0001104659-16-145604.txt : 20160920 0001104659-16-145604.hdr.sgml : 20160920 20160920091531 ACCESSION NUMBER: 0001104659-16-145604 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160920 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160920 DATE AS OF CHANGE: 20160920 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Enduro Royalty Trust CENTRAL INDEX KEY: 0001520048 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 456259461 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35333 FILM NUMBER: 161893052 BUSINESS ADDRESS: STREET 1: 919 CONGRESS AVENUE STREET 2: SUITE 500 CITY: AUSTIN STATE: TX ZIP: 78701 BUSINESS PHONE: (512) 236-6599 MAIL ADDRESS: STREET 1: 919 CONGRESS AVENUE STREET 2: SUITE 500 CITY: AUSTIN STATE: TX ZIP: 78701 8-K 1 a16-18732_18k.htm 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): September 20, 2016

 

Enduro Royalty Trust

(Exact name of registrant as specified in its charter)

 

Delaware

 

1-35333

 

45-6259461

(State or other jurisdiction of

 

(Commission

 

(IRS Employer

incorporation )

 

File Number)

 

Identification No.)

 

The Bank of New York Mellon Trust Company, N.A., Trustee

 

 

Global Corporate Trust

 

 

919 Congress Avenue

 

 

Austin, Texas

 

78701

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (512) 263-6555

 

Not Applicable

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 2.02 Results of Operations and Financial Condition.

 

On September 20, 2016, Enduro Royalty Trust issued a press release announcing Enduro Royalty Trust’s distribution to be paid in October 2016.  A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

 

Pursuant to General Instruction B.2 of Form 8-K and Securities and Exchange Commission Release No. 33-8176, the press release attached as Exhibit 99.1 is not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, but is instead furnished for purposes of that instruction.

 

Item 7.01 Regulation FD Disclosure.

 

The information in Item 2.02 is hereby incorporated by reference.

 

Item 9.01 Financial Statements and Exhibits.

 

(d)           Exhibits.

 

Exhibit  99.1                           Enduro Royalty Trust Press Release dated September 20, 2016.

 

2



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

Enduro Royalty Trust

 

By:

The Bank of New York Mellon Trust Company, N.A., as

 

 

Trustee

 

 

 

 

Date: September 20, 2016

By:

/s/ Sarah Newell

 

 

Sarah Newell

 

 

Vice President

 

3



 

EXHIBIT INDEX

 

Exhibit

 

Description

 

 

 

99.1

 

Enduro Royalty Trust Press Release dated September 20, 2016.

 

4


EX-99.1 2 a16-18732_1ex99d1.htm EX-99.1

Exhibit 99.1

 

 

Enduro Royalty Trust Announces Monthly Cash Distribution

 

AUSTIN, Texas—(BUSINESS WIRE)—September 20, 2016

 

Enduro Royalty Trust (NYSE: NDRO) (the “Trust”) today announced a cash distribution to the holders of its units of beneficial interest of $0.036876 per unit, payable on October 17, 2016 to unitholders of record on September 30, 2016. The distribution primarily represents oil production during the month of June 2016 and natural gas production during May 2016.

 

The following table displays underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month net profits interest calculations.

 

 

 

Underlying Sales Volumes

 

Average Price

 

 

 

Oil

 

Natural Gas

 

Oil

 

Natural Gas

 

 

 

Bbls

 

Bbls/D

 

Mcf

 

Mcf/D

 

(per Bbl)

 

(per Mcf)

 

Current Month

 

63,325

 

2,111

 

378,239

 

12,201

 

$

45.24

 

$

1.85

 

Prior Month

 

65,223

 

2,104

 

311,904

 

10,397

 

$

42.20

 

$

1.90

 

 

Oil cash receipts for the properties underlying the Trust totaled $2.9 million for the current month, an increase of $0.1 million from the prior month calculation. The increase was due to a 4 percent increase in NYMEX oil prices from May to June, partially offset by one less production day during June. Natural gas cash receipts increased by $0.1 million, totaling approximately $0.7 million, due to an extra day of production, prior period adjustments in the prior calculation period, and a 4 percent increase in NYMEX gas prices from April to May.

 

Total direct operating expenses, including lease operating expenses, production and ad valorem taxes, and gathering and transportation expenses, decreased to $2.1 million as compared to $2.2 million in the prior month distribution calculation. Capital expenditures for the current distribution period were less than $0.1 million. Total direct operating expenses and capital expenditures relate to expenses incurred during July 2016.

 

Enduro Resource Partners, the sponsor of the Trust (“Enduro”), previously established a reserve for approved development expenses. As a result of lower than anticipated capital expenditures to date in 2016, resulting in reduced expectations for 2016 capital expenditures, Enduro has released $150,000 of the reserve in the current distribution period, thereby increasing the net profits attributable to the Trust. Enduro has a remaining total reserve of $250,000 for approved development expenses.

 

1



 

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, 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 and expected expenses, including capital expenditures. The anticipated distribution is based, in large 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. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which have declined significantly, could decline further and could remain low for an extended period of time. 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, 2015, filed with the SEC on March 11, 2016. 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.

 

Contact

 

Enduro Royalty Trust

The Bank of New York Mellon Trust Company, N.A., as Trustee

Sarah Newell 1 (512) 236-6555

 


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