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 24, 2015
Pacific Coast Oil Trust
(Exact name of registrant as specified in its charter)
Delaware |
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1-35532 |
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80-6216242 |
(State or other jurisdiction of |
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(Commission |
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(IRS Employer |
incorporation ) |
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File Number) |
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Identification No.) |
The Bank of New York Mellon Trust Company, N.A., Trustee |
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Global Corporate Trust |
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919 Congress Avenue |
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Austin, Texas |
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78701 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (512) 236-6555
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 24, 2015, Pacific Coast Oil Trust issued a press release announcing Pacific Coast Oil Trusts expected distribution to be made in October 2015. 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 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit 99.1 Pacific Coast Oil Trust Press Release dated September 24, 2015.
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.
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Pacific Coast Oil Trust | |
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By: |
The Bank of New York Mellon Trust Company, N.A., as Trustee |
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Date: September 24, 2015 |
By: |
/s/ Sarah Newell |
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Sarah Newell |
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Vice President |
Exhibit 99.1
Pacific Coast Oil Trust
Pacific Coast Oil Trust Announces October Cash Distribution
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., Trustee
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News |
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Release |
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For Immediate Release
Austin, Texas September 24, 2015 PACIFIC COAST OIL TRUST (NYSEROYT) (the Trust) a perpetual royalty trust formed by Pacific Coast Energy Company LP (PCEC), announced today a cash distribution to the holders of its units of beneficial interest of $0.00280 per unit, payable on October 15, 2015, to unitholders of record on October 5, 2015. The Trusts distribution relates to net profits and overriding royalties generated during August 2015 as provided in the conveyance of net profits and overriding royalty interest.
This months distribution was $0.1 million, or $0.8 million lower than the previous month ($0.00280 per unit vs. $0.02281 per unit), principally due to lower average realized prices, lower production and higher capital expenditures from the Developed Properties. Average realized prices for the Developed and Remaining Properties were $37.43 per Boe, as compared to $44.94 per Boe in July.
The current net profits amount from the Developed Properties was approximately $0.2 million. The current months lease operating expenses for the Developed Properties, including property taxes, were in-line with the prior month at $2.8 million. The current months capital expenditures for the Developed Properties were $0.3 million compared to $0.1 million in the prior month. The current months distribution also includes $49 thousand for the 7.5% overriding royalty on the Remaining Properties from 38 Orcutt Diatomite wells, 11 Orcutt Field wells, five East Coyote wells and two West Pico wells. The cumulative deficit of the net profits interest on the Remaining Properties, including the 7.5% overriding royalty payments, stands at $1.7 million.
Trust administrative expenses and the monthly operating and services fee payable to PCEC totaled approximately $0.1 million and were deducted in the calculation of the total distribution.
Sales Volumes and Prices
The following table displays PCECs underlying sales volumes and average prices for the month of August 2015:
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Underlying Properties |
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Sales Volumes |
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Average Price |
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(Boe) |
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(per Boe) |
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Developed Properties (a) |
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88,814 |
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$ |
37.77 |
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Remaining Properties (b) |
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24,018 |
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$ |
36.20 |
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(a) Crude oil sales represented 96% of sales volumes.
(b) Crude oil sales represented 100% of sales volumes.
Overview of Trust Structure
Pacific Coast Oil Trust is a perpetual Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the Underlying Properties). The Underlying Properties and the Trusts net profits and royalty interests are described in the Trusts filings with the Securities and Exchange Commission (the SEC). As described in the Trusts filings with the SEC, the amount of any 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, development expenses, and the amount and timing of the Trusts 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.pacificcoastoiltrust.com.
Cautionary Statement Regarding Forward-Looking Information
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. The anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. 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 PCEC 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 Pacific Coast Oil Trust is subject to the risks described in the Trusts Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on March 13, 2015, and if applicable, the Trusts Quarterly Reports on Form 10-Q. The Trusts Annual Report on Form 10-K and the Quarterly Reports on Form 10-Q reports are available over the Internet at the SECs website at http://www.sec.gov.
Contact:
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
919 Congress Avenue Austin, TX 78701