production sold during the three months ended December 31, 2002 and 2001, respectively, was computed as shown in the following table (in thousands):
Three Months Ended March 31, 2003 Three Months Ended March 31, 2002
-------------------------------------- --------------------------------------------
Chalkley, Chalkley, Cotton
Cotton Valley Valley and
and Austin Robinson's Austin Chalk Robinson's
Chalk Fields Bend Field Total Fields Bend Field Total
------------- ---------- ----- ----------------- ---------- -----
Oil and gas revenues $2,359 $1,317 $3,676 $1,869 $975 $2,844
------ ------ ------ ------ ---- ------
Direct operating expenses:
Lease operating expenses and
Property tax 424 --- 424 313 --- 313
Severance tax 143 88 231 135 40 175
------ ------ ------ ------ ---- ------
567 88 655 448 40 488
------ ------ ------ ------ ---- ------
Net proceeds before capital
Expenditures 1,792 1,229 3,021 1,421 935 2,356
Capital expenditures 2 --- 2 5 --- 5
------ ------ ------ ------ ---- ------
Net proceeds 1,790 1,229 3,019 1,416 935 2,351
Net profits percentage 95% 95% 95% 95% 95% 95%
------ ------ ------ ------ ---- ------
Net profits income $1,700 $1,168 $2,868 $1,345 $888 $2,233
====== ====== ====== ====== ==== ======
Following December 31, 2002, Net Proceeds Attributable to the Robinson's Bend Field Will Decrease
Prior to December 31, 2002, lease operating expenses were not deducted in calculating the Net Proceeds payable to the Trust from the Robinson's Bend Field. Commencing with the second quarter 2003 distribution, pertaining to the quarter ended March 31, 2003 production, lease operating expenses will be deducted in calculating Net Proceeds. As a result, Net Proceeds paid to the Trust attributable to the Robinson's Bend Field will decrease substantially.
Lease operating expenses in the Robinson's Bend Field related to the quarter ended December 31, 2002 production were $1.4 million. Because lease operating expenses for the Robinson's Bend Field during this period exceeded Net Proceeds paid to the Trust from the Robinson's Bend Field, deduction of lease operating expenses would have reduced the Net Proceeds paid to the Trust attributable to the Robinson's Bend Field to zero and amounts paid to the Trust during the quarter ended March 31, 2003 would have been reduced from $2.7 million to $1.5 million, or $0.31 per Unit to $0.17 per Unit. Torch currently estimates that if average gas prices in 2003 are below $4.80 per MMBtu as settled on the New York Mercantile Exchange ("NYMEX), lease operating expenses will exceed Net Proceeds. Approximately $1.1 million of the $1.4
TORCH ENERGY ROYALTY TRUST
million of the lease operating expenses during the current quarter were paid to Torch and its affiliates pursuant to a water disposal contract and operating agreements covering the wells in the Robinson's Bend Field.
Termination of the Trust
The Trust will terminate on March 1 of any year after 2002 if it is determined that the pre-tax future net cash flows, discounted at 10%, attributable to estimated net proved reserves of the Net Profits Interests on the preceding December 31 are less than $25.0 million. The pre-tax future net cash flows, discounted at 10%, attributable to estimated net proved reserves of the Net Profits Interests as of December 31, 2002 was approximately $40.8 million. Such reserve report was prepared pursuant to Securities and Exchange Commission guidelines and utilized an unescalated Purchase Contract price (after gathering, treating and transportation fees) of $3.42 per Mcf. The computation of the $3.42 per Mcf Purchase Contract price was based on a NYMEX year-end gas price of $4.79 per MMBtu. As the December 31, 2002 reserve value was greater than $25.0 million, the Trust did not terminate on March 1, 2003. Based on oil and gas reserve estimates at December 31, 2002 prepared by independent reserve engineers, Torch projects that unless the NYMEX price of natural gas on December 31, 2003 exceeds approximately $2.80 per MMBtu, the Trust will terminate March 1, 2004. Torch's natural gas price estimate of $2.80 per MMBtu that projects the Trust's termination was lowered from previous estimates primarily due to an increase in Chalkley Field reserves and production rates reflected in the December 31, 2002 reserve report. Such increase in reserves is mainly a result of the Chalkley Field's production declining less than forecasted in the December 31, 2001 reserve report. Future revisions of oil and natural gas reserve estimates and operating costs can impact the price estimate per MMBtu that projects the Trust's termination. Upon termination of the Trust, the Trustee is required to sell the Net Profits Interests. No assurance can be given that the Trustee will be able to sell the Net Profits Interests, or as to the price that will be received for such Net Profits Interests or the amount that will be distributed to Unitholders following such a sale. Such distributions could be below the market value of the Units.
Here's another Oil and Gas dividend play,currently yielding over 8%. First link describes recent income per share at 4.37! I have to do some reasearch here *TLM* not really distributing the dividends but the following two are!! Anyone here know something about *TLM_pb*? and*TLM_pa*? Meaning of pb and pa I believe to be preferred stock a and b. Dishing out some nice dividends.
http://finance.yahoo.com/q?s=TLM_pb&d=t
http://finance.yahoo.com/q?s=TLM_pa&d=t
?? For Board Does anyone know where I can find Natural Gas prices per MMbtu's that are paid to drillers? TIA
Fung,Based on 05/05/03 Cash distribution 0f .378438/share
http://biz.yahoo.com/prnews/030505/dam035_1.html
for *WTU*(project out 4 quarters) the dividend is 1.513752/share. Todays closing price of 14.10 would thus give us a yield of 10.73583% Right? Anyway these numbers change every quarter, know of any mutuals paying over 10% lately? BTW, Check out ***TRU*** + 17% yield, In my IRA and I add some every month!!!
Dances,Here is a link that spells out the rules for receiving a dividend on a stock in relationship to the "X" date. You must own the stock before the "X" date.
http://www.investorshub.com/boards/read_msg.asp?message_id=1067148
***BTSR*** Now .05x.07
Can't find a quote for OMCN,Ameritrade says "symbol not found"??
Fung,Yield at 11.33%,link here
http://finance.yahoo.com/q?s=wtu&d=1y
Definition of an "X" date
Ex-Dividend Dates:
When are you entitled to stock and cash dividends
Have you ever bought a stock only to find out later that you were not entitled to the next cash or stock dividend paid by the company? To determine whether you should get cash and most stock dividends, you need to look at two important dates. They are the "record date" or "date of record" and the "ex-dividend date" or "ex-date."
When a company declares a dividend, it sets a record date when you must be on the company's books as a shareholder to receive the dividend. Companies also use this date to determine who is sent proxy statements, financial reports, and other information.
Once the company sets the record date, the stock exchanges or the National Association of Securities Dealers, Inc. fix the ex-dividend date. The ex-dividend date is normally set for stocks two business days before the record date. If you purchase a stock on its ex-dividend date or after, you will not receive the next dividend payment. Instead, the seller gets the dividend. If you purchase before the ex-dividend date, you get the dividend.
What the Heck was that????
Dip here before EOD push OJ???