Attached files
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8-K/A - FORM 8-K/A - TORCH ENERGY ROYALTY TRUST | h84391e8vkza.htm |
Exhibit 99.1
N E W S R E L E A S E
FOR IMMEDIATE RELEASE
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Contact: | |
AUGUST 25, 2011
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Investor Relations Dept. | |
(800) 536-7453 |
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AMENDED NEWS RELEASE |
TORCH ENERGY ROYALTY TRUST REVISES RECORD DATE
HOUSTON Torch Energy Royalty Trust (Trust) (NYSE: TRU) (www.torchroyalty.com) today
announced that the record date for its recently declared cash distribution of 17.00 cents per unit
has been changed to September 6, 2011 from the previously announced date of August 31, 2011. The
cash distribution remains payable on September 12, 2011, as previously announced. The change to
the cash distribution record date is to comply with New York Stock Exchange requirements.
About the Trust
The Trusts underlying properties are depleting assets consisting of net profits interests in
proved developed oil and gas properties located in Texas, Alabama and Louisiana. Approximately 99%
of the estimated reserves are gas.
The Trust received the affirmative vote of the unitholders of more than 66 2/3% of the outstanding
units to terminate the Trust at the meeting of unitholders held on January 29, 2008. Upon
termination of the Trust, among other things, the Trustee is required to sell the net profits
interests. No assurances can be given that the Trustee will be able to sell the net profits
interests, or the price that will be distributed to unitholders following such a sale. Such
distributions could be below the market value of the units.
The Trust can give no assurances of the effect of the results of the affirmative vote to terminate
the Trust by the unitholders on the continued listing of the units on the New York Stock Exchange
(NYSE) or any other national quotation system.
Additional information about the Trust can be found in the Trusts filings with the Securities and
Exchange Commission and on the Trusts website, www.torchroyalty.com.
Forward-Looking Statements
This press release includes 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
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1934. All statements other than statements of historical facts in this press release, including
without limitation, statements about future production, production costs and termination of the
Trust (except with respect to the fact that the Trust received the affirmative vote of the
unitholders to terminate the Trust), are forward looking statements. No assurances can be given
that these forward looking statements will prove to be correct. Factors which could cause such
forward looking statements not to be correct include, among others, the cautionary statements set
forth in the Trusts Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the
Securities and Exchange Commission, including but not limited to, the volatility of oil and gas
prices, future production costs, future oil and gas production quantities, operating hazards and
environmental conditions.
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