| Delaware | ||||
(State or other jurisdiction of incorporation or organization) | | | 80-6183103 (I.R.S. Employer Identification No.) | | |
| The Bank of New York Mellon Trust Company, N.A., Trustee Global Corporate Trust 601 Travis Street, Floor 16 Houston, Texas | ||||
(Address of principal executive offices) | | | 77002 (Zip Code) | |
| Title of each class | | | Trading Symbol(s) | | | Name of each exchange on which registered | |
| Units of Beneficial Interest | | | VOC | | | New York Stock Exchange | |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☒ | | | Smaller reporting company ☒ | |
| | | | | | | | | | Emerging growth company ☐ | |
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| | Oil (MBbls) | | Natural gas (MMcf) | | Oil equivalents (MBoe) | | | Oil (MBbls) | | Natural gas (MMcf) | | Oil equivalents (MBoe) | | ||||||||||||||||||||||||
Proved Developed | | | | 2,421 | | | | | 1,429 | | | | | 2,658 | | | | | | 2,226 | | | | | 1,712 | | | | | 2,512 | | | ||||||
Proved Undeveloped | | | | 828 | | | | | 770 | | | | | 956 | | | | | | 598 | | | | | 274 | | | | | 644 | | | ||||||
Total Proved | | | | 3,249 | | | | | 2,199 | | | | | 3,614 | | | | | | 2,824 | | | | | 1,986 | | | | | 3,156 | | |
| | VOC Energy Trust | | | VOC Energy Trust | | ||||||||||||||||||||||||||||||||
| | Oil (MBbl) | | Natural Gas (MMcf) | | Oil Equivalents (MBoe) | | | Oil (MBbl) | | Natural Gas (MMcf) | | Oil Equivalents (MBoe) | | ||||||||||||||||||||||||
Proved Reserves: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Balance, December 31, 2018 | | | | 4,389 | | | | | 2,278 | | | | | 4,769 | | | ||||||||||||||||||||||
Revisions of previous estimates | | | | 263 | | | | | (40) | | | | | 256 | | | ||||||||||||||||||||||
Production(1) | | | | (489) | | | | | (287) | | | | | (537) | | | ||||||||||||||||||||||
Balance, December 31, 2019 | | | | 4,163 | | | | | 1,951 | | | | | 4,488 | | | | | | 4,163 | | | | | 1,951 | | | | | 4,488 | | | ||||||
Revisions of previous estimates | | | | (1,310) | | | | | 364 | | | | | (1,250) | | | | | | (1,310) | | | | | 364 | | | | | (1,250) | | | ||||||
Production(1) | | | | (434) | | | | | (290) | | | | | (482) | | | | | | (434) | | | | | (290) | | | | | (482) | | | ||||||
Balance, December 31, 2020 | | | | 2,419 | | | | | 2,025 | | | | | 2,756 | | | | | | 2,419 | | | | | 2,025 | | | | | 2,756 | | | ||||||
Revisions of previous estimates | | | | 1,253 | | | | | 440 | | | | | 1,326 | | | | | | 1,253 | | | | | 440 | | | | | 1,326 | | | ||||||
Production(1) | | | | (423) | | | | | (266) | | | | | (468) | | | | | | (423) | | | | | (266) | | | | | (468) | | | ||||||
Balance, December 31, 2021 | | | | 3,249 | | | | | 2,199 | | | | | 3,614 | | | | | | 3,249 | | | | | 2,199 | | | | | 3,614 | | | ||||||
Revisions of previous estimates | | | | (15) | | | | | 37 | | | | | (7) | | | ||||||||||||||||||||||
Production(1) | | | | (410) | | | | | (250) | | | | | (451) | | | ||||||||||||||||||||||
Balance, December 31, 2022 | | | | 2,824 | | | | | 1,986 | | | | | 3,156 | | | ||||||||||||||||||||||
Proved Developed Reserves: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Balance, December 31, 2018 | | | | 3,417 | | | | | 1,574 | | | | | 3,680 | | | ||||||||||||||||||||||
Balance, December 31, 2019 | | | | 3,178 | | | | | 1,561 | | | | | 3,438 | | | | | | 3,178 | | | | | 1,561 | | | | | 3,438 | | | ||||||
Balance, December 31, 2020 | | | | 1,949 | | | | | 1,557 | | | | | 2,208 | | | | | | 1,949 | | | | | 1,557 | | | | | 2,208 | | | ||||||
Balance, December 31, 2021 | | | | 2,421 | | | | | 1,429 | | | | | 2,658 | | | | | | 2,421 | | | | | 1,429 | | | | | 2,658 | | | ||||||
Balance, December 31, 2022 | | | | 2,226 | | | | | 1,712 | | | | | 2,512 | | |
| | VOC Energy Trust | | | VOC Energy Trust | | | ||||||||||||||||||||||||||||||||||
| | Oil (MBbl) | | Natural Gas (MMcf) | | Oil Equivalents (MBoe) | | | Oil (MBbl) | | Natural Gas (MMcf) | | Oil Equivalents (MBoe) | | | ||||||||||||||||||||||||||
Proved Undeveloped Reserves: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Balance, December 31, 2018 | | | | 972 | | | | | 704 | | | | | 1,089 | | | |||||||||||||||||||||||||
Proved undeveloped reserves converted to proved developed by drilling | | | | (165) | | | | | 0 | | | | | (165) | | | |||||||||||||||||||||||||
Additional proved undeveloped reserves added | | | | 401 | | | | | 0 | | | | | 401 | | | |||||||||||||||||||||||||
Revisions of previous estimates | | | | (223) | | | | | (314) | | | | | (275) | | | |||||||||||||||||||||||||
Balance, December 31, 2019 | | | | 985 | | | | | 390 | | | | | 1,050 | | | | | | 985 | | | | | 390 | | | | | 1,050 | | | | ||||||||
Proved undeveloped reserves converted to proved developed by drilling | | | | 0 | | | | | 0 | | | | | 0 | | | | | | 0 | | | | | 0 | | | | | 0 | | | | ||||||||
Additional proved undeveloped reserves added | | | | 0 | | | | | 0 | | | | | 0 | | | | | | 0 | | | | | 0 | | | | | 0 | | | | ||||||||
Revisions of previous estimates | | | | (515) | | | | | 78 | | | | | (502) | | | | | | (515) | | | | | 78 | | | | | (502) | | | | ||||||||
