SABINE ROYALTY TRUST ANNOUNCES
MONTHLY CASH DISTRIBUTION FOR JUNE
Dallas, Texas, May 5, 2014 - Southwest Bank, as Trustee of the Sabine Royalty Trust (NYSE: SBR), today declared a cash distribution to the holders of its units of beneficial interest of $0.42298 per unit, payable on June 30, 2014, to Unit holders of record on June 16, 2014. Sabine's cash distribution history, current and prior year financial reports and tax information booklets, a link to filings made with the Securities and Exchange Commission and more can be found on its website at http://www.sbr-sabineroyalty.com/.
This distribution reflects primarily the oil production for March 2014 and the gas production for February 2014. Preliminary production volumes are approximately 42,204 barrels of oil and 644,587 Mcf of gas. Preliminary prices are approximately $94.05 per barrel of oil and $4.91 per Mcf of gas.
The table below compares this month's production and prices to the previous month's:
Revenues are only posted and distributed when they are received. Most energy companies normally issue payment of royalties on or about the 25th of every month, and depending on mail delivery, a varying amount of royalties are not received until after the revenue posting on the last business day of the month. The revenues received after that date will be posted within 30 days of receipt.
Due to the timing of the end of the month of May, approximately $631,000 of revenue received will be posted in the following month of June in addition to normal receipts during June. Since the close of business in May and prior to this press release, approximately $784,000 revenue has been received.
As previously disclosed, U.S. Trust, Bank of America Private Wealth Management has announced its intention to resign as trustee of the Trust, subject to certain conditions set forth in the trustee's notice dated January 9, 2014, including Unit holder approval of a successor trustee.
On May 22, 2014, Unit holders approved Southwest Bank as successor trustee, effective May 30, 2014.
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EVP Manager of Trust Services