DALLAS, Nov. 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
$0.46741 per unit, payable on November 29, 2006, to unit holders of record
on November 15, 2006.
This distribution reflects primarily the oil production for August 2006
and the gas production for July 2006. Preliminary production volumes are
approximately 44,113 barrels of oil and 548,788 mcf of gas. Preliminary
prices are approximately $62.89 per barrel of oil and $6.48 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 44,113 548,788 $62.89 $6.48
Prior Month 31,093 395,854 $66.99 $6.20
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 October, approximately
$174,000 of revenue received will be posted in the following month of
November in addition to normal receipts during November. Also,
approximately $485,000 for 2006 Ad Valorem taxes is being deducted from
this month's distribution as compared to $442,000 for 2005. These payments
are normal expenditures at this time of year.
Approximately $0.11 of this month's distribution relates to receipts
other than oil and gas royalties. In October, the Trust received 2005 tax
refunds from the states of Oklahoma and New Mexico for approximately
$720,000 and $267,000, respectively. These refunds pertained to the
respective states' income tax levied on non-resident recipients of royalty
income. Also, the Trust received a cash settlement of approximately
$595,000 in October. This settlement resulted from two separate class
action civil actions filed in the Second District Court in Washita County,
Oklahoma in 1997 and subsequently consolidated in 1999.
For the available 2006 reports and 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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