Mesa Offshore Trust Announces No Trust Income for March 2010
March 19 2010 - 4:56PM
Business Wire
Mesa Offshore Trust (OTCBB: MOSH) announced that there will be
no Trust income distribution for the month of March 2010 for
Unitholders of record on March 31, 2010. As previously announced,
the Trust is in the process of liquidation. The Trustee has
approved an initial liquidating distribution to unitholders of
$0.116328 per unit (approximately $8.37 million in the aggregate)
on or about March 24, 2010 to unitholders of record as of February
22, 2010.
The Trustee will hold in reserve amounts deemed by it necessary
to cover estimated expenses associated with the winding up and
termination of the Trust. Amounts remaining after completion of the
termination of the Trust, if any, will be paid to unitholders as of
the record date above in one or more final liquidating
distributions.
The Trust will not receive any Royalty income from the Working
Interest Owner for the month of March 2010.
Pioneer is also moving forward with the final accounting
relating to the termination, liquidation and wind-up of the Mesa
Offshore Royalty Partnership (the “Partnership”) in accordance with
the settlement agreement and the Partnership’s First Amended and
Restated Articles of General Partnership. Pioneer expects to
complete that process by the end of the first quarter 2010.