Balance, December 31, 2020 | | | | 470 | | | | | 468 | | | | | 548 | | | | | | 470 | | | | | 468 | | | | | 548 | | | | ||||||||
Proved undeveloped reserves converted to proved developed by drilling | | | | 0 | | | | | 0 | | | | | 0 | | | | | | 0 | | | | | 0 | | | | | 0 | | | | ||||||||
Additional proved undeveloped reserves added | | | | 143 | | | | | 68 | | | | | 154 | | | | | | 143 | | | | | 68 | | | | | 154 | | | | ||||||||
Revisions of previous estimates | | | | 215 | | | | | 234 | | | | | 254 | | | | | | 215 | | | | | 234 | | | | | 254 | | | | ||||||||
Balance, December 31, 2021 | | | | 828 | | | | | 770 | | | | | 956 | | | | | | 828 | | | | | 770 | | | | | 956 | | | | ||||||||
Proved undeveloped reserves converted to proved developed by drilling | | | | (33) | | | | | (15) | | | | | (35) | | | | | |||||||||||||||||||||||
Additional proved undeveloped reserves added | | | | 23 | | | | | 0 | | | | | 23 | | | | ||||||||||||||||||||||||
Revisions of previous estimates | | | | (220) | | | | | (481) | | | | | (300) | | | | ||||||||||||||||||||||||
Balance, December 31, 2022 | | | | 598 | | | | | 274 | | | | | 644 | | | | ||||||||||||||||||||||||
| |
| | Proved Developed Producing | | Proved Developed Non-Producing | | Proved Undeveloped | | Total Proved | | | Proved Developed Producing | | Proved Developed Non-Producing | | Proved Undeveloped | | Total Proved | | ||||||||||||||||||||||||||||||||
| | (dollars in thousands) | | | (dollars in thousands) | | ||||||||||||||||||||||||||||||||||||||||||||
Net Reserves | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Oil (MBbl) | | | | 3,016.4 | | | | | 9.9 | | | | | 1,034.5 | | | | | 4,060.7 | | | | | | 2,768.0 | | | | | 14.7 | | | | | 747.8 | | | | | 3,530.6 | | | ||||||||
Gas (MMcf) | | | | 1,563.8 | | | | | 0.0 | | | | | 597.3 | | | | | 2,161.1 | | | | | | 1,637.7 | | | | | 0.0 | | | | | 216.1 | | | | | 1,853.8 | | | ||||||||
NGL (MBbl) | | | | 56.7 | | | | | 0.0 | | | | | 93.8 | | | | | 150.5 | | | | | | 128.7 | | | | | 0.0 | | | | | 32.4 | | | | | 161.1 | | | ||||||||
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Oil | | | $ | 189,899.8 | | | | $ | 611.5 | | | | $ | 66,593.2 | | | | $ | 257,104.5 | | | | | $ | 250,377.5 | | | | $ | 1,315.2 | | | | $ | 69,048.4 | | | | $ | 320,741.1 | | | ||||||||
Gas | | | | 4,279.0 | | | | | 0.0 | | | | | 1,253.1 | | | | | 5,532.1 | | | | | | 9,635.0 | | | | | 0.0 | | | | | 726.0 | | | | | 10,361.0 | | | ||||||||
NGL | | | | 1,132.4 | | | | | 0.0 | | | | | 1,872.8 | | | | | 3,005.2 | | | | | | 4,822.6 | | | | | 0.0 | | | | | 1,214.4 | | | | | 6,037.1 | | | ||||||||
Severance Taxes | | | | 4,847.0 | | | | | 25.8 | | | | | 3,120.2 | | | | | 7,993.0 | | | | | | 6,438.8 | | | | �� | 59.1 | | | | | 3,129.4 | | | | | 9,627.2 | | | ||||||||
Ad Valorem Taxes | | | | 5,213.0 | | | | | 34.8 | | | | | 2,260.9 | | | | | 7,508.7 | | | | | | 6,984.7 | | | | | 78.9 | | | | | 2,339.7 | | | | | 9,403.3 | | | ||||||||
Operating Expenses | | | | 91,670.8 | | | | | 0.0 | | | | | 4,314.8 | | | | | 95,985.6 | | | | | | 96,547.9 | | | | | 395.3 | | | | | 3,387.3 | | | | | 100,330.6 | | |
| | Proved Developed Producing | | Proved Developed Non-Producing | | Proved Undeveloped | | Total Proved | | | Proved Developed Producing | | Proved Developed Non-Producing | | Proved Undeveloped | | Total Proved | | ||||||||||||||||||||||||||||||||
| | (dollars in thousands) | | | (dollars in thousands) | | ||||||||||||||||||||||||||||||||||||||||||||
Future Development Costs | | | | 364.9 | | | | | 116.0 | | | | | 30,205.1 | | | | | 30,685.9 | | | | | | 309.7 | | | | | 152.4 | | | | | 41,251.2 | | | | | 41,713.3 | | | ||||||||
80% Net Profits Interest Net Operating Income (NPI) (1) | | | $ | 74,572.4 | | | | $ | 348.0 | | | | $ | 23,854.5 | | | | $ | 98,774.9 | | | | | $ | 123,643.2 | | | | $ | 503.6 | | | | $ | 16,704.9 | | | | $ | 140,851.7 | | | ||||||||
80% NPI(2) | | | $ | 54,126.6 | | | | $ | 231.8 | | | | $ | 13,259.8 | | | | $ | 67,618.2 | | | | | $ | 91,335.7 | | | | $ | 374.2 | | | | $ | 6,671.4 | | | | $ | 98,381.2 | | |
| | Gross | | Net | | | Gross | | Net | | ||||||||||||||||
| | (acres) | | | (acres) | | ||||||||||||||||||||
Developed Acreage: | | | | | | | | | | | | | | | | | | | | | | | ||||
Kansas | | | | 58,922 | | | | | 34,305.9 | | | | | | 57,402 | | | | | 33,469.4 | | | ||||
Texas | | | | 23,693 | | | | | 16,841.3 | | | | | | 23,693 | | | | | 16,841.3 | | | ||||
Total | | | | 82,615 | | | | | 51,147.2 | | | | | | 81,095 | | | | | 50,310.7 | | | ||||
Undeveloped Acreage: | | | | — | | | | | — | | | | | | — | | | | | — | | |
| | Operated Wells | | Non-Operated Wells | | Total | | | Operated Wells | | Non-Operated Wells | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Gross | | Net | | Gross | | Net | | Gross | | Net | | | Gross | | Net | | Gross | | Net | | Gross | | Net | | ||||||||||||||||||||||||||||||||||||||||||||||||
Oil | | | | 700 | | | | | 439.5 | | | | | 30 | | | | | 7.3 | | | | | 730 | | | | | 446.8 | | | | | | 698 | | | | | 442.4 | | | | | 30 | | | | | 7.3 | | | | | 728 | | | | | 449.7 | | | ||||||||||||
