DALLAS, Feb. 5 /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
$0.48204 per unit, payable on February 29, 2008, to unit holders of record
on February 15, 2008.
This distribution reflects primarily the oil production for November 2007
and the gas production for October 2007. Preliminary production volumes are
approximately 43,912 barrels of oil and 578,375 mcf of gas. Preliminary
prices are approximately $87.71 per barrel of oil and $6.32 per mcf of gas.
The table below compares this month's production and prices to the previous
months:
Net to Trust Sales
Volumes Average Price
Oil Gas Oil Gas
(Bbls) (Mcf) (per Bbl) (per Mcf)
Current Month 43,912 578,375 $87.71 $6.32
Prior Month 32,248 500,289 $82.89 $5.95
Due to the timing of the end of the month of January, approximately
$327,000 of revenue received will be posted in the following month of
February in addition to normal receipts during February. Revenues are only
posted and distributed when they are received. Most energy companies
normally issue payment of royalties on or about the 25th of every month,
and depending on mail delivery, a varying amount of royalties are not
received until after the revenue posting on the last business day of the
month. The revenues received after that date will be posted within 30 days
of receipt. Since the close of business in January and prior to this press
release, approximately $1,152,000 in revenue has been received.
Also, approximately $45,000 for 2007 Ad Valorem taxes is being deducted
from this month's distribution as compared to $110,000 for 2006. These
payments are normal expenditures at this time of year.
The 2007 tax information packets are expected to begin mailing directly
to unitholders in early, and through, mid-March. A copy of the 2007 Tax
Information booklet will posted on the Trust website by March 1st.
For additional information, including the latest financial reports 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., Toll Free, 1-800-365-6541
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