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FREEPORT-MCMORAN OIL AND GAS ROYALTY TRUST TO INCLUDE APPROXIMATELY $.62 PER UNIT IN DISTRIBUTION AMOUNT AS A RESULT OF CONTRACT SETTLEMENT

FREEPORT-MCMORAN OIL AND GAS ROYALTY TRUST TO INCLUDE APPROXIMATELY $.62
 PER UNIT IN DISTRIBUTION AMOUNT AS A RESULT OF CONTRACT SETTLEMENT
 HOUSTON, Jan. 10 /PRNewswire/ -- Freeport-McMoRan Oil and Gas Royalty Trust (NYSE: FMR) announced today that it had been advised by the working interest owner that a settlement has been reached with a purchaser of natural gas produced from properties in which the trust owns interests. During 1988, an earlier settlement with this purchaser provided, among other things, for a cash payment, which was received, and for additional payments over a period ending Dec. 31, 1996, of which $8.8 million (plus interest at 10 percent per annum) would be attributable to the trust.
 At the time of the 1988 settlement, certain other issues remained unresolved. In connection with the recent settlement, which resolved all these issues and incorporated the $8.8 million additional payment obligation, a payment of $9.3 million, approximately $.62 per unit, was received, and will be included in the adjusted gross proceeds for the distribution payable to unit holders of record on Jan. 31, 1992 and the gas purchaser is obligated to make additional future payments which will result in payments to the trust as follows: (A) $2.6 million plus interest at 10 percent per annum on or before Jan. 2, 1993 and (B) $2.6 million plus interest at 10 percent per annum on or before Jan. 2, 1994.
 The January distribution amount, which will also include the trust's portion of December 1991 net proceeds less trust administrative expenses, will be announced on or about Jan. 20, 1992 and will be paid to unit holders on April 10, 1992, the regular quarterly payment date. There are 14,975,390 trust units outstanding.
 -0- 1/10/92
 /CONTACT: Roark Ashie, First City of Texas-Houston, N.A., as trustee, 713-658-7639/
 (FMR) CO: Freeport-McMoRan Oil and Gas Royalty Trust ST: Texas IN: OIL SU:


KD -- NY070 -- 8811 01/10/92 17:36 EST
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Publication:PR Newswire
Date:Jan 10, 1992
Words:327
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