DALLAS, Jan. 6 /PRNewswire-FirstCall/ -- Bank of America, N.A., Dallas,
Texas, as Trustee of the Sabine Royalty Trust (NYSE: SBR), today declared a
cash distribution to the holders of its units of beneficial interest of
$0.41419 per unit, payable on January 31, 2006, to unit holders of record on
January 17, 2006.
Approximately $324,000.00 for 2005 ad valorem taxes is being deducted from
this month's distribution as compared to $116,000.00 for 2004. These payments
are normal expenditures at this time of year. Also, due to the timing of the
end of the month of December, approximately $166,000 of revenue received will
be posted in the following month of January in addition to normal receipts
during January. This distribution reflects primarily the oil production for
October 2005 and the gas production for September 2005. Preliminary
production volumes are approximately 47,366 barrels of oil and 412,504 mcf of
gas. Preliminary prices are approximately $55.84 per barrel of oil and
$10.82 per mcf of gas.
Sabine Royalty Trust has received information that a proxy statement has
been mailed to unitholders of record and unitholders who hold the units
through brokerage accounts. The solicitation received by unitholders concerns
an initiative created by Sabine Production Partners, LP, an entity not
affiliated with Sabine Royalty Trust, that seeks control of the assets of
Sabine Royalty Trust and termination of the Trust. Sabine Royalty Trust was
created in 1982 by Sabine Corporation in order to preserve these assets for
future revenue distributions for all unitholders. Neither Sabine Royalty
Trust nor the trustee has stated a position on the merits of Sabine Production
Partners, LP's proposal. We encourage each unitholder to closely read the
proxy statement and vote according to their respective decision as to whether
the proposal is a sound one for them. However, each unitholder should
definitely vote either "FOR," "AGAINST," or "ABSTAIN." A vote not cast will
be considered a vote "FOR" the proposal.
This year, as it does after the end of each year, Sabine Royalty Trust is
having a year-end Reserve Report prepared in accordance with the Securities
and Exchange Commission's requirements. The report provides an evaluation of
the estimated asset value as of December 31 of each year, which can be used to
estimate the remaining life of the Trust. The report will be an exhibit to
the Trust's Annual Report on Form 10-K that will be filed early in March 2006
and will be available to all unitholders at that time.
For additional information on Sabine Royalty Trust, please visit our
website at http://www.sbr-sabineroyalty.com/ .
SOURCE Sabine Royalty Trust
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Related links:
http://www.sbr-sabineroyalty.com
CONTACT:
Ron E. Hooper, Senior Vice President of Bank
of America, N.A., +1-800-365-6541, for Sabine Royalty Trust
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