Natural gas | | | | 10 | | | | | 5.0 | | | | | 3 | | | | | 0.7 | | | | | 13 | | | | | 5.7 | | | | | | 8 | | | | | 4.2 | | | | | 3 | | | | | 0.7 | | | | | 11 | | | | | 4.9 | | | ||||||||||||
Total | | | | 710 | | | | | 444.5 | | | | | 33 | | | | | 8.0 | | | | | 743 | | | | | 452.5 | | | | | | 706 | | | | | 446.6 | | | | | 33 | | | | | 8.0 | | | | | 739 | | | | | 454.6 | | |
| | | Year Ended December 31, | | |||||||||||||||||||||||||||||||||
| | | 2019 | | | 2020 | | | 2021 | | |||||||||||||||||||||||||||
| | | Gross | | | Net | | | Gross | | | Net | | | Gross | | | Net | | ||||||||||||||||||
Completed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Oil wells | | | | | 9 | | | | | | 3.6 | | | | | | — | | | �� | | | — | | | | | | 1 | | | | | | 0.7 | | |
Natural gas wells | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Non-productive | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 0.2 | | |
Total | | | | | 9 | | | | | | 3.6 | | | | | | — | | | | | | — | | | | | | 2 | | | | | | 0.9 | | |
| | | Year Ended December 31, | | |||||||||||||||||||||||||||||||||
| | | 2020 | | | 2021 | | | 2022 | | |||||||||||||||||||||||||||
| | | Gross | | | Net | | | Gross | | | Net | | | Gross | | | Net | | ||||||||||||||||||
Completed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Oil wells | | | | | — | | | | | | — | | | | | | 1 | | | | | | 0.7 | | | | | | 2 | | | | | | 0.2 | | |
Natural gas wells | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Non-productive | | | | | — | | | | | | — | | | | | | 1 | | | | | | 0.2 | | | | | | — | | | | | | — | | |
Total | | | | | — | | | | | | — | | | | | | 2 | | | | | | 0.9 | | | | | | 2 | | | | | | 0.2 | | |
| | | Year Ended December 31, | | |||||||||||||||
| | | 2019 | | | 2020 | | | 2021 | | |||||||||
Sales prices: | | | | | | | | | | | | | | | | | | | |
Oil (per Bbl) | | | | $ | 56.11 | | | | | $ | 43.22 | | | | | $ | 53.09 | | |
Natural gas (per Mcf) | | | | $ | 2.90 | | | | | $ | 1.80 | | | | | $ | 2.98 | | |
Lease operating expense (per Boe) | | | | $ | 20.29 | | | | | $ | 17.40 | | | | | $ | 19.84 | | |
Production and property taxes (per Boe) | | | | $ | 2.81 | | | | | $ | 2.78 | | | | | $ | 2.99 | | |
| | | Year Ended December 31, | | |||||||||||||||
| | | 2020 | | | 2021 | | | 2022 | | |||||||||
Sales prices: | | | | | | | | | | | | | | | | | | | |
Oil (per Bbl) | | | | $ | 43.22 | | | | | $ | 53.09 | | | | | $ | 89.35 | | |
Natural gas (per Mcf) | | | | $ | 1.80 | | | | | $ | 2.98 | | | | | $ | 6.80 | | |
Lease operating expense (per Boe) | | | | $ | 17.40 | | | | | $ | 19.84 | | | | | $ | 24.74 | | |
Production and property taxes (per Boe) | | | | $ | 2.78 | | | | | $ | 2.99 | | | | | $ | 3.47 | | |
| | Proved Reserves(1) | | | Proved Reserves(1) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Area | | Oil (MBbls) | | Natural Gas (MMcf) | | Total (MBoe) | | % of Total Reserves | | Pre-Tax PV-10% Value(2) | | % of Pre-Tax PV-10% Value | | | Oil (MBbls) | | Natural Gas (MMcf) | | Total (MBoe) | | % of Total Reserves | | Pre-Tax PV-10% Value(2) | | % of Pre-Tax PV-10% Value | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | (In Thousands) | | | (In Thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kansas (153 Fields) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Kansas (151 Fields) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Fairport | | | | 578 | | | | | 0 | | | | | 578 | | | | | 6.9% | | | | $ | 8,783 | | | | | 8.4% | | | | | | 603 | | | | | 0 | | | | | 603 | | | | | 7.1% | | | | $ | 14,318 | | | | | 8.6% | | | ||||||||||||
Marcotte | | | | 235 | | | | | 0 | | | | | 235 | | | | | 2.8 | | | | | 5,724 | | | | | 3.5 | | | |||||||||||||||||||||||||||||||||||||||||||
Chase-Silica | | | | 187 | | | | | 0 | | | | | 187 | | | | | 2.2 | | | | | 2,859 | | | | | 2.7 | | | | | | 213 | | | | | 0 | | | | | 213 | | | | | 2.5 | | | | | 5,006 | | | | | 3.0 | | | ||||||||||||
Marcotte | | | | 191 | | | | | 0 | | | | | 191 | | | | | 2.3 | | | | | 2,783 | | | | | 2.7 | | | |||||||||||||||||||||||||||||||||||||||||||
Bindley | | | | 158 | | | | | 0 | | | | | 158 | | | | | 1.9 | | | | | 2,197 | | | | | 2.1 | | | | | | 177 | | | | | 0 | | | | | 177 | | | | | 2.1 | | | | | 3,855 | | | | | 2.3 | | | ||||||||||||
Codell | | | | 104 | | | | | 0 | | | | | 104 | | | | | 1.2 | | | | | 1,971 | | | | | 1.9 | | | | | | 127 | | | | | 0 | | | | | 127 | | | | | 1.5 | | | | | 3,811 | | | | | 2.3 | | | ||||||||||||
Mueller | | | | 106 | | | | | 0 | | | | | 106 | | | | | 1.3 | | | | | 1,758 | | | | | 1.7 | | | | | | 125 | | | | | 0 | | | | | 125 | | | | | 1.5 | | | | | 3,122 | | | | | 1.9 | | | ||||||||||||
Diebolt | | | | 100 | | | | | 0 | | | | | 100 | | | | | 1.2 | | | | | 1,105 | | | | | 1.1 | | | | | | 108 | | | | | 0 | | | | | 108 | | | | | 1.3 | | | | | 2,043 | | | | | 1.2 | | | ||||||||||||
Griston SW | | | | 37 | | | | | 0 | | | | | 37 | | | | | 0.5 | | | | | 920 | | | | | 0.9 | | | |||||||||||||||||||||||||||||||||||||||||||
Yaege | | | | 76 | | | | | 0 | | | | | 76 | | | | | 0.9 | | | | | 1,576 | | | | | 1.0 | | | |||||||||||||||||||||||||||||||||||||||||||
