Gulf Coast Ultra Deep Royalty Trust 8-K, filed Jul 17, 2020
Gulf Coast Ultra Deep Royalty Trust (GULTU)
8-K
2020-07-17
For: 2020-07-17
View Original
Added on
April 06, 2026
About this 8-K
Gulf Coast Ultra Deep Royalty Trust filed this 8-K on July 17, 2020.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
| UNITED STATES | ||||||||||||||||||||
| SECURITIES AND EXCHANGE COMMISSION | ||||||||||||||||||||
| Washington, D.C. 20549 | ||||||||||||||||||||
| FORM 8-K | ||||||||||||||||||||
| CURRENT REPORT | ||||||||||||||||||||
| PURSUANT TO SECTION 13 OR 15(d) | ||||||||||||||||||||
| OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||||||||||||
| Date of Report (Date of earliest event reported): July 17, 2020 | ||||||||||||||||||||
| Gulf Coast Ultra Deep Royalty Trust | ||||||||||||||||||||
| (Exact name of registrant as specified in its charter) | ||||||||||||||||||||
| Delaware | 001-36386 | 46-6448579 | ||||||
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
| The Bank of New York Mellon Trust Company, N.A., as trustee | ||||||||
| 601 Travis Street, 16th Floor | ||||||||
| Houston, Texas | 77002 | |||||||
| (Address of principal executive offices) | (Zip code) | |||||||
Registrant's telephone number, including area code: (512) 236-6599 | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||
Securities registered pursuant to section 12(b) of the Act: None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR § 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition.
On July 17, 2020, Gulf Coast Ultra Deep Royalty Trust issued a press release titled "Gulf Coast Ultra Deep Royalty Trust Announces Quarterly Cash Distribution." A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
The information furnished in this Item 2.02 and in Exhibit 99.1 is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Press release dated July 17, 2020, titled "Gulf Coast Ultra Deep Royalty Trust Announces Quarterly Cash Distribution." | |||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Gulf Coast Ultra Deep Royalty Trust | |||||||||||||||||
| By: | The Bank of New York Mellon | ||||||||||||||||
Trust Company, N.A., as Trustee | |||||||||||||||||
| By: | /s/ Michael J. Ulrich | ||||||||||||||||
Michael J. Ulrich | |||||||||||||||||
Vice President | |||||||||||||||||
| Date: July 17, 2020 | |||||||||||||||||
Exhibit 99.1
Gulf Coast Ultra Deep Royalty Trust
The Bank of New York Mellon Trust Company, N.A., Trustee News Release
Gulf Coast Ultra Deep Royalty Trust Announces Quarterly Cash Distribution
HOUSTON, Texas - July 17, 2020 - Gulf Coast Ultra Deep Royalty Trust (OTC Pink: GULTU) (the Trust) announced today that it will distribute to unitholders a cash distribution totaling $1,702 for the quarter ended June 30, 2020.
Unitholders of record on July 30, 2020 will receive a cash distribution of $0.000007 per unit payable on August 13, 2020.
Natural gas (Mcf) sales volumes, average sales price and net cash proceeds available for distribution for the quarter ended June 30, 2020 are set forth in the table below:
Natural gas (Mcf) sales volumes (a) | 131,512 | ||||
| Natural gas (per Mcf) average sales price | $ | 1.70 | |||
| Gross proceeds | $ | 223,436 | |||
| Post-production costs and specified taxes | (45,790) | ||||
| Royalty income | 177,646 | ||||
| Interest and dividend income | 329 | ||||
| Administrative expenses | (176,273) | ||||
| Income in excess of administrative expenses | 1,702 | ||||
| Cash proceeds available for distribution | $ | 1,702 | |||
(a) Attributable to the onshore Highlander subject interest which is the only subject interest with commercial production.
# # #
About Gulf Coast Ultra Deep Royalty Trust. The Trust is a Delaware statutory trust created to hold a 5% gross overriding royalty interest in future production from specified Inboard Lower Tertiary/Cretaceous exploration prospects located in the shallow waters of the Gulf of Mexico and onshore in South Louisiana that existed as of December 5, 2012, which are collectively referred to as subject interests. The subject interests and the Trust’s overriding royalty interests are described in the Trust’s filings with the Securities and Exchange Commission (SEC). As described in the Trust’s SEC filings, future distributions are not guaranteed and will depend on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, post-production costs and specified taxes, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit http://gultu.investorhq.businesswire.com.
Cautionary Statement Regarding Forward-Looking Information. This press release contains 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. Forward-looking statements are all statements other than statements of historical facts, such as any statements regarding the amount and date of quarterly distributions to unitholders. Forward-looking statements are not guarantees or assurances of future performance and actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that may cause actual results to differ materially from those anticipated by the forward-looking statements include, but are not limited to, the amount of cash received or expected to be received by the Trustee from the underlying properties on or prior to a record date for a quarterly cash distribution. Any differences in actual cash receipts by the Trust could affect the amount of quarterly cash distributions. Other important factors that may cause actual results to differ materially include risks inherent in production of oil and gas properties, the ability of commodity purchasers to make payment, the economic effects of the COVID-19 pandemic and federal, state and local governmental actions in response to the pandemic, and other risk factors described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC, and the Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, filed with the SEC. The Trust's annual, quarterly and other filed reports are or will be available over the Internet at the SEC's website at http://www.sec.gov. Statements made in this
press release are qualified by the cautionary statements made in this press release. The Trust cautions investors that it does not intend, and assumes no obligation, to update any of the statements included in this press release.
The Bank of New York Mellon Trust Company, N.A. serves as trustee of the Trust. If you have any questions related to the Trust, please see below for contact information:
Contact: | Gulf Coast Ultra Deep Royalty Trust | ||||
The Bank of New York Mellon Trust Company, N.A., as Trustee | |||||
Michael Ulrich | |||||
(512) 236-6599 | |||||
601 Travis Street, 16th Floor | |||||
Houston, TX 77002 | |||||