DALLAS, Feb. 3 /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
$0.43431 per unit, payable on February 28, 2006, to unit holders of record on
February 15, 2006.
Approximately $84,000.00 for 2005 ad valorem taxes is being deducted from
this month's distribution. This should complete the payment of these taxes
for 2005. These payments are normal expenditures at this time of year. Also,
due to the timing of the end of the month of January, approximately $225,000
of revenue received will be posted in the following month of February in
addition to normal receipts during February. This distribution reflects
primarily the oil production for November 2005 and the gas production for
October 2005. Preliminary production volumes are approximately 41,595 barrels
of oil and 472,674 mcf of gas. Preliminary prices are approximately $54.06
per barrel of oil and $10.41 per mcf of gas.
Sabine Production Partners, LP ("SPP") announced on January 31, 2006 that
it is suspending indefinitely its previously-announced solicitation of proxies
from unitholders of Sabine Royalty Trust. SPP is not withdrawing or
abandoning its Registration Statement or Proxy Statement/Prospectus. No
recommencement of the solicitation will occur without a public announcement to
that effect by SPP and the making of appropriate filings with the SEC. Until
such announcement and filings, SPP has stated that it will not attempt to call
a meeting of SBR unitholders using any proxies that have been submitted prior
to recommencement.
If a unitholder has submitted a proxy card and wishes to revoke such
proxy, the unitholder may revoke the authorization to call the meeting by
submitting a written notice to SPP's General Partner stating his or her
intention to revoke before the meeting demand is sent to the Trustee. At this
time a meeting has not been called for.
If a meeting is called, a unitholder may revoke a proxy at any time before
it is voted at the meeting by filing with SPP's General Partner a duly
executed revocation of proxy, by submitting a duly executed proxy with a later
date or by appearing at the meeting and voting in person. Unitholders may
revoke a proxy by any of these methods, regardless of the method used to
deliver a unitholder's previous proxy.
Sabine Production Partners, LP is not affiliated with Sabine Royalty
Trust.
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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