Exhibit 99.1

 

VOC Energy Trust

 

VOC Energy Trust Announces There Will Be No Trust Second Quarter Distribution

 

VOC ENERGY TRUST

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

NEWS RELEASE

 

FOR IMMEDIATE RELEASE

 

Houston, Texas, July 20, 2020 — VOC Energy Trust (NYSE Symbol — VOC) announced that there will be no Trust distribution of net profits for the second quarterly payment period ended June 30, 2020. The revenue received from the underlying properties was not sufficient to cover the costs attributable to the underlying properties during the period. The following table shows the underlying data for the Net Profits Interest for the quarter.

 

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

 

Sales volumes:     
Oil (Bbl)   122,672 
Natural gas (Mcf)   100,804 
Total (BOE)   139,473 
Average sales prices:     
Oil (per Bbl)  $22.53 
Natural gas (per Mcf)  $1.24 
Gross proceeds:     
Oil sales  $2,764,248 
Natural gas sales   125,344 
Total gross proceeds  $2,889,592 
Costs:     
Lease operating expenses  $2,251,208 
Production and property taxes   262,775 
Development expenses   384,415 
Total costs  $2,898,398 
Net costs  $(8,806)
Percentage applicable to Trust’s Net Profits Interest   80%
Net profits interest  $(7,045)
Decrease in cash reserve held by VOC Brazos Energy Partners, L.P.   7,045 
Total cash proceeds available for the Trust  $0 
Provision for estimated Trust expenses   0 
Net cash proceeds available for distribution  $0 

 

As previously reported, there has been a recent substantial decrease in oil prices due in part to significantly decreased demand as a result of the COVID-19 pandemic and an oversupply of crude oil. Oil prices could remain low for an extended period of time, which in turn could have a material adverse effect on Trust distributions. Low oil prices and other factors have reduced net proceeds to which the Trust is entitled, and there are not sufficient net proceeds for VOC Energy Trust to make a payment for the scheduled quarterly distribution in August 2020. VOC Brazos Energy Partners L.P. has applied funds from the reserve for future expenditures to cover the Trust deficit. The Trust will not receive future distributions until future gross proceeds exceed quarterly costs and the reserve account is replenished. The Trustee will use cash reserves from the provision for estimated Trust expenses provided in the first quarter distribution to pay current Trust administrative expenses. If commodity prices for crude oil remain at reduced levels, subsequent distributions in 2020 will be substantially lower than historical distributions, and in certain periods there may be no distribution to unitholders.

 


The following information was filed by Voc Energy Trust (VOC) on Monday, July 20, 2020 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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