DALLAS, Oct. 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
$0.18215 per unit, payable on October 29, 2003, to unit holders of record on
October 15, 2003.
Approximately $530,000 for ad valorem taxes for 2003 is being deducted
from this month's distribution as compared to $650,000 for 2002. These
payments are normal expenditures at this time of year. Also, due to the
timing of the end of the month of September, approximately $892,000 of revenue
received will be posted in the following month of October in addition to
normal receipts during October.
Effective July 1, 2003, unit holders who are not Oklahoma residents are
subject to a new 5% Oklahoma income tax withholding tax. The withholding tax
applies to the Oklahoma share of the Trust's income. The withholding tax
reduces the amount of cash that the unit holders who are not Oklahoma
residents are receiving in this distribution. The Oklahoma Tax Commission
("OTC") is in the process of updating its website to include information about
this new withholding tax. The OTC's website address is:
http://www.oktax.state.ok.us/passwith.html . More specific tax information as
to timing and filing of the tax withheld will follow soon.
For more 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
http://www.oktax.state.ok.us/passwith.html
Company News On-Call:
http://www.prnewswire.com/comp/118881.html
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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