Tidelands Royalty Trust B announced that it would pay a quarterly distribution to its unit holders of $0.440416 per unit. The distribution is for shareholders of record on June 30, 2010, and will be paid on July 14, 2010.
Tidelands Royalty Trust B said that the upcoming quarterly distribution was a 1.5% decrease from the $0.447002 per unit paid last quarter.
Tidelands Royalty Trust B said that the decrease was due to a decline in natural gas production on which the company earns royalties, offset slightly by an increase in the price realized for natural gas.
Tidelands Royalty Trust B is a royalty trust formed in 1954. The trust owns Tidelands Corporation, which owns the rights to royalties from producing oil and gas properties located in the offshore area of Louisiana. The properties are currently operated by Devon Energy (NYSE:DVN) and W & T Offshore, and produce approximately 88% natural gas and 12% oil.
Tidelands Royalty Trust B expires in April 2021 unless a majority of unit holders vote to extend the term of the trust. The company’s royalties come from 18 producing wells on 22,948 acres.
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