PR Newswire | Jul 21, 2020 09:30AM EDT

07/21 08:30 CDT

Cross Timbers Royalty Trust Declares July Cash Distribution DALLAS, July 21, 2020

DALLAS, July 21, 2020 /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 $0.032331 per unit, payable on August 14, 2020, to unitholders of record on July 31, 2020. 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 11,000 113,000 $16.29 $2.67

Prior Month Distribution 18,000 86,000 $23.63 $2.38

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

Excess Costs

XTO Energy has advised the Trustee that excess costs increased by $46,000 on properties underlying the Texas 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 Texas Working Interest net profits interests after the current month's distribution total $2.5 million, including accrued interest of $394,000.

XTO Energy has advised the Trustee that excess costs increased by $103,000 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 $1,000.

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