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): January 5, 2016
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) |
Registrants 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 January 5, 2016, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on January 15, 2016. 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 January 5, 2016. |
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: January 5, 2016
EXHIBIT INDEX
Exhibit Number |
Description | |
99.1 | Press Release dated January 5, 2016. |
Exhibit 99.1
Sabine Royalty Trust
News Release
SABINE ROYALTY TRUST ANNOUNCES
MONTHLY CASH DISTRIBUTION FOR JANUARY
Dallas, Texas, January 5, 2016 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 $0.27597 per unit, payable on January 29, 2016, to unit holders of record on January 15, 2016. Sabines 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-sabine.com/.
This distribution reflects primarily the oil production for October 2015 and the gas production for September 2015. Preliminary production volumes are approximately 69,889 barrels of oil and 703,025 Mcf of gas. Preliminary prices are approximately $44.27 per barrel of oil and $2.67 per Mcf of gas.
The table below compares this months production and prices to the previous months:
Net to Trust Sales Volumes |
Average Price | |||||||||||||||
Oil (bbls) |
Gas (Mcf) |
Oil (per bbl) |
Gas (per Mcf) |
|||||||||||||
Current Month |
69,889 | 703,025 | $ | 44.27 | $ | 2.67 | ||||||||||
Prior Month |
25,130 | 350,242 | $ | 46.42 | $ | 2.78 |
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.
Due to the timing of the end of the month of December, approximately $753,000 of revenue received will be posted in the following month of January in addition to normal receipts during January. Since the close of business in December and prior to this press release, approximately $25,000 revenue has been received.
Approximately $224,000 for 2015 Ad Valorem taxes was deducted from this months distribution as compared to $941,000 for this time last year. These payments are normal expenditures at this time of year.
The 2015 tax information packets are expected to begin mailing directly to unitholders in early March 2016. A copy of Sabines 2015 tax information booklet will be posted on Sabines website by March 1, 2016. In addition to the tax booklet the Sabine website will also offer two simple calculators for computing the income and expense amounts and the cost depletion. The calculators are currently expected to be updated with the 2015 tax information by February 15, 2016.
* * *
Contact: | Ron Hooper SVP, Royalty Trust Services Southwest Bank Toll Free (855) 588-7839 |