Adell Nortwest | | | | 59 | | | | | 0 | | | | | 59 | | | | | 0.7 | | | | | 1,367 | | | | | 0.8 | | | |||||||||||||||||||||||||||||||||||||||||||
Spivey-Grabs-Basil | | | | 27 | | | | | 442 | | | | | 101 | | | | | 1.2 | | | | | 1,336 | | | | | 0.8 | | | |||||||||||||||||||||||||||||||||||||||||||
Zurich | | | | 46 | | | | | 0 | | | | | 46 | | | | | 0.6 | | | | | 838 | | | | | 0.8 | | | | | | 45 | | | | | 0 | | | | | 45 | | | | | 0.5 | | | | | 1,237 | | | | | 0.7 | | | ||||||||||||
Rosa Northwest | | | | 40 | | | | | 0 | | | | | 40 | | | | | 0.5 | | | | | 795 | | | | | 0.8 | | | |||||||||||||||||||||||||||||||||||||||||||
Wesley | | | | 43 | | | | | 0 | | | | | 43 | | | | | 0.5 | | | | | 755 | | | | | 0.7 | | | |||||||||||||||||||||||||||||||||||||||||||
Other | | | | 1,211 | | | | | 798 | | | | | 1,344 | | | | | 16.1 | | | | | 13,112 | | | | | 12.6 | | | | | | 1,422 | | | | | 667 | | | | | 1,533 | | | | | 18.2 | | | | | 28,374 | | | | | 17.1 | | | ||||||||||||
Kansas Total | | | | 2,801 | | | | | 798 | | | | | 2,934 | | | | | 35.2 | | | | | 37,876 | | | | | 36.4 | | | | | | 3,217 | | | | | 1,109 | | | | | 3,402 | | | | | 40.3 | | | | | 71,769 | | | | | 43.2 | | | ||||||||||||
Texas (5 Fields) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Texas (4 Fields) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Kurten | | | | 3,857 | | | | | 4,355 | | | | | 4,583 | | | | | 55.1 | | | | | 53,135 | | | | | 51.1 | | | | | | 3,478 | | | | | 4,096 | | | | | 4,161 | | | | | 49.3 | | | | | 72,368 | | | | | 43.6 | | | ||||||||||||
Hitts Lake North | | | | 498 | | | | | 0 | | | | | 498 | | | | | 6.0 | | | | | 9,305 | | | | | 8.9 | | | | | | 509 | | | | | 0 | | | | | 509 | | | | | 6.0 | | | | | 14,125 | | | | | 8.5 | | | ||||||||||||
Sand Flat | | | | 280 | | | | | 5 | | | | | 281 | | | | | 3.4 | | | | | 3,277 | | | | | 3.2 | | | | | | 341 | | | | | 0 | | | | | 341 | | | | | 4.1 | | | | | 7,317 | | | | | 4.4 | | | ||||||||||||
Other | | | | 19 | | | | | 40 | | | | | 26 | | | | | 0.3 | | | | | 420 | | | | | 0.4 | | | |||||||||||||||||||||||||||||||||||||||||||
Madisonville West | | | | 15 | | | | | 29 | | | | | 20 | | | | | 0.2 | | | | | 523 | | | | | 0.3 | | | |||||||||||||||||||||||||||||||||||||||||||
Texas Total | | | | 4,654 | | | | | 4,400 | | | | | 5,388 | | | | | 64.8 | | | | | 66,137 | | | | | 63.6 | | | | | | 4,343 | | | | | 4,125 | | | | | 5,031 | | | | | 59.7 | | | | | 94,333 | | | | | 56.8 | | | ||||||||||||
Total | | | | 7,455 | | | | | 5,198 | | | | | 8,322 | | | | | 100.0% | | | | $ | 104,013 | | | | | 100.0% | | | | | | 7,560 | | | | | 5,234 | | | | | 8,433 | | | | | 100.0% | | | | $ | 166,102 | | | | | 100.0% | | |
| | Oil (MBbl) | | Natural Gas (MMcf) | | Oil Equivalents (MBoe) | | | Oil (MBbl) | | Natural Gas (MMcf) | | Oil Equivalents (MBoe) | | ||||||||||||||||||||||||
2019 | | | | 169 | | | | | 193 | | | | | 201 | | | ||||||||||||||||||||||
2020 | | | | 148 | | | | | 202 | | | | | 182 | | | | | | 148 | | | | | 202 | | | | | 182 | | | ||||||
2021 | | | | 131 | | | | | 166 | | | | | 159 | | | | | | 131 | | | | | 166 | | | | | 159 | | | ||||||
2022 | | | | 124 | | | | | 172 | | | | | 153 | | |
| | Year Ended December 31, | | | Year Ended December 31, | | ||||||||||||||||||||||||||||||||
| | 2019 | | 2020 | | 2021 | | | 2020 | | 2021 | | 2022 | | ||||||||||||||||||||||||
Sales volumes: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Oil (Bbl) | | | | 570,216(1) | | | | | 577,838(2) | | | | | 528,166(3) | | | | | | 577,838(1) | | | | | 528,166(2) | | | | | 523,379(3) | | | ||||||
Natural gas (Mcf) | | | | 330,906(1) | | | | | 358,455(2) | | | | | 352,159(3) | | | | | | 358,455(1) | | | | | 352,159(2) | | | | | 315,726(3) | | | ||||||
Total (BOE) | | | | 625,367 | | | | | 637,581 | | | | | 586,859 | | | | | | 637,581 | | | | | 586,859 | | | | | 576,000 | | | ||||||
Average sales prices: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Oil (per Bbl) | | | $ | 56.11 | | | | $ | 43.22 | | | | $ | 53.09 | | | | | $ | 43.22 | | | | $ | 53.09 | | | | $ | 89.35 | | | ||||||
Natural gas (per Mcf) | | | $ | 2.90 | | | | $ | 1.80 | | | | $ | 2.98 | | | | | $ | 1.80 | | | | $ | 2.98 | | | | $ | 6.80 | | | ||||||
Gross proceeds: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Oil sales | | | $ | 31,992,019(1) | | | | $ | 24,976,564(2) | | | | $ | 28,040,262(3) | | | | | $ | 24,976,564(1) | | | | $ | 28,040,262(2) | | | | $ | 46,765,144(3) | | | ||||||
Natural gas sales | | | | 959,126(1) | | | | | 645,569(2) | | | | | 1,048,349(3) | | | | | | 645,569(1) | | | | | 1,048,349(2) | | | | | 2,146,497(3) | | | ||||||
Total gross proceeds | | | | 32,951,145 | | | | | 25,622,133 | | | | | 29,088,611 | | | | | | 25,622,133 | | | | | 29,088,611 | | | | | 48,911,641 | | | ||||||
Costs: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Production and development costs: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Lease operating expenses | | | | 12,688,464 | | | | | 11,094,881 | | | | | 11,645,363 | | | | | | 11,094,881 | | | | | 11,645,363 | | | | | 14,247,873 | | | ||||||
