MV Oil Trust (NYSE: MVO) announced the Trust distribution of net profits
for the second quarterly payment period ended June 30, 2014.
Unitholders of record on July 15, 2014 will receive a distribution
amounting to $9,085,000 or $0.79 per unit payable July 25, 2014.
Volumes, average price and net profits for the payment period were:
|
Volume (BOE)
|
|
|
|
|
220,075
|
|
|
Average price (per BOE)
|
|
|
|
$
|
94.20
|
|
|
Gross proceeds
|
|
|
|
$
|
20,731,980
|
|
|
Costs
|
|
|
|
$
|
8,523,308
|
|
|
Net profits
|
|
|
|
$
|
12,208,672
|
|
|
Percentage applicable to Trust’s 80%
|
|
|
|
|
|
Net profits interest
|
|
|
|
$
|
9,766,937
|
|
|
|
|
|
|
|
|
MV Partners reserve for capital expenditures
|
|
|
|
$
|
(500,000
|
)
|
|
Total cash proceeds available for the Trust
|
|
|
|
$
|
9,266,937
|
|
|
Provision for estimated Trust expenses
|
|
|
|
$
|
(181,937
|
)
|
|
Net cash proceeds available for distribution
|
|
|
|
$
|
9,085,000
|
|
|
|
|
|
|
|
This press release contains forward-looking statements. Although MV
Partners, LLC has advised the Trust that MV Partners, LLC believes that
the expectations contained in this press release are reasonable, no
assurances can be given that such expectations will prove to be correct.
The announced distributable amount is based on the amount of cash
received or expected to be received by the Trustee from the underlying
properties on or prior to the record date with respect to the quarter
ended June 30, 2014. Any differences in actual cash receipts by the
Trust could affect this distributable amount. Other important factors
that could cause these statements to differ materially include the
actual results of drilling operations, risks inherent in drilling and
production of oil and gas properties, the ability of commodity
purchasers to make payment, and other risk factors described in the
Trust’s Form 10-K for the year ended December 31, 2013 filed with the
Securities and Exchange Commission. Statements made in this press
release are qualified by the cautionary statements made in these risk
factors. The Trust does not intend, and assumes no obligations, to
update any of the statements included in this press release.
Copyright Business Wire 2014