DALLAS, Oct. 3 /PRNewswire-FirstCall/ -- U.S. Trust, as Trustee of the
Sabine Royalty Trust (NYSE: SBR), today declared a cash distribution to the
holders of its units of beneficial interest of $0.58396 per unit, payable
on October 29, 2008, to unit holders of record on October 15, 2008.
This distribution reflects primarily the oil production for July 2008
and the gas production for June 2008, both including postings from the
previous month's production. Preliminary production volumes are
approximately 27,424 barrels of oil and 510,291 Mcf of gas. Preliminary
average prices are approximately $121.59 per barrel of oil and $11.30 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 27,424 510,291 $121.59 $11.30
Prior Month 35,315 506,549 $130.53 $11.00
While the timing and impact that hurricanes Gustav and Ike had on the
actual production of the wells won't be realized until next month's
distribution, the revenue processing and payment processing of the energy
companies for September was severely limited and in turn payments to Sabine
were limited. As most energy companies return to normal operations, full
receipt of payment will be expected.
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.
Due to the timing of the end of the month of September, approximately
$813,000 of revenue received will be posted in the following month of
October in addition to normal receipts during October. Since the close of
business in September and prior to this press release, approximately
$179,000 in revenue has been received. For the latest financial reports 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 of U.S.
Trust, Bank of America Private Wealth Management, 1-800-365-6541
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