Sabine Royalty Trust Declares Cash Distribution Of $0.16435 Per Unit

Southwest Bank, as Trustee of the Sabine Royalty Trust (NYSE: SBR), revealed a cash distribution of $0.16435 per unit to the eligible unit-holders. According to the company, the cash distribution would be payable on May 27. For the purpose of determining the eligible unit holders' name, the company fixed record date of May 16, 2016.

Sabine Royalty Trust indicated that this distribution reflected primarily the oil production for February 2016, as well as the gas production for January 2016. The company added that preliminary production volumes were approximately 42,357 barrels of oil and 602,962 Mcf of gas.

The company said that preliminary prices were approximately $32.62 per barrel of oil while it was $2.65 per Mcf of gas.

Sabine Realty said revenues were only posted and distributed when they were received. The company added that most energy companies issue payment of royalties on or about the 25th of every month. The revenues received after that date will be posted within 30 days of receipt.

The company indicated that due to the timing in April, approximately $439,000 of revenue received would be posted in the following month of May in addition to normal receipts during May. Sabine added that since the close of business in April and before the latest announcement, approximately $64,000 in revenue was received.

On Wednesday, shares of the company traded 0.65 percent higher.