Production and property taxes | | | | 1,755,076 | | | | | 1,774,462 | | | | | 1,753.929 | | | | | | 1,774,462 | | | | | 1,753.929 | | | | | 1,996,482 | | | ||||||
Development expenses | | | | 2,680,356 | | | | | 6,495,006 | | | | | 4,061,450 | | | | | | 6,495,006 | | | | | 4,061,450 | | | | | 3,174,725 | | | ||||||
Total costs | | | | 17,123,896 | | | | | 19,364,349 | | | | | 17,460,742 | | | | | | 19,364,349 | | | | | 17,460,742 | | | | | 19,419,080 | | | ||||||
Excess of revenues over direct operating expenses and lease equipment and development costs | | | | 6,257,784 | | | | | 11,627,869 | | | | | 29,492,561 | | | ||||||||||||||||||||||
Times net profits interest over the term of the Trust | | | | 80% | | | | | 80% | | | | | 80% | | | ||||||||||||||||||||||
Income from net profits interest before reserve adjustments | | | | 5,006,227 | | | | | 9,302,296 | | | | | 23,594,050 | | | ||||||||||||||||||||||
Cash reserve | | | | 0 | | | | | 0 | | | | | 0 | | | ||||||||||||||||||||||
Income from net profits interest | | | $ | 5,006,227 | | | | $ | 9,302,296 | | | | $ | 23,594,050 | | |
| | | Year Ended December 31, | | |||||||||||||||
| | | 2019 | | | 2020 | | | 2021 | | |||||||||
Excess of revenues over direct operating expenses and lease equipment and development costs | | | | | 15,827,249 | | | | | | 6,257,784 | | | | | | 11,627,869 | | |
Times net profits interest over the term of the Trust | | | | | 80% | | | | | | 80% | | | | | | 80% | | |
Income from net profits interest before reserve adjustments | | | | | 12,661,799 | | | | | | 5,006,227 | | | | | | 9,302,296 | | |
Cash reserve | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Income from net profits interest | | | | $ | 12,661,799 | | | | | $ | 5,006,227 | | | | | $ | 9,302,296 | | |
|
| | December 31, | | | December 31, | | ||||||||||||||||||||
| | 2020 | | 2021 | | | 2021 | | 2022 | | ||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | ||||
Cash | | | $ | 603,004 | | | | $ | 287,204 | | | | | $ | 287,204 | | | | $ | 1,248,877 | | | ||||
Investment in net profits interest | | | | 140,591,606 | | | | | 140,591,606 | | | | | | 140,591,606 | | | | | 140,591,606 | | | ||||
Accumulated amortization and impairment | | | | (122,182,408) | | | | | (124,873,620) | | | | | | (124,873,620) | | | | | (126,792,167) | | | ||||
Total assets | | | $ | 19,012,202 | | | | $ | 16,005,190 | | | | | $ | 16,005,190 | | | | $ | 15,048,316 | | | ||||
TRUST CORPUS | | | | | | | | | | | | | | | | | | | | | | | ||||
Trust corpus, 17,000,000 Trust units issued and outstanding at December 31, 2020 and 2021, respectively | | | $ | 19,012,202 | | | | $ | 16,005,190 | | | |||||||||||||||
Trust corpus, 17,000,000 Trust units issued and outstanding at December 31, 2021 and 2022, respectively | | | $ | 16,005,190 | | | | $ | 15,048,316 | | |
| | Year Ended December 31, | | | Year Ended December 31, | | ||||||||||||||||||||||||||||||||
| | 2019 | | 2020 | | 2021 | | | 2020 | | 2021 | | 2022 | | ||||||||||||||||||||||||
Income from net profits interest | | | $ | 12,661,799 | | | | $ | 5,006,227 | | | | $ | 9,302,296 | | | | | $ | 5,006,227 | | | | $ | 9,302,296 | | | | $ | 23,594,050 | | | ||||||
Cash on hand used (withheld) for Trust expenses | | | | 34,033 | | | | | (276,872) | | | | | 315,800 | | | | | | (276,872) | | | | | 315,800 | | | | | (961,673) | | | ||||||
General and administrative expenses(1) | | | | (880,832) | | | | | (904,355) | | | | | (948,096) | | | | | | (904,355) | | | | | (948,096) | | | | | (957,377) | | | ||||||
Distributable income | | | $ | 11,815,000 | | | | $ | 3,825,000 | | | | $ | 8,670,000 | | | | | $ | 3,825,000 | | | | $ | 8,670,000 | | | | $ | 21,675,000 | | | ||||||
Distributions per Trust unit (17,000,000 Trust units issued and outstanding at December 31, 2019, 2020 and 2021, respectively) | | | $ | 0.695 | | | | $ | 0.225 | | | | $ | 0.510 | | | ||||||||||||||||||||||
Distributions per Trust unit (17,000,000 Trust units issued and outstanding at December 31, 2020, 2021 and 2022, respectively) | | | $ | 0.225 | | | | $ | 0.510 | | | | $ | 1.275 | | |
| | Year Ended December 31, | | | Year Ended December 31, | | ||||||||||||||||||||||||||||||||
| | 2019 | | 2020 | | 2021 | | | 2020 | | 2021 | | 2022 | | ||||||||||||||||||||||||
Trust corpus, beginning of year | | | $ | 70,013,155 | | | | $ | 63,345,900 | | | | $ | 19,012,202 | | | | | $ | 63,345,900 | | | | $ | 19,012,202 | | | | $ | 16,005,190 | | | ||||||
Income from net profits interest | | | | 12,661,799 | | | | | 5,006,227 | | | | | 9,302,296 | | | | | | 5,006,227 | | | | | 9,302,296 | | | | | 23,594,050 | | | ||||||
Cash distributions | | | | (11,815,000) | | | | | (3,825,000) | | | | | (8,670,000) | | | | | | (3,825,000) | | | | | (8,670,000) | | | | | (21,675,000) | | | ||||||
Trust expenses | | | | (880,832) | | | | | (904,355) | | | | | (948,096) | | | | | | (904,355) | | | | | (948,096) | | | | | (957,377) | | | ||||||
