PR Newswire | Feb 16, 2021 09:30AM EST

02/16 08:30 CST

Cross Timbers Royalty Trust Declares February Cash Distribution DALLAS, Feb. 16, 2021

DALLAS, Feb. 16, 2021 /PRNewswire/ -- Simmons Bank, as Trustee of the Cross Timbers Royalty Trust (NYSE:CRT), today declared a cash distribution to the holders of its units of beneficial interest of $0.086656 per unit, payable on March 12, 2021, to unitholders of record on February 26, 2021. The following table shows underlying oil and gas sales and average prices attributable to the current month and prior month distributions.

Underlying Sales

Volumes ^(a) Average Price

Oil Gas Oil Gas

(Bbls) (Mcf) (per Bbl) (per Mcf)

Current Month Distribution 12,000 175,000 $43.96 $3.79

Prior Month Distribution 12,000 173,000 $39.28 $3.57

Sales volumes are recorded in the month the Trust receives the related net profits income. (a) Because of this, sales volumes may fluctuate from month to month based on the timing of cash receipts.

Excess CostsXTO Energy has advised the Trustee that $2,000 of excess costs were recovered on properties underlying the Texas Working Interest net profits interests. However, after the partial recovery, there were no remaining proceeds from the properties underlying the Texas Working Interest net profits interests to be included in this month's distribution. Underlying cumulative excess costs remaining on the Texas Working Interest net profits interests after the current month's distribution total $2.7 million, including accrued interest of $444,000.

XTO Energy has advised the Trustee that excess costs increased by $49,000 on properties underlying the Oklahoma Working Interest net profits interests. However, these excess costs did not reduce net proceeds from the remaining conveyances. Underlying cumulative excess costs remaining on the Oklahoma Working Interest net profits interests after the current month's distribution total $0.3 million, including accrued interest of $5,000.

For more information on the Trust, please visit our web site at www.crt-crosstimbers.com.

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SOURCE Cross Timbers Royalty Trust