Enduro Royalty Trust (NYSE: NDRO) (the “Trust”) today announced a cash
distribution to the holders of its units of beneficial interest of
$0.075786 per unit, payable on July 15, 2014 to unitholders of record on
June 30, 2014. The distribution primarily represents oil production
during the month of March 2014 and natural gas production during
February 2014.
The following table displays underlying oil and natural gas sales
volumes and average prices attributable to the current and prior month
distributions.
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Underlying Sales Volumes
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Average Price
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Oil (Bbls)
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Natural Gas (Mcf)
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Oil (per Bbl)
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Natural Gas (per Mcf)
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Current Month
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70,173
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422,376
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$
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94.66
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$
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5.53
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Prior Month
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67,374
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462,608
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$
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95.46
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$
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4.71
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Oil cash receipts increased $0.2 million from the prior month and
totaled $6.6 million as a result of additional production days in March.
Natural gas receipts increased $0.1 million from the prior month and
totaled $2.3 million as a result of increased NYMEX prices, offset by
reduced sales volumes due to fewer production days in February.
The current month distribution does not include production from the
Permian Basin Wolfcamp drilling program. The first 3 wells (Rocker B
40H, 41H, and 42H) came online at the end of February, and the first
payment was received in May. Revenue from the Rocker B wells will be
included in next month’s distribution and will represent oil production
from February, March, and April and gas production from February and
March.
Capital expenditures included in the current month distribution
increased approximately $0.4 million from the prior month and totaled
approximately $2.2 million, which relates to capital expenditures
incurred in April. Capital expenditures of approximately $1.0 million
related to the Wolfcamp activity in the Midland Basin.
Wolfcamp Activity Update
Enduro continues to receive drilling proposals from Pioneer Natural
Resources for the 2014 Wolfcamp drilling program. Of the 25 gross wells
anticipated to be drilled in 2014, Enduro has received drilling
proposals for 17 gross wells, of which 3 are currently producing, 9 are
waiting on completion, 3 are drilling, and 2 are waiting to be spud. The
majority of the wells that are currently drilling or waiting on
completion are anticipated to be completed in June and July.
The following table displays the current status of the Wolfcamp wells in
progress and Enduro’s working interest percentage:
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Well Name
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Current Status
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Reservoir
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County & State
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Enduro Working Interest
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Rocker B 43H
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Waiting on Completion
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Wolfcamp
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Reagan, TX
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6.25%
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Rocker B 44H
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Waiting on Completion
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Wolfcamp
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Reagan, TX
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6.25%
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Rocker B 45H
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Waiting on Completion
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Wolfcamp
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Reagan, TX
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6.25%
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Rocker B 46H
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Waiting on Completion
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Wolfcamp
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Irion, TX
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6.25%
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Rocker B 47H
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Waiting on Completion
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Wolfcamp
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Irion, TX
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6.25%
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Rocker B 48H
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Waiting on Completion
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Wolfcamp
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Irion, TX
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6.25%
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Rocker B 51H
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Drilling
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Wolfcamp
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Irion, TX
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12.50%
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Rocker B 52H
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Drilling
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Wolfcamp
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Irion, TX
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12.50%
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Rocker B 71H
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Waiting on Completion
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Wolfcamp
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Irion, TX
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12.50%
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Rocker B 72H
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Drilling
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Wolfcamp
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Irion, TX
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12.50%
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Rocker B 73H
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Waiting on Completion
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Wolfcamp
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Irion, TX
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12.50%
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Rocker B 74H
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Waiting on Completion
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Wolfcamp
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Irion, TX
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12.50%
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About Enduro Royalty Trust
Enduro Royalty Trust is a Delaware statutory trust formed by Enduro
Resource Partners to own a net profits interest representing the right
to receive 80% of the net profits from the sale of oil and natural gas
production from certain of Enduro Resource Partners’ properties in the
states of Texas, Louisiana and New Mexico. As described in the Trust’s
filings with the Securities and Exchange Commission, the amount of the
periodic distributions is expected to fluctuate, depending on the
proceeds received by the Trust as a result of actual production volumes,
oil and gas prices and the amount and timing of capital expenditures and
the Trust’s administrative expenses, among other factors. Future
distributions are expected to be made on a monthly basis. For additional
information on the Trust, please visit www.enduroroyaltytrust.com.
Forward-Looking Statements and Cautionary Statements
This press release contains statements that are “forward-looking
statements” within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended. All statements contained in this press release,
other than statements of historical facts, are “forward-looking
statements” for purposes of these provisions. These forward-looking
statements include the amount and date of any anticipated distribution
to unitholders. The anticipated distribution is based, in part, on the
amount of cash received or expected to be received by the Trust from
Enduro Resource Partners with respect to the relevant period. Any
differences in actual cash receipts by the Trust could affect this
distributable amount. Other important factors that could cause actual
results to differ materially include expenses of the Trust and reserves
for anticipated future expenses. Statements made in this press release
are qualified by the cautionary statements made in this press release.
Neither Enduro Resource Partners nor the Trustee intends, and neither
assumes any obligation, to update any of the statements included in this
press release. An investment in units issued by Enduro Royalty Trust is
subject to the risks described in the Trust’s filings with the SEC,
including the risks described in the Trust’s Annual Report on Form 10-K
for the year ended December 31, 2013, filed with the SEC on March 11,
2014. The Trust’s quarterly and other filed reports are or will be
available over the Internet at the SEC’s website at http://www.sec.gov.
Copyright Business Wire 2014