Amortization of net profits interest (includes impairment expense of $41,261,354 for the year ended December 31, 2020) | | | | (6,633,222) | | | | | (44,610,570) | | | | | (2,691,212) | | | | | | (44,610,570) | | | | | (2,691,212) | | | | | (1,918,547) | | | ||||||
Trust corpus, end of year | | | $ | 63,345,900 | | | | $ | 19,012,202 | | | | $ | 16,005,190 | | | | | $ | 19,012,202 | | | | $ | 16,005,190 | | | | $ | 15,048,316 | | |
| Oil and gas properties | | | | $ | 197,270,173 | | |
| Accumulated depreciation and depletion | | | | | (17,681,155) | | |
| Hedge liability | | | | | (1,717,713) | | |
| 20-year asset retirement liability | | | | | (2,131,797) | | |
| Net property value to be conveyed | | | | | 175,739,508 | | |
| Times 80% net profits interest to Trust | | | | $ | 140,591,606 | | |
| | | Year Ended December 31, | | |||||||||||||||
| | | 2020 | | | 2021 | | | 2022 | | |||||||||
Excess of revenues over direct operating expenses and lease equipment and development costs(1) | | | | $ | 6,257,784 | | | | | $ | 11,627,869 | | | | | $ | 29,492,561 | | |
Times net profits interest over the term of the Trust | | | | | 80% | | | | | | 80% | | | | | | 80% | | |
Income from net profits interest before reserve adjustments | | | | | 5,006,227 | | | | | | 9,302,296 | | | | | | 23,594,050 | | |
Cash reserve(2) | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Income from net profits interest | | | | $ | 5,006,227(3) | | | | | $ | 9,302,296(4) | | | | | $ | 23,594,050(5) | | |
| | | Year Ended December 31, | | |||||||||||||||
| | | 2019 | | | 2020 | | | 2021 | | |||||||||
Excess of revenues over direct operating expenses and lease equipment and development costs(1) | | | | $ | 15,827,249 | | | | | $ | 6,257,784 | | | | | $ | 11,627,869 | | |
Times net profits interest over the term of the Trust | | | | | 80% | | | | | | 80% | | | | | | 80% | | |
Income from net profits interest before reserve adjustments | | | | | 12,661,799 | | | | | | 5,006,227 | | | | | | 9,302,296 | | |
Cash reserve(2) | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Income from net profits interest | | | | $ | 12,661,799(3) | | | | | $ | 5,006,227(4) | | | | | $ | 9,302,296(5) | | |
Date paid | | | Period covered | | | Distribution per unit | | | Available distribution before reserve change | | | Reserve released (established) to (from) distribution(1) | | | Total distribution | | |||||||||
February 14, 2019 | | | October 1, 2018 through December 31, 2018 | | | | $ | 0.145 | | | | | $ | 2.465 million | | | | $0 | | | | $ | 2.465 million | | |
May 15, 2019 | | | January 1, 2019 through March 31, 2019 | | | | $ | 0.16 | | | | | $ | 2.72 million | | | | $0 | | | | $ | 2.72 million | | |
August 14, 2019 | | | April 1, 2019 through June 30, 2019 | | | | $ | 0.205 | | | | | $ | 3.485 million | | | | $0 | | | | $ | 3.485 million | | |
November 14, 2019 | | | July 1, 2019 through September 30, 2019 | | | | $ | 0.185 | | | | | $ | 3.145 million | | | | $0 | | | | $ | 3.145 million | | |
February 14, 2020 | | | October 1, 2019 through December 31, 2019 | | | | $ | 0.11 | | | | | $ | 1.87 million | | | | $0 | | | | $ | 1.87 million | | |
May 15, 2020 | | | January 1, 2020 through March 31, 2020 | | | | $ | 0.03 | | | | | $ | 0.51 million | | | | $0 | | | | $ | 0.51 million | | |
August 14, 2020 | | | April 1, 2020 through June 30, 2020 | | | | $ | 0.00 | | | | | $ | (0.007 million) | | | | $0.007 million | | | $0.00(2) | | |||
November 13, 2020 | | | July 1, 2020 through September 30, 2020 | | | | $ | 0.085 | | | | | $ | 1.452 million | | | | $(0.007 million) | | | | $ | 1.445 million | | |
February 12, 2021 | | | October 1, 2020 through December 31, 2020 | | | | $ | 0.03 | | | | | $ | 0.510 million | | | | $0 | | | | $ | 0.510 million | | |
May 14, 2021 | | | January 1, 2021 through March 31, 2021 | | | | $ | 0.12 | | | | | $ | 2.040 million | | | | $0 | | | | $ | 2.040 million | | |
August 13, 2021 | | | April 1, 2021 through June 30, 2021 | | | | $ | 0.16 | | | | | $ | 2.720 million | | | | $0 | | | | $ | 2.720 million | | |
November 12, 2021 | | | July 1, 2021 through September 30, 2021 | | | | $ | 0.20 | | | | | $ | 3.400 million | | | | $0 | | | | $ | 3.400 million | | |
Date paid | | | Period covered | | | Distribution per unit | | | Available distribution before reserve change | | | Reserve released (established) to (from) distribution(1) | | | Total distribution | | |||
February 14, 2020 | | | October 1, 2019 through December 31, 2019 | | | | $ | 0.11 | | | | $1.87 million | | | $0 | | | $1.87 million | |
May 15, 2020 | | | January 1, 2020 through March 31, 2020 | | | | $ | 0.03 | | | | $0.51 million | | | $0 | | | $0.51 million | |
August 14, 2020 | | | April 1, 2020 through June 30, 2020 | | | | $ | 0.00 | | | | $(0.007 million) | | | $0.007 million | | | $0.00(2) | |
November 13, 2020 | | | July 1, 2020 through September 30, 2020 | | | | $ | 0.085 | | | | $1.452 million | | | $(0.007 million) | | | $1.445 million | |
February 12, 2021 | | | October 1, 2020 through December 31, 2020 | | | | $ | 0.03 | | | | $0.510 million | | | $0 | | | $0.510 million | |
May 14, 2021 | | | January 1, 2021 through March 31, 2021 | | | | $ | 0.12 | | | | $2.040 million | | | $0 | | | $2.040 million | |
