Mesa Royalty Trust Announces Trust Income for February 2020
February 18 2020 - 4:29PM
Business Wire
Mesa Royalty Trust (the “Trust”) (NYSE: MTR) announced the Trust
income distribution for the month of February 2020. Unitholders of
record on February 28, 2020 will receive distributions amounting to
$0.050732419 per unit, payable on April 30, 2020.
The Trust received $0 of Royalty income from the Hugoton
properties and $29,463 of Royalty income from the Colorado portion
of the San Juan Basin properties. Royalty income received from the
New Mexico portion of the San Juan Basin properties totaled
$71,870, which included an additional $8,480 of income attributable
to the reconciliation of estimated against actual revenue and
expense amounts for the November 2017 accounting month.
As previously reported on the Trust’s Form 10-Q for the quarter
ended September 30, 2019, Hilcorp San Juan LP (“Hilcorp”), the
working interest owner in the New Mexico portion of the San Juan
Basin properties, made an estimated monthly payment of $97,150 in
net proceeds to the Trust with respect to the September 2017 to
March 2019 accounting months consistent with the July 2017
production month previously paid by ConocoPhillips, the prior owner
of the properties. In April 2019, Hilcorp began to generate actual
(instead of estimated) net proceeds due to the Trust on a monthly
basis going forward. Hilcorp has informed the Trust that it will
utilize actual revenue and expense amounts and either add or
subtract reconciled historical amounts on a month-by-month basis
for the accounting months from September 2017 to March 2019, which
will be recognized as information is received by the Trust in
accordance with the Trust's modified cash basis of accounting.
Hilcorp has also informed the Trust that significant incremental
expenses were incurred for the New Mexico portion of the San Juan
Basin properties during the time that the estimated payments were
being made. Accordingly, it is expected that reconciliations with
respect to some or all of the prior periods will have a negative
impact on income of the Trust until all reconciliations are
complete.
This press release contains forward-looking statements. No
assurances can be given that the expectations contained in this
press release will prove to be correct. The working interest owners
alone control historical operating data, and handle receipt and
payment of funds relating to the royalty properties and payments to
the Trust for the related royalty. The Trustee cannot assure that
errors or adjustments by the working interest owners, whether
historical or future, will not affect future royalty income and
distributions by the Trust. Other important factors that could
cause these statements to differ materially include delays in
actual results of drilling operations, risks inherent in drilling
and production of oil and gas properties, and other factors
described in the Trust’s Form 10-K for the year ended December 31,
2018 under “Part I, Item 1A. Risk Factors,” the Trust’s Form 10-Q
for the quarter ended June 30, 2019 under “Part II, Item 1A. Risk
Factors,” and those set forth from time to time in the Trust’s
filings with the Securities and Exchange Commission. Statements
made in this press release are qualified by the cautionary
statements made in such risk factors. The Trust does not intend,
and assumes no obligations, to update any of the statements
included in this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20200218006091/en/
Mesa Royalty Trust The Bank of New York Mellon Trust Company,
N.A., as Trustee Elaina Rodgers 713-483-6020
http://mtr.investorhq.businesswire.com/
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