DALLAS, April 4, 2008 /PRNewswire-FirstCall/ -- U.S. Trust, 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
$0.42094 per unit, payable on April 29, 2008, to unit holders of record on
April 15, 2008.
This distribution reflects primarily the oil production for January
2008 and the gas production for December 2007. Preliminary production
volumes are approximately 34,992 barrels of oil and 511,578 Mcf of gas.
Preliminary prices are approximately $89.94 per barrel of oil and $7.15 per
Mcf of gas.
The table below compares this month's production and prices to the
previous month's:
Net to Trust Sales
Volumes Average Price
Oil Gas Oil Gas
(Bbls) (Mcf) (per Bbl) (per Mcf)
Current Month 34,992 511,578 $89.94 $7.15
Prior Month 28,322 525,346 $87.39 $6.39
Due to the timing of the end of the month of March, approximately
$338,000 of revenue received will be posted in the following month of April
in addition to normal receipts during April. 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 March and prior to this press release,
approximately $2,390,000 in revenue has been received.
Sabine Royalty Trust, as it does after the end of each year, had a
year-end Reserve Report prepared in accordance with the Securities and
Exchange Commission's requirements. This 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 estimated net proved reserves, as of January 1, 2008, attributable
to the Trust from the properties appraised are approximately 6.4 million
barrels of oil and 35.8 billion cubic feet of gas with a future net value
of approximately $675,878,000 with a discounted value at 10% of
$322,478,000.
With the estimated quantities of this year's reserve estimate of 6.4
million barrels of oil and 35.8 billion cubic feet of gas remaining, it
could be estimated that the Trust still has a life span of 8 to 9 years.
The report is an exhibit to the Trust's Annual Report on Form 10-K that was
filed on March 13, 2008 and is available to all unitholders at this time on
the SEC website.
For additional information on Sabine Royalty Trust, please visit our
website at http://www.sbr-sabineroyalty.com/.
SOURCE U.S. Trust
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Related links:
http://www.sbr-sabineroyalty.com
CONTACT:
Ron E. Hooper, Senior Vice President, U.S.
Trust, Bank of America Private Wealth, 1-800-365-6541
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