Pacific Coast Oil Trust Jumps More Than 14%

Pacific Coast Oil Trust is up more than 14% after the company said late Tuesday there will be no cash distribution to the holders of its units of beneficial interest of record on February 15.

However, it expects to make a cash distribution to unitholders from net profits and overriding royalties generated during Q1. Cash distributions are made two months after production; accordingly, the cash distribution is expected to occur in March-May.

It said it expects to produce net profits and royalties to the benefit of ROYT unitholders that will exceed $2 million of proceeds received by the Trust attributable to the Conveyed Interests in 2017. If the $2 million threshold in the Revenue Termination Provision is exceeded, the Trust will no longer be at risk of termination at the end of 2017.