DALLAS, Nov. 19, 2014 /PRNewswire/ -- Dominion
Resources Black Warrior Trust (NYSE: DOM) today announced a
quarterly cash distribution to the holders of its units of
beneficial interest of $0.180647 per
unit. The distribution will be payable December 9, 2014 to unitholders of record on
December 1, 2014. Dominion's cash
distribution history, current and prior year financial reports, a
link to filings made with the Securities and Exchange Commission
and more can be found on its website at
http://www.dom-dominion.com/.
This distribution represents the quarterly royalty payment from
Walter Black Warrior Basin LLC ("WBWB") reflecting production from
July 1, 2014 to September 30, 2014. WBWB reported that
production attributable to the Trust's overriding royalty interests
was approximately 441 million cubic feet ("MMcf") during this
period compared to 428 MMcf in the previous quarter. Prices
for this quarter to the trust averaged $4.01 per Mcf compared to $4.60 per Mcf for the previous quarter.
Production for this quarter was relatively flat compared to the
previous quarter.
In March 2012, WBWB notified the
Trustee that it was undertaking a study of the Underlying
Properties on a well-by-well basis to determine the economic
viability of continuing to produce each individual well. WBWB
has plugged and abandoned 22 such wells; 11 in 2012 and 11 in
2013. These wells were very low producing and deemed
non-economical. Additional information about remaining wells
has been disclosed in detail in the Trust's 2013 10-K filed on
March 10, 2014. The additional
decisions on a well by well basis could adversely affect the
Trust's future revenue stream, and if a significant number of wells
are abandoned, it could cause a termination of the Trust. Walter
Energy will continue to evaluate the economic viability of each
well on an ongoing basis and provide notice as to any
development. The results for 2014 will be discussed in the
Trust's 2014 10-K to be filed in March
2015.
The Trust owns overriding royalty interests burdening certain
proved developed coal seam gas properties owned by WBWB and located
in the Black Warrior Basin of Alabama. The Trust is a grantor
trust originally formed by Dominion Resources, Inc. The Trust is
designed to provide unitholders with quarterly cash distributions
from its royalty interests in certain coal seam gas properties. The
units are listed on The New York Stock Exchange under the symbol
"DOM."
The 2014 tax information packets are expected to begin mailing
directly to unitholders in early March
2015. A copy of Dominion's 2014 tax information booklet will
be posted on Dominion's website by March 1,
2015. In addition to the tax booklet, the Dominion website
will also offer two simple calculators for computing the income and
expense amounts and the cost depletion. The calculators are
currently expected to be updated with the 2014 tax information by
February 15, 2015.
SOURCE Dominion Resources Black Warrior Trust