Exhibit 99.1

 

VOC Energy Trust

 

VOC Energy Trust Announces Trust Quarterly Distribution

 

VOC ENERGY TRUST

The Bank of New York Mellon Trust Company, N.A., Trustee

NEWS RELEASE

 

FOR IMMEDIATE RELEASE

 

Houston, Texas, October 18, 2018 — VOC Energy Trust (NYSE Symbol — VOC) announced the Trust distribution of net profits for the third quarterly payment period ended September 30, 2018.

 

Unitholders of record on October 30, 2018 will receive a distribution amounting to $3,740,000 or $0.22 per unit, payable November 14, 2018.

 

Volumes, average sales prices and net profits for the payment period were:

 

Sales volumes:

 

 

 

Oil (Bbl)

 

132,381

 

Natural gas (Mcf)

 

83,385

 

Total (BOE)

 

146,279

 

Average sales prices:

 

 

 

Oil (per Bbl)

 

$

65.67

 

Natural gas (per Mcf)

 

$

3.29

 

Gross proceeds:

 

 

 

Oil sales

 

$

8,694,008

 

Natural gas sales

 

274,222

 

Total gross proceeds

 

$

8,968,230

 

Costs:

 

 

 

Lease operating expenses

 

$

3,201,465

 

Production and property taxes

 

224,814

 

Development expenses

 

607,682

 

Total costs

 

$

4,033,961

 

Net proceeds

 

$

4,934,269

 

Percentage applicable to Trust’s Net Profits Interest

 

 80

%

Net profits interest

 

$

3,947,415

 

Increase in cash reserve held by VOC Brazos Energy Partners, L.P.

 

0

 

Total cash proceeds available for the Trust

 

$

3,947,415

 

Provision for estimated Trust expenses

 

(207,415

)

Net cash proceeds available for distribution

 

$

3,740,000

 

 

VOC Brazos Energy Partners, L.P. (“VOC Brazos”) has reported to the Trustee that it has entered into a new joint venture agreement with Hawkwood Energy East Texas, LLC (“Hawkwood Energy”) to develop the lower EagleBine interval, also referred to as the Lower Woodbine Organic Shale (“LWOS”), within the south half of the Kurten Woodbine Unit (the “Contract Area”).

 

The previous joint venture with Hawkwood Energy was terminated in 2017.  Under the terms of the new joint venture agreement, Hawkwood Energy may carry VOC Brazos for its share of drilling and completion costs for up to four LWOS wells (the “Earning Wells”), with the first Earning Well to be spud by August 31, 2018 and the fourth Earning Well to be spud by June 30, 2019.  In

 


The following information was filed by Voc Energy Trust (VOC) on Thursday, October 18, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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