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): November 19, 2012
PERMIAN BASIN ROYALTY TRUST
(Exact name of Registrant as specified in its charter)
| Texas | 1-8033 | 75-6280532 | ||
| (State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification No.) | ||
| Trust Division Royalty Trust Group U.S. Trust, Bank of America, Private Wealth Management 901 Main Street, 17th Floor Dallas, Texas |
75202 | |||
| (Address of principal executive offices) | (Zip Code) | |||
| Registrant’s Telephone Number, including area code: (214) 209-2400 |
Not Applicable
(Former name, former address and former fiscal year, 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 (see General Instruction A.2.):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | 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 November 19, 2012, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on November 30, 2012. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
This Report on Form 8-K is being furnished pursuant to Item 2.02, Results of Operations and Financial Condition. The information furnished is not deemed “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.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| 99.1 | Press Release dated November 19, 2012. |
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 thereunto duly authorized.
| PERMIAN BASIN ROYALTY TRUST | ||
| By: |
BANK OF AMERICA, N.A., TRUSTEE FOR PERMIAN BASIN ROYALTY TRUST | |
| By: | /s/ RON E. HOOPER | |
| Ron E. Hooper | ||
| Senior Vice President, Royalty Management | ||
Date: November 19, 2012
EXHIBIT INDEX
| Exhibit |
Description | |
| 99.1 | Press Release dated November 19, 2012. | |
Exhibit 99.1
Permian Basin Royalty Trust
PERMIAN BASIN ROYALTY TRUST
ANNOUNCES NOVEMBER CASH DISTRIBUTION
DALLAS, Texas, November 19, 2012 – Permian Basin Royalty Trust (NYSE: PBT) (“Permian”) today declared a cash distribution to the holders of its units of beneficial interest of $.069152 per unit, payable on December 14, 2012, to unit holders of record on November 30, 2012. Permian’s cash distribution history, current and prior year financial reports and tax information booklets, a link to filings made with the Securities and Exchange Commission and more can be found on its website at http://www.pbt-permianbasintrust.com/.
This month’s distribution decreased from the previous month due to decreased production of both oil and gas, offset by a slight increase of prices for both oil and gas. An additional prior period adjustment of approximately $153,000 also reduced the distribution this month.
Production for Waddell Ranch and the Texas Royalty Properties combined for oil and gas respectively was 33,455 bbls and 72,139 Mcf. The average price for oil was $89.99 per bbl and for gas was $4.76 per Mcf. This would primarily reflect production for the month of September for oil and the month of August for gas. The worldwide market conditions continue to affect the pricing for domestic production. It is difficult to predict what effect these conditions will have on future distributions.
Approximately six workover wells were completed in the month of October. In addition, one horizontal well was completed in September. Capital expenditures were approximately $2,621,200. The numbers provided reflect what was net to the Trust.
The Trustee continues to evaluate the claim of $4,542,547 overpayment that was recouped by ConocoPhillips back in September and October 2011.
| Net to Trust Sales Volumes |
Average Price | |||||||||||||||
| Oil (bbls) |
Gas (Mcf) |
Oil (per bbl) |
Gas (per Mcf) |
|||||||||||||
| Current Month |
33,455 | 72,139 | $ | 89.99 | $ | 4.76 | ** | |||||||||
| Prior Month |
37,395 | 104,985 | $ | 88.54 | $ | 4.10 | ** | |||||||||
| ** | This pricing includes sales of gas liquid products. |
. . .
| Contact: | Ron E. Hooper | |
| Senior Vice President | ||
| U.S. Trust, Bank of America Private Wealth Management, Trustee | ||
| Toll Free – 1.877.228.5085 |