MV Oil Trust (NYSE: MVO) announced the Trust distribution of Net Profits for the second quarterly payment period ended June 30, 2010.
Unitholders of record on July 15, 2010 will receive a distribution amounting to $11,097,500 or $0.965 per unit payable July 23, 2010.
Volumes, price and Net Profits for the payment period were:
|Percentage applicable to Trust’s 80%|
|Net Profits Interest||$11,314,690|
|Gross Hedge Proceeds||$0|
|Percentage applicable to Trust 80%|
|Net Hedge Proceeds||$0|
|Total cash proceeds available for the Trust||$11,314,690|
|Provision for estimated Trust expenses||($217,190)|
|Net cash proceeds available for distribution||$11,097,500|
This distribution includes amounts from collection of the SemCrude, L.P. / Eaglwing, L.P. payment for the twenty-day period prior to their bankruptcy in July, 2008 (“Twenty-Day Claims”) as MV Partners, LLC received payment of $5.6 million for such Twenty-Day Claims during the month of April 2010. The proceeds from the sale of oil volumes of MV Partners during June 2008 are still pending the outcome of the SemCrude bankruptcy proceedings.
This press release contains forward-looking statements. Although MV Partners, LLC has advised the Trust that MV Partners, LLC believes that the expectations contained in this press release are reasonable, no assurances can be given that such expectations will prove to be correct. The announced distributable amount is based on the amount of cash received or expected to be received by the Trustee from the underlying properties on or prior to the record date. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause these statements to differ materially include the actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, the ability of commodity purchasers to make payment, and other risk factors described in the Trust’s Form 10-K for the year ended December 31, 2009 filed with the Securities and Exchange Commission. Statements made in this press release are qualified by the cautionary statements made in these risk factors. The Trust does not intend, and assumes no obligations, to update any of the statements included in this press release.