EXHIBIT 99.1
[NEWS RELEASE LETTERHEAD OF HUGOTON ROYALTY TRUST APPEARS HERE]
HUGOTON ROYALTY TRUST
DECLARES MARCH CASH DISTRIBUTION
Dallas, Texas, March 21, 2005 – Bank of America, N.A., as Trustee of the Hugoton Royalty Trust (NYSE – HGT), today declared a cash distribution to the holders of its units of beneficial interest of $0.191736 per unit, payable on April 14, 2005, to unitholders of record on March 31, 2005. The following table shows underlying gas sales and average prices attributable to the current month and prior month distributions. Underlying gas sales volumes attributable to the current month distribution were primarily produced in January.
| | Underlying Gas Sales
Volumes (Mcf) (a) | | Average Gas
Price per Mcf | |
| | Total | | Daily | | |
| | | | | | | |
Current Month Distribution | | 2,508,000 | | 81,000 | | $ | 5.67 | |
| | | | | | | |
Prior Month Distribution | | 2,506,000 | | 81,000 | | $ | 6.15 | |
(a) Sales volumes are recorded in the month the trust receives the related net profits income. Because of this, sales volumes may fluctuate from month to month based on the timing of cash receipts.
Five wells are currently being drilled on the underlying properties. Budgeted development costs of $2,400,000 were deducted for this distribution. Production expense for the month was $1,242,000 and overhead was $635,000.
For more information on the Trust, please visit our web site at www.hugotontrust.com.
* * *
Contacts: | | Nancy G. Willis
Vice President
Bank of America, N.A.
(Toll Free)
877/228-5083 | | Louis G. Baldwin
Executive Vice President &
Chief Financial Officer
XTO Energy, Inc.
817/870-2800 |
