XTO Energy has advised the trustee that increased oil prices led to the partial recovery of excess costs on properties underlying the Oklahoma Working Interest net profits interests. However after the partial recovery, there were no remaining proceeds from the properties underlying the Oklahoma Working Interest net profits interests to be included in this month's distribution.
XTO Energy has advised the trustee that continued lower oil prices caused costs to exceed revenues on properties underlying the Texas Working Interest net profits interests. However, these excess costs did not reduce net proceeds from the remaining conveyances.
The prior month distribution included a deduction of $125,000 related to the expense reserve. This deduction brought the reserve to $1,000,000. The reserve will allow the trust to pay its obligations should any extraordinary events or expenses occur, especially with commodity prices at the current level. The trustee will continue to evaluate and revise the reserve as necessary.
For more information on the Trust, please visit our web site at www.crt-crosstimbers.com.
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SOURCE Cross Timbers Royalty Trust