Pacific Coast Oil Trust (NYSE: ROYT) (the “Trust”) announced today that
Pacific Coast Energy Company LP (“PCEC”) and other selling unitholders
(the “Selling Unitholders”) intend to offer an aggregate of 13,500,000
trust units in an underwritten public offering. PCEC and the Selling
Unitholders also expect to grant the underwriters a 30-day option to
purchase up to an additional 2,025,000 trust units of the Trust. The
Trust will not sell any trust units in the offering and will not receive
any proceeds from the offering. PCEC intends to use the net proceeds
from the sale of its trust units to pay down a portion of the
outstanding borrowings under its senior secured credit facility and the
remainder for general limited partnership purposes.
Morgan Stanley, Barclays, J.P. Morgan, Wells Fargo Securities, UBS
Investment Bank, BofA Merrill Lynch and RBC Capital Markets will serve
as joint book-running managers of this offering. Stifel, Baird,
Oppenheimer & Co. and Janney Montgomery Scott will serve as co-managers.
The trust units will be sold pursuant to a prospectus supplement and
accompanying prospectus as part of an effective shelf registration
statement filed by the Trust with the Securities and Exchange Commission
(the “SEC”). Copies of the registration statement can be accessed
through the SEC’s website at www.sec.gov.
Copies of the prospectus supplement and accompanying prospectus for this
offering may be obtained from the offices of:
Morgan Stanley
Attn: Prospectus Department
180 Varick Street,
2nd Floor
New York, New York 10014
Phone: (866) 718-1649
prospectus@morganstanley.com
Barclays
c/o Broadridge Financial Solutions
1155 Long Island
Avenue
Edgewood, New York 11717
Phone: (888) 603-5847
barclaysprospectus@broadridge.com
J.P. Morgan
Attn: Broadridge Financial Solutions
1155 Long
Island Avenue
Edgewood, New York 11717
Phone: (866) 803-9204
Wells Fargo Securities
Attn: Equity Syndicate Department
375
Park Avenue
New York, New York 10152
Phone: (800) 316-5897
cmclientsupport@wellsfargo.com
UBS Investment Bank
Attn: Prospectus Department
299 Park Avenue
New
York, New York 10171
Phone: (888) 827-7275
BofA Merrill Lynch
Attn: Prospectus Department
222 Broadway
New
York, New York 10038
dg.prospectus_requests@baml.com
RBC Capital Markets
Attn: Equity Syndicate
Three World
Financial Center
200 Vesey Street, 8th Floor
New York, New
York 10281-8098
Phone: (877) 822-4089
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described above, nor
shall there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of such state or
jurisdiction.
About Pacific Coast Oil Trust
Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to
own net profits interests and an overriding royalty interest in certain
oil and gas properties held by PCEC and located in California in the
Santa Maria Basin and the Los Angeles Basin.
About Pacific Coast Energy Company
PCEC, formerly named BreitBurn Energy Company L.P., is a privately held
Delaware limited partnership engaged in the production and development
of oil and natural gas from the Orcutt properties located in the Santa
Maria Basin and the East Coyote, Sawtelle, and West Pico properties
located in the Los Angeles Basin in California.
Cautionary Statement Regarding Forward-Looking
Information
This press release may contain forward-looking statements. All
statements other than statements of historical fact contained in this
press release are forward-looking statements, including all statements
regarding future financial results. In some cases, you can identify
forward-looking statements by terminology such as “may,” “will,”
“should,” “expect,” “plans,” “project,” “anticipate,” “believe,”
“estimate,” “predict,” “intend,” “forecast,” “could,” “potential,”
“continue” or the negative of these terms or other similar terms or
phrases. Forward-looking statements are not guarantees of future
performance and involve known and unknown risks. Factors which may cause
the actual results to differ materially from those anticipated at the
time the forward-looking statements are made include, but are not
limited to: the effect of existing and future laws and regulatory
actions, including the failure to obtain necessary
discretionary permits; the effect of changes in commodity prices or in
alternative fuel prices; risks associated with the drilling and
operation of oil and natural gas wells; the amount of future direct
operating expenses and development expenses; the impact of commodity
derivative contracts; conditions in the capital markets; competition in
the energy industry; uncertainty of estimates of oil and natural gas
reserves and production; and cost inflation. Although the Trust believes
the expectations reflected in such forward-looking statements are based
upon reasonable assumptions, the Trust can give no assurance that the
expectations will be attained or that any deviation will not be
material. All information is as of the date of this press release, and
the Trust undertakes no obligation to update any forward-looking
statement to conform the statement to actual results or changes in
expectations.
Copyright Business Wire 2013