Message #14 From:
NewsBot Date: October 24, 2006 12:47:00 PM
MOSH News Mesa Offshore Trust Announces No Trust Income for October 2006
AUSTIN, Texas--(BUSINESS WIRE)--Mesa Offshore Trust (OTCBB:MOSH) announced that there will be no Trust
income distribution for the month of October 2006 for Unitholders of
record on October 31, 2006.
The Trust did not receive any Royalty Income from the Working Interest
Owner for the month of October 2006. The Working Interest Owner withheld
$1,411,141 of proceeds and added this to the abandonment accrual. The
increase in the abandonment accrual is based on revised estimates to
abandon all remaining Trust blocks. Trust expenditures will be
approximately $85,000. Trust expenditures in excess of royalty income
received will reduce the Trust’s reserve for
Trust expenses. As of September 30, 2006 the reserve for Trust expenses,
excluding interest receivable, was approximately $1,065,000.
The extent of future distributions from the properties in which the
Trust has an interest will continue to be dependent on normal factors
associated with oil and gas operations such as oil and gas production
levels, prices and associated cost, accruals for future abandonment
costs, timing and extent of capital expenditures.
