EXHIBIT 99.1
[NEWS RELEASE LETTERHEAD OF HUGOTON ROYALTY TRUST APPEARS HERE]
HUGOTON ROYALTY TRUST
DECLARES FEBRUARY CASH DISTRIBUTION
Dallas, Texas, February 17, 2004—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 $0.150083 per unit, payable on March 12, 2004, to unitholders of record on February 27, 2004. 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 December.
| | | | | | | |
| | | Underlying Gas Sales Volumes (Mcf)
| | Average Gas Price per Mcf
|
| | |
| | | Total
| | Daily
| |
Current Month Distribution | | 2,664,000 | | 86,000 | | $ | 4.37 |
Prior Month Distribution | | 2,550,000 | | 85,000 | | $ | 4.11 |
Three wells are currently being drilled on the underlying properties. Budgeted development costs of $1,700,000 were deducted for this distribution. Production expense for the month was $1,522,000 and overhead was $606,000.
For more information on the Trust, please visit our web site at www.hugotontrust.com.
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| 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 |
