Market Overview

Pacific Coast Oil Trust Announces September 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
$0.040630 per unit, payable on September 20, 2018 to unitholders of
record on September 6, 2018. The Trust's distribution calculation
relates to net profits and overriding royalties generated during July
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
$2.0 million of revenues less direct operating expenses and development
costs. The current month's revenues were $4.8 million, lease operating
expenses including property taxes were $2.5 million and capital
expenditures were $0.2 million. Average realized prices for the
Developed Properties were $72.31 per Boe in July, as compared to $70.37
per Boe in June. Net profits for the month of July for the Developed
Properties were $1.6 million. The Net Profits for the Developed
Properties included approximately $40,000 of property tax-related net
credit adjustments for prior years.

The current month's calculation included approximately $83,000 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 $70.51 per Boe in July, as compared to $68.43 per Boe in
June. The cumulative net profits deficit for the Remaining Properties,
including the 7.5% overriding royalty interest payments, decreased $0.1
million and now totals $1.5 million as of July 2018.

The net cash flow available for distribution to the holders of units of
beneficial interest is approximately $1.6 million. The proceeds expected
to be received by the Trust in September of $1.7 million consist of $1.6
million in income from the Developed Properties and approximately
$83,000 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 approximately $50,000 in Trust general and
administrative expenses resulting in the net cash flow available for
distribution of approximately $1.6 million.

Sales Volumes and Prices

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

      Underlying Properties
Sales Volumes       Average Price
(Boe)   (Boe/day) (per Boe)
Developed Properties (a) 65,875   2,125 $   72.31
Remaining Properties (b) 15,614 504 $ 70.51
 
(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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