Pacific Coast Oil Trust Announces January Cash Distribution - Seite 2

The net cash flow available for distribution to the holders of units of beneficial interest is approximately $0.1 million. The proceeds expected to be received by the Trust in January of $0.7 million consist of $0.7 million in income from the Developed Properties and approximately $31,000 in income from the Remaining Properties. The proceeds to be received by the Trust will be partially offset by approximately $93,000 for the monthly operating and services fee payable to PCEC, $10,000 for Trust cash reserves, $0.3 million in Trust general and administrative expenses and $0.1 million for the repayment of funds that PCEC previously had loaned to the Trust for expenses as described below, resulting in net cash flow available for distribution of approximately $0.1 million.

PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. Further, if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC may loan funds to the Trust necessary to pay such expenses. Any funds provided under the letter of credit or loaned by PCEC may only be used for the payment of current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. The Trust borrowed funds from PCEC to pay the aggregate shortfall of approximately $142,000 generated over the preceding three months, which was fully repaid with November’s production from the Developed and Remaining Properties, thereby enabling the distribution to unitholders in January 2020.

Sales Volumes and Prices

The following table displays PCEC’s underlying sales volumes and average prices for the month of November 2019:

	Underlying Properties
	Sales Volumes				Average Price
	(Boe)		(Boe/day)		(per Boe)
Developed Properties (a)	54,087		1,803		$61.09
Remaining Properties (b)	19,844