Printer Friendly

WILLIAMS COAL SEAM GAS ROYALTY TRUST ANNOUNCES QUARTERLY CASH DISTRIBUTION AND ESTIMATED TAX CREDIT

 DALLAS, Aug. 4 /PRNewswire/ -- NationsBank of Texas, N.A., as trustee of Williams Coal Seam Gas Royalty Trust (NYSE: WTU), today announced a quarterly cash distribution to the holders of its units of beneficial interest of $0.5435229 per unit, payable Aug. 27, 1993 to unitholders of record on Aug. 16, 1993.
 Unitholders of record on Aug. 16, 1993 will also be entitled to tax credits under Section 29 of the Internal Revenue Code for the coal seam gas produced and sold during the period associated with this quarterly cash distribution. The estimated tax credit associated with this cash distribution is $0.42 per unit. Unitholders will be provided additional tax information in the 1993 second quarter report of the Trust.
 The Trust owns net profits interests in certain proved coal seam gas properties owned by Williams Production Company (WPC) and located in the San Juan Basin of northwestern New Mexico and southwestern Colorado. WPC reported that production attributable to its interests in the properties burdened by the Trust's net profits interests was 6.7 trillion British thermal units (TBtu) during the period associated with this quarterly cash distribution compared to 6.1 TBtu during the preceding period.
 WPC reported that the increase in production during this period was due to greater production levels from both the working interest and farmout properties. WPC also said that the increased production from the working interest properties was due to the placement of 27 additional wells into production since April 30, 1993. An additional 48 drilled and completed wells associated with the Trust are expected to be placed into production during the last half of 1993.
 The Trust is a grantor Trust formed by The Williams Companies, Inc., parent company of WPC, and is designed to provide unitholders with quarterly cash distributions and tax credits under Section 29 of the Internal Revenue Code from certain coal seam gas properties.
 The units are listed on the New York Stock Exchange under the symbol "WTU".
 -0- 8/4/93
 /CONTACT: Irma A. Whitman of NationsBank of Texas, N.A., Trustee, 214-508-2364; or Linda K. Lawson of Williams Production Company, 918-588-2087/
 (WTU)


CO: Williams Coal Seam Gas Royalty Trust ST: Texas IN: OIL SU: Wil

WB -- NY041 -- 9310 08/04/93 11:02 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 4, 1993
Words:378
Previous Article:ROMAZICON(TM) IS NEW NAME OF BREAKTHROUGH ANESTHESIOLOGY AGENT
Next Article:ENGLISH CHINA CLAYS REDEEMS REMAINING $50 MILLION OF AUCTION PREFERRED SHARES
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters