instructmba, you say/ask, "West Delta 61 is doing 4.8 MMCFPD, so taking the average of 1-2 or 1.5 + 4.8 = 6.3 MMCFPD x 365 = 2299.5 MMCF per year. Let's say gas is 11.00 doesn't that compute to $25,295,500 or do I have a decimal point in the wrong place?
HELP US OUT GO MOSH!"
The problem with these SEC filings, is that pxd furnishes the Trust income figures to jpm who rubber stamps them. It's been that way since pxd took over as our trust property operator in late 97', and it will be that way until this law suit gets their a$$ out of there. I can't reconcile those pxd figures with the correct ones I get. For example, I know for a fact that pxd was paid $252,278.36 in January for Nov. gas production and Dec. oil production on their ORRI at WD 61. Our trust's 90% share of that was $227,050, and that was reported to me as coming from just the first 3 wells.
And look at page 17, under Production and Price Review, where it says "The average sales price received for natural gas in the first quarter of 2008 was $6.90 per Mcf". Gas hasn't been that cheap since 3 years ago.
Despite pxd's attempted torpedoing of our Trust's increasing viability, even their page 13 Financial Review shows "net proceeds" to our Trust for the quarter, of $464,174 for an annualized amount of $1.86 million. That far exceeds the annual termination threshhold required to keep us out of termination.
The 12/31/07 10-K showed no "net proceeds" from WD61 on page 30, yet my unimpeachable source said in a 1/24/08 email to me,"The $ 83,900 amount I gave you a while back was paid in November and covered September gas and October oil. The $163,134.73 amount paid to them in December covered October gas and November oil."
It's plain to see, that pxd has violated, and continues to violate, SEC reporting requirements. And jpm, our Trustee? stands idly by collecting its fees and billing us for their costs of defending itself in this very case.
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