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): December 19, 2023
Mesa
Royalty Trust
(Exact
name of registrant as specified in its charter)
Texas |
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1-7884 |
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76-6284806 |
(State
or other jurisdiction of |
|
(Commission |
|
(IRS
Employer |
incorporation
) |
|
File
Number) |
|
Identification
No.) |
The
Bank of New York Mellon Trust Company, N.A., Trustee |
|
|
Global
Corporate Trust |
|
|
601
Travis Street, Floor 16 |
|
|
Houston,
Texas |
|
77002 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (713) 483-6020
Not
Applicable
(Former
name or former address, if changed since last report.)
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:
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ 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:
Title
of each class |
Trading
Symbol(s) |
Name
of each exchange on which registered |
Units
of Beneficial Interest |
MTR |
New
York Stock Exchange |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ¨
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. ¨
Item 2.02
Results of Operations and Financial Condition.
On
December 19, 2023, Mesa Royalty Trust issued a press release announcing Mesa Royalty Trust’s royalty income and income distribution
for the month of December 2023. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
Pursuant
to General Instruction B.2 of Form 8-K and Securities and Exchange Commission Release No. 33-8176, the press release attached
as Exhibit 99.1 is not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of
1933, as amended, but is instead furnished for purposes of that instruction.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURES
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.
|
Mesa
Royalty Trust |
|
|
|
By:
|
The
Bank of New York Mellon Trust Company, N.A., as |
|
|
Trustee |
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|
|
|
Date:
December 19, 2023 |
By: |
/s/
Elaina Rodgers |
|
|
Elaina
Rodgers |
|
|
Vice
President |
Exhibit 99.1
Mesa-Royalty-Trust
Mesa Royalty Trust Announces Trust Income for December 2023
MESA ROYALTY TRUST
The Bank of New York Mellon Trust Company, N.A., Trustee
NEWS RELEASE
FOR IMMEDIATE RELEASE
HOUSTON, TEXAS — December 19, 2023 — Mesa Royalty Trust (the “Trust”) (NYSE symbol-MTR) announced today the Trust
income distribution for the month of December 2023. Unitholders of record on December 29, 2023 will receive distributions amounting to
$0.030835621 per unit, payable on January 31, 2024. The Trust received $99,199, all of which came from the New Mexico portion of the Trust’s
San Juan Basin properties operated by Hilcorp San Juan LP, an affiliate of Hilcorp Energy Company. No income was received in December
2023 from any other working interest owner. This month, after the Trust’s withholding for cash reserves and the payment of administrative
expenses, income from the distributable net profits was $57,465.
The Trust was formed to own an overriding royalty interest of the net proceeds attributable to certain producing oil and gas properties
located in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado. As described in the Trust's public filings,
the amount of the monthly distributions is expected to fluctuate from month to month, depending on the proceeds, if any, received by the
Trust as a result of production, oil and natural gas prices and the amount of the Trust’s administrative expenses, among other factors.
In addition, as further described in the Trust’s most recent filing on Form 10-Q, distributions to unitholders are expected to be
materially reduced, until the Trust increases its cash reserves to a total of $2.0 million in order to provide added liquidity.
Proceeds reported by the working interest owners for any month are not generally representative of net proceeds that will be received
by the Trust in future periods. As further described in the Trust’s Form 10-K and Form 10-Q filings, production and development
costs for the royalty interest have resulted in substantial accumulated excess production costs, which will decrease Trust distributions,
and in some periods may result in no Trust distributions. The amount of proceeds, if any, received or expected to be received by the Trust
(and its ability to pay distributions to unitholders) has been and will continue to be directly affected, among other things, by volatility
in the industry and revenues and expenses reported to the Trust by working interest owners. Any additional expenses and adjustments, among
other things, will reduce proceeds to the Trust, which will reduce the amount of cash available for distribution to unitholders and in
certain periods could result in no distributions to unitholders.
This press release contains forward-looking statements. No assurances can be given that the expectations contained in this press release
will prove to be correct. The working interest owners alone control historical operating data, and handle receipt and payment of funds
relating to the royalty properties and payments to the Trust for the related royalty. The Trustee cannot assure that errors or adjustments
or expenses accrued by the working interest owners, whether historical or future, will not affect future royalty income and distributions
by the Trust. Other important factors that could cause these statements to differ materially include delays in actual results of drilling
operations, risks inherent in drilling and production of oil and gas properties, declines in commodity pricing, prices received by working
interest owners and other risks described in the Trust’s Form 10-K for the year ended December 31, 2022. Statements made in this
press release are qualified by the cautionary statements made in such risk factors. The Trust does not intend, and assumes no obligations,
to update any of the statements included in this press release. Each unitholder should consult its own tax advisor with respect to its
particular circumstances.
Contact: |
Mesa Royalty Trust |
|
The Bank of New York Mellon Trust Company, N.A.,
as Trustee |
|
Elaina Rodgers |
|
713-483-6020 |
http://mtr.q4web.com/home/default.aspx
601 Travis Street, Floor 16, Houston, TX 77002
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