Chesapeake Granite Wash Trust (NYSE:CHKR) (the “Trust”)
announced today that its common unit distribution for the quarter
ended September 30, 2012 (which primarily relates to production
attributable to the Trust’s royalty interests from June 1, 2012
through August 31, 2012) will be $0.6300 per common unit. The Trust
will also pay a distribution of $0.2208 per subordinated unit for
the quarter. The distributions will be paid on November 29, 2012 to
all common and subordinated unitholders of record at the close of
business on November 19, 2012.
During the three-month production period ended August 31, 2012,
total sales volumes and realized oil, natural gas liquids and
natural gas prices were lower than estimated. This resulted in
quarterly income available for distribution of $0.5277 per unit,
which is $0.1023 below the subordination threshold. As a result,
the distribution per common unit is the subordination threshold of
$0.6300 for the quarter.
The following table provides sales volumes, realized prices and
revenue attributable to the Trust’s royalty interests, expenses of
the Trust and distributable income available to unitholders for the
production period from June 1, 2012 to August 31, 2012.
Sales volumes: Oil (mbbl) 146 Natural gas liquids
(mbbl) 288 Natural gas (mmcf) 3,204 Total oil equivalent volumes
(mboe) 968 Average price received per production unit:(1)
Oil $ 84.22 Natural gas liquids $ 27.49 Natural gas $ 1.72
Distributable income calculation (in
thousands except per unit income):
Revenue less production taxes(1) $ 25,395 Derivative settlement
loss ($375 ) Trust expenses ($350 ) Distributable income
available to unitholders $ 24,670 Calculated distributable
income per unit(2) $ 0.5277 Distributable income per
common unit(3) $ 0.6300 Distributable income per subordinated unit
$ 0.2208
(1) Includes the effect of certain marketing, gathering and
transportation deductions.
(2) Based on 46,750,000 units issued and outstanding, consisting
of 35,062,500 common units and 11,687,500 subordinated units.
(3) Equal to subordination threshold of $0.6300 per common
unit.
Due to the timing of the payment of production proceeds to the
Trust, quarterly distributions generally include royalties
attributable to sales of oil, natural gas liquids and natural gas
for three months, including the first two months of the quarter
just ended and the last month of the prior quarter.
The Trust was formed by Chesapeake Energy Corporation (NYSE:CHK)
("Chesapeake") in June 2011 and owns royalty interests in certain
oil and natural gas properties in the Colony Granite Wash play in
Washita County, Oklahoma. The Trust is entitled to receive proceeds
from the sale of production attributable to the royalty interests.
As described in the Trust’s filings with the Securities and
Exchange Commission (the “SEC”), the amount of Trust revenues and
the quarterly distributions to Trust unitholders will fluctuate
from quarter to quarter, depending on the timing of initial sales
from the development wells drilled by Chesapeake in which the Trust
receives an interest, the sales volume of oil, natural gas liquids
and natural gas attributable to the Trust’s royalty interests and
the prices received for such sales, amounts realized and paid under
the Trust’s hedging arrangements and the amount of the Trust's
administrative expenses, among other factors.
Conference Call Information
Chesapeake will host a conference call to discuss the results on
Thursday, November 8, 2012 at 10:00 am EST. The telephone number to
access the conference call is 913-312-1267 or toll-free
800-289-0726. The passcode for the call is 1426859.
We encourage those who would like to participate in the call to
place calls between 9:50 and 10:00 am EST.
For those unable to participate in the conference call, a replay
will be available for audio playback at 12:00 pm EST on Thursday,
November 8, 2012 and will run through 12:00 pm EST on Thursday,
November 22, 2012. The number to access the conference call replay
is 719-457-0820 or toll-free 888-203-1112. The
passcode for the replay is 1426859.
The conference call will also be webcast live on the Trust’s
website at www.chkgranitewashtrust.com in the “Investors” section
of the website. The webcast of the conference call will be
available on the Trust’s website for one year.
ABOUT CHESAPEAKE GRANITE WASH TRUST:
Chesapeake Granite Wash Trust is a Delaware statutory trust
formed by Chesapeake Energy Corporation to own certain royalty
interests in oil, natural gas liquids and natural gas wells in
Washita County, Oklahoma producing from the Colony Granite Wash
play within the broader Granite Wash formation of the Anadarko
Basin. The common units do not represent interests in and are not
obligations of Chesapeake Energy Corporation. The common units are
listed on the New York Stock Exchange under the symbol CHKR.
Further information is available at
www.chkgranitewashtrust.com where Chesapeake Granite Wash
Trust routinely posts announcements, updates, investor information
and news releases.
Pursuant to IRC Section 1446, withholding tax on income
effectively connected to a U.S. trade or business allocated to
foreign partners should be made at the highest marginal rate.
Under Section 1441, withholding tax on fixed, determinable,
annual, periodic income from U.S. sources allocated to foreign
partners should be made at 30% of gross income unless the rate is
reduced by treaty. This release is intended to be a
qualified notice to nominees and brokers as provided for under
Treasury Regulation Section 1.1446-4(b) by Chesapeake Granite Wash
Trust, and while specific relief is not specified for Section 1441
income, this disclosure is intended to suffice. Nominees and
brokers should withhold 35% of the distribution made to foreign
partners.
This news release contains statements that are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements
contained in this news release, other than statements of historical
facts, are "forward-looking statements" for purposes of these
provisions. Although Chesapeake has advised the Trust that
Chesapeake believes that the expectations contained in this press
release are reasonable, no assurances can be given that such
expectations will prove to be correct. The anticipated distribution
discussed herein is based, in part, on the amount of cash received
or expected to be received by the Trust from Chesapeake with
respect to the relevant quarterly period. Any differences in
actual cash receipts by the Trust could affect this distributable
amount. Other important factors that could cause actual results to
differ materially include expenses of the Trust and reserves for
anticipated future expenses. Neither Chesapeake nor the Trustee
intends, and neither assumes any obligation, to update any of the
statements included in this news release. An investment in common
units issued by Chesapeake Granite Wash Trust is subject to the
risks described in the Trust's Annual Report on Form 10-K for the
year ended December 31, 2011, as well as other risks identified in
the Trust’s Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K filed with the SEC. The Trust's annual, quarterly and
other filed reports are or will be available at the SEC's website
at www.sec.gov. The Trust does not intend, and
assumes no obligations, to update any of the statements included in
this news release.
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