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): July 3, 2014
SABINE ROYALTY TRUST
(Exact name of Registrant as specified in its charter)
| Texas | 1-8424 | 75-6297143 | ||
| (State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification No.) | ||
| Southwest Bank P. O. Box 962020 Fort Worth, Texas |
76162 | |||
| (Address of principal executive offices) | (Zip Code) | |||
Registrant’s Telephone Number, including area code: (855) 588-7839
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 July 3, 2014, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on July 15, 2014. A copy of 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 July 3, 2014. |
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.
| SABINE ROYALTY TRUST | ||||
| By: SOUTHWEST BANK, TRUSTEE | ||||
| By: | /s/ RON E. HOOPER | |||
| Ron E. Hooper | ||||
| SVP Royalty Trust Management | ||||
Date: July 7, 2014
EXHIBIT INDEX
| Exhibit |
Description | |
| 99.1 | Press Release dated July 3, 2014. | |
Exhibit 99.1
Sabine Royalty Trust
|
News Release
|
SABINE ROYALTY TRUST ANNOUNCES
MONTHLY CASH DISTRIBUTION FOR JULY
Dallas, Texas, July 3, 2014 – Southwest Bank, as Trustee of the Sabine Royalty Trust (NYSE:SBR), today declared a cash distribution to the holders of its units of beneficial interest of $0.25364 per unit, payable on July 29, 2014 to unit holders of record on July 15, 2014. Sabine’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.sbr-sabineroyalty.com/.
This distribution reflects primarily the oil production for April 2014 and the gas production for March 2014. Preliminary production volumes are approximately 27,228 barrels of oil and 327,021 Mcf of gas. Preliminary prices are approximately $96.21 per barrel of oil and $4.69 per Mcf of gas.
The table below compares this month’s production and prices to the previous month’s:
| Net to Trust Sales | ||||||||||||||||
| Volumes | Average Price | |||||||||||||||
| Oil (bbls) |
Gas (Mcf) |
Oil (per bbl) |
Gas (per Mcf) |
|||||||||||||
| Current Month |
27,228 | 327,021 | $ | 96.21 | $ | 4.69 | ||||||||||
| Prior Month |
42,204 | 644,587 | $ | 94.05 | $ | 4.91 | ||||||||||
Revenues are only posted and distributed when they are received. Most energy companies normally issue payment of royalties on or about the 25th of every month, and depending on mail delivery, a varying amount of royalties are not received until after the revenue posting on the last business day of the month. The revenues received after that date will be posted within 30 days of receipt. Because of the transition from Bank of America to Southwest Bank, revenue processing was cut off as of June 27, 2014 to facilitate a smooth transition.
Due to the timing of the end of the month of June, approximately $377,000 of revenue received will be posted in the following month of July in addition to normal receipts during July. Since the close of business on June 27, 2014 and prior to this press release, approximately $3,098,000 in revenue has been received.
As previously disclosed, U.S. Trust, Bank of America Private Wealth Management announced its intention to resign as trustee of the Trust, subject to certain conditions set forth in the trustee’s notice dated January 9, 2014, including Unit holder approval of a successor trustee.
On May 22, 2014, Unit holders approved Southwest Bank as successor trustee, effective May 30, 2014.
* * *
| Contact: | Ron E. Hooper |
| SVP, Royalty Trust Management |
| Southwest Bank |
| Toll Free – (855) 588-7839 |