August 13, 2021 | | | April 1, 2021 through June 30, 2021 | | | | $ | 0.16 | | | | $2.720 million | | | $0 | | | $2.720 million | |
November 12, 2021 | | | July 1, 2021 through September 30, 2021 | | | | $ | 0.20 | | | | $3.400 million | | | $0 | | | $3.400 million | |
February 14, 2022 | | | October 1, 2021 through December 31, 2021 | | | | $ | 0.25 | | | | $4.250 million | | | $0 | | | $4.250 million | |
May 14, 2022 | | | January 1, 2022 through March 31, 2022 | | | | $ | 0.28 | | | | $4.760 million | | | $0 | | | $4.760 million | |
August 12, 2022 | | | April 1, 2022 through June 30, 2022 | | | | $ | 0.38 | | | | $6.460 million | | | $0 | | | $4.760 million | |
November 14, 2022 | | | July 1, 2022 through September 30, 2022 | | | | $ | 0.365 | | | | $6.205 million | | | $0 | | | $6.205 million | |
| | | Oil (Bbls) | | | Gas (Mcf) | | | Oil Equivalents (Boe) | | |||||||||
Proved reserves | | | | | | | | | | | | | | | | | | | |
Balance at December 31, 2018 | | | | | 4,389,060 | | | | | | 2,278,521 | | | | | | 4,768,812 | | |
Revisions of previous estimates | | | | | 263,151 | | | | | | (40,546) | | | | | | 256,393 | | |
Production | | | | | (489,538) | | | | | | (286,688) | | | | | | (537,319) | | |
Balance at December 31, 2019 | | | | | 4,162,673 | | | | | | 1,951,287 | | | | | | 4,487,886 | | |
Revisions of previous estimates | | | | | (1,310,389) | | | | | | 363,950 | | | | | | (1,249,731) | | |
Production | | | | | (433,555) | | | | | | (290,246) | | | | | | (481,929) | | |
Balance at December 31, 2020 | | | | | 2,418,729 | | | | | | 2,024,991 | | | | | | 2,756,226 | | |
Revisions of previous estimates | | | | | 1,253,176 | | | | | | 439,848 | | | | | | 1,326,484 | | |
Production | | | | | (423,320) | | | | | | (266,388) | | | | | | (467,718) | | |
Balance at December 31, 2021 | | | | | 3,248,585 | | | | | | 2,198,451 | | | | | | 3,614,992 | | |
Proved developed reserves | | | | | | | | | | | | | | | | | | | |
December 31, 2018 | | | | | 3,417,252 | | | | | | 1,574,826 | | | | | | 3,679,721 | | |
December 31, 2019 | | | | | 3,178,009 | | | | | | 1,561,446 | | | | | | 3,438,250 | | |
December 31, 2020 | | | | | 1,948,646 | | | | | | 1,557,190 | | | | | | 2,208,178 | | |
December 31, 2021 | | | | | 2,421,006 | | | | | | 1,427,988 | | | | | | 2,659,004 | | |
Proved undeveloped reserves | | | | | | | | | | | | | | | | | | | |
December 31, 2018 | | | | | 971,808 | | | | | | 703,695 | | | | | | 1,089,091 | | |
Proved undeveloped reserves converted to proved developed by drilling | | | | | (165,102) | | | | | | 0 | | | | | | (165,102) | | |
Additional proved undeveloped reserves added | | | | | 400,768 | | | | | | 0 | | | | | | 400,768 | | |
Revisions of previous estimates | | | | | (222,810) | | | | | | (313,854) | | | | | | (275,121) | | |
December 31, 2019 | | | | | 984,664 | | | | | | 389,841 | | | | | | 1,049,636 | | |
Revisions of previous estimates | | | | | (514,581) | | | | | | 77,960 | | | | | | (501,588) | | |
December 31, 2020 | | | | | 470,083 | | | | | | 467,801 | | | | | | 548,048 | | |
Proved undeveloped reserves converted to proved developed by drilling | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Additional proved undeveloped reserves added | | | | | 142,948 | | | | | | 67,971 | | | | | | 154,277 | | |
Revisions of previous estimates | | | | | 214,548 | | | | | | 234,691 | | | | | | 253,663 | | |
December 31, 2021 | | | | | 827,579 | | | | | | 770,463 | | | | | | 955,988 | | |
| | | Oil (Bbls) | | | Gas (Mcf) | | | Oil Equivalents (Boe) | | |||||||||
Proved reserves | | | | | | | | | | | | | | | | | | | |
Balance at December 31, 2019 | | | | | 4,162,673 | | | | | | 1,951,287 | | | | | | 4,487,886 | | |
Revisions of previous estimates | | | | | (1,310,389) | | | | | | 363,950 | | | | | | (1,249,731) | | |
Production | | | | | (433,555) | | | | | | (290,246) | | | | | | (481,929) | | |
Balance at December 31, 2020 | | | | | 2,418,729 | | | | | | 2,024,991 | | | | | | 2,756,226 | | |
Revisions of previous estimates | | | | | 1,253,176 | | | | | | 439,848 | | | | | | 1,326,484 | | |
Production | | | | | (423,320) | | | | | | (266,388) | | | | | | (467,718) | | |
Balance at December 31, 2021 | | | | | 3,248,585 | | | | | | 2,198,451 | | | | | | 3,614,992 | | |
Revisions of previous estimates | | | | | (14,586) | | | | | | 37,575 | | | | | | (8,323) | | |
Production | | | | | (409,508) | | | | | | (250,304) | | | | | | (451,225) | | |
Balance at December 31, 2022 | | | | | 2,824,491 | | | | | | 1,985,722 | | | | | | 3,155,444 | | |
Proved developed reserves | | | | | | | | | | | | | | | | | | | |
December 31, 2019 | | | | | 3,178,009 | | | | | | 1,561,446 | | | | | | 3,438,250 | | |
December 31, 2020 | | | | | 1,948,646 | | | | | | 1,557,190 | | | | | | 2,208,178 | | |
December 31, 2021 | | | | | 2,421,006 | | | | | | 1,427,988 | | | | | | 2,659,004 | | |
December 31, 2022 | | | | | 2,226,219 | | | | | | 1,711,724 | | | | | | 2,511,506 | | |
Proved undeveloped reserves | | | | | | | | | | | | | | | | | | | |
