DALLAS, Nov. 4 /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
$0.23582 per unit, payable on November 28, 2003, to unit holders of record on
November 17, 2003.
Approximately $280,000 for ad valorem taxes for 2003 is being deducted
from this month's distribution as compared to $210,000 for 2002. These
payments are normal expenditures at this time of year. Also, due to the
timing of the end of the month of October, approximately $536,000 of revenue
received will be posted in the following month of November in addition to
normal receipts during November.
Previously, unitholders who are not Oklahoma residents were subjected to a
new 5% Oklahoma income tax withholding. The Oklahoma Tax Commission has since
provided guidance that all unitholders of Sabine Royalty Trust will not be
subject to this withholding. Subsequently, this distribution is full and
complete for all unitholders. For those whom have had this withholding affect
their distributions, the Trustee or Transfer Agent will be in direct contact
with them for recapture of the amounts withheld. All unitholders, whether
resident or non-resident, are required to file with the State of Oklahoma an
annual tax return with the appropriate information as provided by the Trustee
at the end of the year.
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
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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