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Pacific Coast Royal Trust issues termination warning

Nov. 13, 2019 6:06 PM ETPacific Coast Oil Trust (ROYTL) StockBy: Carl Surran, SA News Editor114 Comments
  • Pacific Coast Royal Trust (NYSE:ROYT) -45.8% after-hours upon release of an SEC filing that indicates the trust will terminate if the annual cash received from net profits interest and royalty interest total less than $2M for each of any two consecutive calendar years.
  • ROYT sponsor Pacific Coast Energy Co. says its current undiscounted estimate of total future amount of plugging and abandonment costs attributable to the trust totals $56.7M; PCEC has the right to deduct all costs accrued for future plugging and abandonment of any well or facility.
  • Also, ROYT says it is unable to file its 10-Q report for the Sept. 30 quarter on time since it has not yet appointed a new independent registered public accounting firm.

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