Market Overview

Pacific Coast Oil Trust Announces There Will Be No May Cash Distribution


PACIFIC COAST OIL TRUST (NYSE:ROYT) (the "Trust"), a royalty trust
formed by Pacific Coast Energy Company LP ("PCEC"), announced today
there will be no cash distribution to the holders of its units of
beneficial interest in May 2018. The Trust's distribution calculation
relates to net profits and overriding royalties generated during March
2018 as provided in the conveyance of net profits and overriding royalty
interest. All information in this press release has been provided to the
Trustee by PCEC.

The current month's calculation for the Developed Properties resulted in
$0.1 million of direct operating expenses and development costs in
excess of revenues. The current month's revenues were $4.2 million,
lease operating expenses including property taxes were $2.6 million and
capital expenditures were $1.8 million. Average realized prices for the
Developed Properties were $63.67 per Boe in March, as compared to $64.05
per Boe in February. The net deficit amount for the month of March for
the Developed Properties was $95,000.

For Developed and Remaining Properties, capital expenditures totaled
$2.2 million, which represents approximately 22% of PCEC's total
budgeted 2018 capital program referenced in the Trust's guidance (as
disclosed in the Trust's February 28, 2018 press release and its Annual
Report on Form 10-K for the year ended December 31, 2017) and is high
relative to an average of expected monthly totals. The expenditures
included: (i) $1.35 million for a gas-fired microturbine at West Pico
that will provide power and reduce ongoing operating costs at the field,
(ii) $0.4 million for well work relating to two DOGGR-mandated injector
wells, including one scheduled for the second quarter that was
accelerated to maintain water injection in the field and avoid oil
production loss, (iii) $0.3 million for work relating to eight
rate-generating Orcutt Diatomite additional perforations and one Orcutt
Conventional injection project and (iv) $0.1 million for initial work on
two rate-generating Orcutt Diatomite redrills.

The current month's calculation included $59,000 for the 7.5% overriding
royalty interest on the Remaining Properties from Orcutt Diatomite and
Orcutt Field. Average realized prices for the Remaining Properties were
$60.75 per Boe in March, as compared to $60.97 per Boe in February. The
cumulative net profits deficit for the Remaining Properties, including
the 7.5% overriding royalty interest payments, increased $3,000 and
remains at $1.5 million as of March 31, 2018.

The monthly operating and services fee payable to PCEC and Trust general
and administrative expense totaled approximately $139,000 and exceeded
the distribution of approximately $59,000 received from PCEC from the
7.5% overriding royalty interest on the Remaining Properties from Orcutt
Field and Orcutt Diatomite.

PCEC has provided the Trust with a $1 million letter of credit to be
used by the Trust if its cash on hand (including available cash
reserves) is not sufficient to pay ordinary course administrative
expenses as they become due. Further, if the Trust requires more than
the $1 million under the letter of credit to pay administrative
expenses, PCEC may loan funds to the Trust necessary to pay such
expenses. Any funds provided under the letter of credit or loaned by
PCEC may only be used for the payment of current accounts or other
obligations to trade creditors in connection with obtaining goods or
services or for the payment of other accrued current liabilities arising
in the ordinary course of the Trust's business. The Trust will be
borrowing funds from PCEC to pay its administrative expenses;
consequently, no further distributions will be made to Trust unitholders
until the indebtedness created by such amounts drawn or borrowed,
including interest thereon, has been paid in full.

Sales Volumes and Prices

The following table displays PCEC's underlying sales volumes and average
prices for the month of March 2018:

    Underlying Properties
Sales Volumes     Average Price
(Boe)     (Boe/day) (per Boe)
Developed Properties (a) 66,696     2,151 $63.67
Remaining Properties (b) 13,831 446 $60.75
(a) Crude oil sales represented 100% of sales volumes
(b) Crude oil sales represented 100% of sales volumes

West Pico Natural Gas Export Line Update

Due to a temporary shutdown downstream of the natural gas export
pipeline from West Pico, West Pico had to temporarily shut in select
wells to limit the amount of associated gas produced from oil
production. West Pico net production attributable to the Developed
Properties prior to the shutdown was approximately 320 Boe/d
(approximately 260 Boe/d net to the Trust). During the shutdown months,
which began in December 2017, production was down by approximately 40%.
The natural gas export pipeline was returned to service during April
2018. With the return to service of the natural gas export line, West
Pico production has now returned to levels similar to those prior to the
shutdown months.

Overview of Trust Structure

Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to
own interests in certain oil and gas properties in the Santa Maria Basin
and the Los Angeles Basin in California (the "Underlying Properties").
The Underlying Properties and the Trust's net profits and royalty
interests are described in the Trust's filings with the Securities and
Exchange Commission (the "SEC"). As described in the Trust's filings
with the SEC, the amount of any periodic distributions is expected to
fluctuate, depending on the proceeds received by the Trust as a result
of actual production volumes, oil and gas prices, development expenses,
and the amount and timing of the Trust's administrative expenses, among
other factors. For additional information on the Trust, please visit

Cautionary Statement Regarding Forward-Looking

This press release contains statements that are "forward-looking
statements" within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended. All statements contained in this press release,
other than statements of historical facts, are "forward-looking
statements" for purposes of these provisions. These forward-looking
statements include PCEC's estimates regarding its 2018 capital program
and the Trust's expected borrowings from PCEC. Any anticipated
distribution is based, in part, on the amount of cash received or
expected to be received by the Trust from PCEC with respect to the
relevant period. Any differences in actual cash receipts by the Trust
could affect this distributable amount. The amount of such cash received
or expected to be received by the Trust (and its ability to pay
distributions) has been and will be significantly and negatively
affected by prevailing low commodity prices, which have declined
significantly, could decline further and could remain low for an
extended period of time. Other important factors that could cause actual
results to differ materially include expenses of the Trust and reserves
for anticipated future expenses. Statements made in this press release
are qualified by the cautionary statements made in this press release.
Neither PCEC nor the Trustee intends, and neither assumes any
obligation, to update any of the statements included in this press
release. An investment in units issued by Pacific Coast Oil Trust is
subject to the risks described in the Trust's Annual Report on Form 10-K
for the year ended December 31, 2017 filed with the SEC on March 9,
2018, and if applicable, the Trust's subsequent Quarterly Reports on
Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports
on Form 10-Q are available over the Internet at the SEC's website at

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