December 31, 2019 | | | | | 984,664 | | | | | | 389,841 | | | | | | 1,049,636 | | |
Revisions of previous estimates | | | | | (514,581) | | | | | | 77,960 | | | | | | (501,588) | | |
December 31, 2020 | | | | | 470,083 | | | | | | 467,801 | | | | | | 548,048 | | |
Additional proved undeveloped reserves added | | | | | 142,948 | | | | | | 67,971 | | | | | | 154,277 | | |
Revisions of previous estimates | | | | | 214,548 | | | | | | 234,691 | | | | | | 253,663 | | |
December 31, 2021 | | | | | 827,579 | | | | | | 770,463 | | | | | | 955,988 | | |
Proved undeveloped reserves converted to proved developed by drilling | | | | | (32,610) | | | | | | (15,504) | | | | | | (35,194) | | |
Additional proved undeveloped reserves added | | | | | 22,971 | | | | | | 0 | | | | | | 22,971 | | |
Revisions of previous estimates | | | | | (219,668) | | | | | | (480,961) | | | | | | (299,827) | | |
December 31, 2022 | | | | | 598,272 | | | | | | 273,998 | | | | | | 643,938 | | |
| | 2019 | | 2020 | | 2021 | | | 2020 | | 2021 | | 2022 | | ||||||||||||||||||||||||
Future cash inflows | | | $ | 224,171,275 | ��� | | | $ | 91,076,687 | | | | $ | 212,513,400 | | | | | $ | 91,076,687 | | | | $ | 212,513,400 | | | | $ | 269,711,309 | | | ||||||
Future costs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Production | | | | (102,515,687) | | | | | (51,266,008) | | | | | (89,189,706) | | | | | | (51,266,008) | | | | | (89,189,706) | | | | | (95,488,937) | | | ||||||
Development | | | | (26,173,044) | | | | | (12,116,113) | | | | | (24,548,756) | | | | | | (12,116,113) | | | | | (24,548,756) | | | | | (33,370,634) | | | ||||||
Future net cash flows | | | | 95,482,544 | | | | | 27,694,566 | | | | | 98,774,938 | | | | | | 27,694,566 | | | | | 98,774,938 | | | | | 140,851,738 | | | ||||||
Less 10% discount factor | | | | (33,353,400) | | | | | (10,214,536) | | | | | (31,156,732) | | | | | | (10,214,536) | | | | | (31,156,732) | | | | | (42,470,509) | | | ||||||
Standardized measure of discounted future net cash flows | | | $ | 62,129,144 | | | | $ | 17,480,030 | | | | $ | 67,618,206 | | | | | $ | 17,480,030 | | | | $ | 67,618,206 | | | | $ | 98,381,229 | | |
| | 2019 | | 2020 | | 2021 | | | 2020 | | 2021 | | 2022 | | ||||||||||||||||||||||||
Standardized measure at beginning of year | | | $ | 94,150,450 | | | | $ | 62,129,144 | | | | $ | 17,480,030 | | | | | $ | 62,129,144 | | | | $ | 17,480,030 | | | | $ | 67,618,206 | | | ||||||
Net proceeds to the Trust | | | | (12,661,799) | | | | | (5,006,227) | | | | | (9,302,296) | | | | | | (5,006,227) | | | | | (9,302,296) | | | | | (23,594,049) | | | ||||||
Net changes in price and production costs | | | | (22,184,499) | | | | | (32,370,351) | | | | | 35,189,711 | | | | | | (32,370,351) | | | | | 35,189,711 | | | | | 53,018,239 | | | ||||||
Changes in estimated future development costs | | | | (6,456,104) | | | | | 7,551,718 | | | | | (10,644,520) | | | | | | 7,551,718 | | | | | (10,644,520) | | | | | (8,340,638) | | | ||||||
Development costs incurred during the year | | | | 431,120 | | | | | 4,283,614 | | | | | 1,543,377 | | | | | | 4,283,614 | | | | | 1,543,377 | | | | | 1,264,823 | | | ||||||
Revisions of quantity estimates | | | | 5,202,758 | | | | | (15,274,648) | | | | | 32,683,902 | | | | | | (15,274,648) | | | | | 32,683,902 | | | | | (602,964) | | | ||||||
Accretion of discount | | | | 9,415,045 | | | | | 6,212,914 | | | | | 1,748,003 | | | | | | 6,212,914 | | | | | 1,748,003 | | | | | 6,761,821 | | | ||||||
Changes in production rates, timing and other | | | | (5,767,827) | | | | | (10,046,134) | | | | | (1,080,001) | | | | | | (10,046,134) | | | | | (1,080,001) | | | | | 2,255,791 | | | ||||||
Standardized measure at end of year | | | $ | 62,129,144 | | | | $ | 17,480,030 | | | | $ | 67,618,206 | | | | | $ | 17,480,030 | | | | $ | 67,618,206 | | | | $ | 98,381,229 | | |
| | 2019 | | 2020 | | 2021 | | | 2020 | | 2021 | | 2022 | | ||||||||||||||||||||||||
Oil (per Bbl) | | | $ | 52.94 | | | | $ | 36.48 | | | | $ | 63.32 | | | | | $ | 36.48 | | | | $ | 63.32 | | | | $ | 90.85 | | | ||||||
Gas (per Mcf) | | | $ | 1.90 | | | | $ | 0.97 | | | | $ | 2.56 | | | | | $ | 0.97 | | | | $ | 2.56 | | | | $ | 5.59 | | |
Beneficial Owner | | | Trust Units Beneficially Owned | | | Percent of Class(1) | | ||||||
VOC Partners, LLC(2) | | | | | 4,252,250 | | | | | | 25.0% | | |
Robert J. Raymond(3) | | | | | 1,856,962 | | | | | | 10.9% | | |
| | 2020 | | 2021 | | | 2021 | | 2022 | | ||||||||||||||||
Audit fees | | | $ | 220,500 | | | | $ | 227,930 | | | | | $ | 227,930 | | | | $ | 248,292 | | | ||||
Audit related fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Tax fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
All other fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Total fees | | | $ | 220,500 | | | | $ | 227,930 | | | | | $ | 227,930 | | | | $ | 248,292 | | |
| | | Page in this Form 10-K | | |||
VOC Energy Trust | | | | | | | |
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32.1* | | | — | | | |
Exhibit Number | | | | | | Description | |
99.1* | | | — | | | |