Attached files
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| 8-K - HUGOTON ROYALTY TRUST | v166993_8k.htm |
EXHIBIT
99.1
[NEWS
RELEASE LETTERHEAD OF HUGOTON ROYALTY TRUST APPEARS HERE]
HUGOTON
ROYALTY TRUST
DECLARES
NOVEMBER CASH DISTRIBUTION
Dallas, Texas, November 19,
2009 – U.S. Trust, Bank of America Private Wealth Management, as Trustee
of the Hugoton Royalty Trust (NYSE – HGT), today declared a cash distribution to
the holders of its units of beneficial interest of $0.076476 per unit, payable
on December 14, 2009, to unitholders of record on November 30, 2009. The
following table shows underlying gas sales and average prices attributable to
the net overriding royalty payments made by XTO Energy Inc. (XTO Energy) to the
Trust for both the current month and prior month
distributions. Underlying gas sales volumes attributable to the
current month distribution were primarily produced in September.
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Underlying
Gas Sales
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Volumes
(Mcf) (a)
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Average
Gas
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Total
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Daily
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Price
per Mcf
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Current
Month Distribution
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2,142,000 | 71,000 | $ | 3.00 | ||||||||
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Prior
Month Distribution
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2,228,000 | 72,000 | $ | 3.41 | ||||||||
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(a)
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Sales
volumes are recorded in the month the trust receives the related net
profits income. Because of this, sales volumes may fluctuate
from month to month based on the timing of cash
receipts.
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XTO Energy has advised the trustee
that two wells are currently being drilled on the underlying properties and that
it has deducted budgeted development costs of $500,000, production expense of
$1,620,000 and overhead of $910,000 in determining the royalty payment to the
Trust for the current month.
Other
XTO Energy has advised the trustee that
lower gas prices caused costs to exceed revenues on properties underlying the
Kansas net profits interests. However, these excess costs did not
reduce net proceeds from the remaining conveyances. XTO Energy
advised the trustee that even with the recent increase in gas prices, it will
take several months to fully recover the excess costs.
[NEWS
RELEASE LETTERHEAD OF HUGOTON ROYALTY TRUST APPEARS HERE]
Effective October 5, 2009, American
Stock Transfer & Trust Company (AST) became the new transfer agent and
registrar for Hugoton Royalty Trust. Unitholders with registered
ownership accounts can contact AST with questions relating to transfers of
ownership and instruction, a change of address, direct deposit of distribution
checks, and any other account related questions at the dedicated toll free
number 1-866-737-9819.
For more
information on the Trust, please visit our web site at
www.hugotontrust.com.
* * *
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Contacts:
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Nancy
G. Willis
Vice
President
U.S.
Trust, Bank of America
Private
Wealth Management,
Trustee
(Toll
Free)
877-228-5083
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Louis
G. Baldwin
Executive
Vice President &
Chief
Financial Officer
XTO
Energy Inc.
817-870-2800
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Statements
made in this press release, including those related to future realized gas
prices and recovery of excess costs, are “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, that are subject to
risks and uncertainties which are detailed in Part I, Item 1A of the trust’s
Annual Report on Form 10-K for the year ended December 31, 2008, which is
incorporated by reference as though fully set forth herein. Although
XTO Energy and the trustee believe that the expectations reflected in such
forward-looking statements are reasonable, neither XTO Energy nor the trustee
can give any assurance that such expectations will prove to be
correct.