Permianville Royalty Trust announced a cash distribution to the holders of its units of beneficial interest of $0.045000 per unit, payable on July 15, 2022 to unitholders of record on June 30, 2022. The net profits interest calculation represents reported oil production for the month of March 2022 and reported natural gas production during February 2022. The calculation includes accrued costs incurred in April 2022.
The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded net profits interest calculations.
Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $4.0 million for the current month on realized wellhead prices of $98.77/Bbl, up $0.5 million from the prior month’s oil cash receipts.
Recorded natural gas cash receipts from the Underlying Properties totaled $1.8 million for the current month on realized wellhead prices of $4.84/Mcf, up $0.1 million from the prior month.
Total accrued operating expenses for the period were $2.3 million, a decrease of $0.5 million from the prior period. Capital expenditures increased $0.7 million from the prior period to $1.0 million primarily due to the drilling of four new, non-operated drilling projects by a private operator in the North Louisiana area.
Given the increase in rig count and operator activity on the Underlying Properties, COERT Holdings 1 LLC (the “Sponsor”), is withholding $0.35 million from the current month’s net profits to be added to the cash reserve for approved, future development expenses this year. To date, the Sponsor has established a total reserve of approximately $1.5 million for approved development expenses this year. This reserve is intended to fund an expected increase in development expenses; however, if those expenses are ultimately delayed or are less than expected, or if the outlook changes, amounts reserved but unspent will be released as an incremental cash distribution in a future period.
