Pacific Coast Oil Trust (ROYT) Declares $0.11417 Monthly Dividend; 12.1% Yield

Pacific Coast Oil Trust (NYSE: ROYT) declared a monthly dividend of $0.11417 per share, or $1.37004 annualized.

The dividend will be payable on September 15, 2014, to stockholders of record on September 4, 2014, with an ex-dividend date of September 2, 2014.

The annual yield on the dividend is 12.1 percent.

This month’s distribution of $4.4 million is 14% lower than the previous month ($0.11417 per unit vs. $0.13234 per unit) principally due to lower average realized oil prices and higher lease operating expenses, which were partially offset by lower capital expenditures from the Developed Properties.

The current net profits amount from the Developed Properties was approximately $4.4 million. The current month’s lease operating expenses for the Developed Properties, including property taxes, were $3.9 million compared to $3.5 million in the prior month, primarily due to higher workover expenses. The current month’s capital expenditures for the Developed Properties were $0.3 million compared to $0.6 million in the prior month. The current month’s distribution also includes $0.2 million for the 7.5% overriding royalty on the Remaining Properties from 37 Orcutt Diatomite wells, five Orcutt Field wells and three East Coyote wells. The cumulative deficit of the net profits interest on the Remaining Properties, including the 7.5% overriding royalty payments, is now $2.5 million, an increase of approximately $0.2 million in the current month due to higher capital expenditures for the Remaining Properties.

Trust administrative expenses and the monthly operating and services fee payable to PCEC totaled approximately $0.2 million and were deducted in the calculation of the total distribution.

For a dividend history and other dividend-related data on Pacific Coast Oil Trust (ROYT) click here.

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