Attached files
| file | filename |
|---|---|
| 8-K - 8-K - CROSS TIMBERS ROYALTY TRUST | d70328d8k.htm |
EXHIBIT 99.1
[NEWS RELEASE LETTERHEAD OF CROSS TIMBERS ROYALTY TRUST APPEARS HERE]
CROSS TIMBERS ROYALTY TRUST
DECLARES OCTOBER CASH DISTRIBUTION
Dallas, Texas, October 20, 2015 – Southwest Bank, as Trustee of the Cross Timbers Royalty Trust (NYSE – CRT), today declared a cash distribution to the holders of its units of beneficial interest of $0.102382 per unit, payable on November 16, 2015, to unitholders of record on October 30, 2015. The following table shows underlying oil and gas sales and average prices attributable to the current month and prior month distributions.
| Underlying Sales Volumes |
Average Price | |||||||||||||||
| Oil (Bbls) |
Gas (Mcf) |
Oil (per Bbl) |
Gas (per Mcf) |
|||||||||||||
| Current Month |
19,000 | 144,000 | $ | 44.90 | $ | 4.14 | ||||||||||
| Prior Month |
20,000 | 106,000 | $ | 53.73 | $ | 3.64 | ||||||||||
Excess Costs
XTO Energy has advised the trustee that lower oil prices caused costs to exceed revenues on properties underlying the Oklahoma Working Interest net profits interests. However, these excess costs did not reduce net proceeds from the remaining conveyances.
XTO Energy has advised the trustee that lower oil prices caused costs to exceed revenues on properties underlying the Texas Working Interest net profits interests. However, these excess costs did not reduce net proceeds from the remaining conveyances.
Reserves
The reserve for expenses will be increased by $50,000 per month, beginning with the current month’s distribution, until the reserve reaches $1,000,000. This will allow the trust to pay its obligations should any extraordinary events or expenses occur, especially with commodity prices at the current level.
For more information on the Trust, please visit our web site at www.crt-crosstimbers.com.
* * *
| Contact: | Nancy G. Willis Vice President Southwest Bank, Trustee Toll Free – 855-588-7839 |