0001193125-13-112409.txt : 20130318 0001193125-13-112409.hdr.sgml : 20130318 20130318154354 ACCESSION NUMBER: 0001193125-13-112409 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130318 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130318 DATE AS OF CHANGE: 20130318 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PERMIAN BASIN ROYALTY TRUST CENTRAL INDEX KEY: 0000319654 STANDARD INDUSTRIAL CLASSIFICATION: OIL ROYALTY TRADERS [6792] IRS NUMBER: 756280532 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08033 FILM NUMBER: 13697527 BUSINESS ADDRESS: STREET 1: BANK OF AMERICA N A TRUST DEPARTMENT STREET 2: P O BOX 1317 NK OF TEXAS NA TRUST DEPT CITY: FT WORTH STATE: TX ZIP: 76102 BUSINESS PHONE: 8173906905 MAIL ADDRESS: STREET 1: 1300 SUMMIT AVENUE SUITE 300 CITY: FORTH WORTH STATE: TX ZIP: 76102 8-K 1 d504012d8k.htm FORM 8-K Form 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): March 18, 2013

 

 

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 March 18, 2013, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on March 28, 2013. 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 March 18, 2013.

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: March 18, 2013

EXHIBIT INDEX

 

Exhibit
Number

   

Description

99.1    Press Release dated March 18, 2013.
 EX-99.1 2 d504012dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Permian Basin Royalty Trust

PERMIAN BASIN ROYALTY TRUST

ANNOUNCES MARCH CASH DISTRIBUTION

DALLAS, Texas, March 18, 2013 – Permian Basin Royalty Trust (NYSE: PBT) (“Permian”) today declared a cash distribution to the holders of its units of beneficial interest of $0.057998 per unit, payable on April 12, 2013, to unit holders of record on March 28, 2013.

This month’s distribution increased from the previous month due to increased production of both oil and gas allocated to the Trust and reduced capital expenditures as the 2012 budget pays out. Production for the Trust’s allocated portion of the Waddell Ranch and the Texas Royalty Properties combined for oil and gas respectively was 25,862 bbls and 26,867 Mcf. The average price for oil was $78.43 per bbl and for gas was $3.15 per Mcf. This would primarily reflect production for the month of January for oil and the month of December 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.

 

     Underlying Properties      Net to Trust Sales               
     Volumes      Volumes     Average      Price  
     Oil      Gas      Oil     Gas     Oil      Gas  
     (per bbl)      (per Mcf)      (per bbl)     (per Mcf)     (per bbl)      (per Mcf)  

Current Month

      88,327         447,626         25,862 *      26,867 *    $ 78.43       $ 3.15 ** 

Prior Month

      89,667         343,309         19,839 *      23,390 *    $ 77.71       $ 4.01 ** 

 

* These volumes are the net to the trust, after allocation of expenses to Trust’s net profit interest.
** This pricing includes sales of gas liquid products.

Approximately five workover wells were completed in the month of January along with one completed horizontal well. Two horizontal wells remain, as of 1/31/13, not completed. Capital expenditures were approximately $2,505,457. The numbers provided reflect what was net to the Trust. Due to the allocation method of paying for capital expenditures and lease operating expenses, the Trust’s net volumes are reduced in order to pay these expenditures.

The results of the 2012 capital expenditure program on the Waddell Ranch Properties, along with the proposed 2013 budget, will be discussed more thoroughly in the Trust’s 10-K filing, due March 1, and in the Annual Report, to be mailed to unitholders by the end of March 2013.

Permian Basin Royalty Trust, as it does after the end of each year, had a year-end Reserve Report prepared in accordance with the Securities and Exchange Commission’s requirements. This report provides an evaluation of the estimated asset value as of December 31 of each year, which can be used to estimate the remaining life of the Trust.

The estimated net proved reserves, as of January 1, 2013, attributable to the Trust from the properties appraised are approximately 6.4 million barrels of oil and 18.3 billion cubic feet of gas with a future net value of approximately $662,533,000 with a discounted value of $354,060,000.

With the estimated quantities of this year’s reserve estimate of 6.4 million barrels of oil and 18.3 billion cubic feet of gas remaining, it could be estimated that the Trust still has a life span of 11 to 13 years. The report is an exhibit to the Trust’s Annual Report on Form 10-K that was filed on March 1, 2013 and is available to all unitholders at this time on the SEC website.

The Trustee continues to evaluate the claim of $4,542,547 overpayment that was recouped by ConocoPhillips back in September and October 2011.

The 2012 tax information packets were mailed to unitholders the week of March 4, 2013. A copy of Permian’s 2012 tax information booklet is posted on Permian’s website. In addition to the tax booklet the Permian website also offers two simple calculators for computing the income and expense amounts and the cost depletion. The calculators are updated with the 2012 tax information.

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/

.     .     .

 

    Contact:    Ron E. Hooper
     Senior Vice President
     U.S. Trust, Bank of America Private Wealth Management, Trustee
     Toll Free – 1.877.228.5085