Market Overview

Pacific Coast Oil Trust Announces July Cash Distribution

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PACIFIC COAST OIL TRUST (NYSE:ROYT) (the "Trust"), a royalty trust
formed by Pacific Coast Energy Company LP ("PCEC"), announced today a
cash distribution to the holders of its units of beneficial interest of
$0.03635 per unit, payable on July 23, 2018 to unitholders of record on
July 9, 2018. The Trust's distribution calculation relates to net
profits and overriding royalties generated during May 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
$1.8 million of revenues less direct operating expenses and development
costs. The current month's revenues were $5.0 million, lease operating
expenses including property taxes were $2.7 million and capital
expenditures were $0.5 million. Average realized prices for the
Developed Properties were $71.88 per Boe in May, as compared to $67.74
per Boe in April. Net profits for the month of May for the Developed
Properties were $1.5 million.

The current month's calculation included $70,000 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
$69.61 per Boe in May, as compared to $64.89 per Boe in April. The
cumulative net profits deficit for the Remaining Properties, including
the 7.5% overriding royalty interest payments, increased $24,000 and now
totals $1.5 million as of May 2018.

The net cash flow available for distribution to the holders of units of
beneficial interest is approximately $1.4 million. The proceeds expected
to be received by the Trust in July of $1.5 million consist of $1.5
million in income from the Developed Properties and approximately
$70,000 in income from the 7.5% overriding royalty interest on the
Remaining Properties. The proceeds to be received by the Trust will be
partially offset by $91,000 for the monthly operating and services fee
payable to PCEC and $50,000 in Trust general and administrative expenses
resulting in the net cash flow available for distribution of
approximately $1.4 million.

Sales Volumes and Prices

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

   
Underlying Properties
Sales Volumes     Average Price
(Boe)     (Boe/day) (per Boe)
Developed Properties (a) 69,863 2,254 $ 71.88
Remaining Properties (b) 14,343 463 $ 69.61
 
(a) Crude oil sales represented 98% of sales volumes
(b) Crude oil sales represented 100% of sales volumes
 

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 www.pacificcoastoiltrust.com.

Cautionary Statement Regarding Forward-Looking
Information

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 amount and date of any anticipated distribution to unitholders.
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 http://www.sec.gov.

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