San Juan Basin Royalty Trust Declares Monthly Cash Distribution.
FORT WORTH, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States, and voted one of "America’s Most Livable Communities. -- Compass Bank, as Trustee of the San Juan Basin The San Juan Basin is a drainage basin and geologic structural basin in the Four Corners region of the Southwestern United States; its main portion covers around 4,600 square miles, encompassing much of northwestern New Mexico, northeastern Arizona, and parts of Colorado and Utah. Royalty Trust royalty trust
An ownership interest in certain assets, generally crude oil or gas production and real estate. Unlike the usual corporate organization, a trust arrangement permits income and tax benefits to flow through to the individual owners. (NYSE NYSE
See: New York Stock Exchange :SJT SJT Stephen Joseph Theatre (UK)
SJT Syndicat des Journalistes Tunisiens (Tunisian Journalists' Union)
SJT Serjeant (archaic British 1900-1945) ), today declared a monthly cash distribution to the holders of its units of beneficial interest of $9,205,045.72 or $0.197496 per unit, based principally upon production during the month of March 2007. The distribution is payable June 14, 2007, to unit holders of record as of May 31, 2007.
Gas production for the properties from which the royalty was carved (the "Underlying Properties") totaled approximately 2,934,862 Mcf (3,153,467 MMBtu). Dividing revenues by production volume yielded an average gas price for March 2007 of $6.62 per Mcf ($6.17 per MMBtu) as compared to $6.53 per Mcf ($6.02 per MMBtu) for February 2007. The average gas price may vary significantly from the posted index price for the San Juan Basin. The index price is a gross sales Gross Sales
A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. price, and the revenues used in the calculation of average gas prices are net of transportation, processing and gathering costs. Furthermore, the distribution to the Trust in any given month may include significant volume adjustments for sales in prior months that reflect pricing for those prior months. Capital costs for the month were $2,873,723. Lease operating expenses were $2,500,956 and taxes were $1,949,380.
This month's distribution increased from the prior month primarily due to higher gas volumes and lower capital costs. Production volumes for this period were reduced by 215,831 Mcf due to accrual adjustments in the operator's settlement process for November 2006 production. The Trust has been informed by the operator that this will be the final such monthly adjustment for the over accrual of production volumes which occurred during 2006.