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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

MV Oil Trust Announces Trust Second Quarter Distribution

July 6, 2021 GMT

HOUSTON--(BUSINESS WIRE)--Jul 6, 2021--

MV Oil Trust (NYSE: MVO) announced the Trust distribution of net profits for the second quarterly payment period ended June 30, 2021.

Unitholders of record on July 16, 2021 will receive a distribution amounting to $3,450,000 or $0.300 per unit payable July 23, 2021.

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

Volume (BOE)

 

166,357

 

Average price (per BOE)

 

$

58.05

 

Gross proceeds

 

$

9,657,182

 

Costs

 

$

5,062,304

 

Net profits

 

$

4,594,878

 

Percentage applicable to Trust’s 80%

 

 

 

Net profits interest

 

$

3,675,902

 

MV Partners reserve for capital expenditures

 

$

--

 

Total cash proceeds available for the Trust

 

$

3,675,902

 

Provision for estimated Trust expenses

 

$

(225,902

)

Net cash proceeds available for distribution

 

$

3,450,000

 

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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 with respect to the quarter ended June 30, 2021. 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, the effect, impact, potential duration or other implications of the COVID-19 pandemic, actions by the members of the Organization of Petroleum Exporting Countries, and other risk factors described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2020 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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210706005753/en/

CONTACT: MV Oil Trust

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

Elaina Rodgers

713-483-6020

KEYWORD: UNITED STATES NORTH AMERICA TEXAS

INDUSTRY KEYWORD: OIL/GAS ENERGY

SOURCE: MV Oil Trust

Copyright Business Wire 2021.

PUB: 07/06/2021 04:30 PM/DISC: 07/06/2021 04:30 PM

http://www.businesswire.com/news/home/20210706005753/en