EXHIBIT 99.1
[NEWS RELEASE LETTERHEAD OF HUGOTON ROYALTY TRUST APPEARS HERE]
HUGOTON ROYALTY TRUST
DECLARES MAY CASH DISTRIBUTION
Dallas, Texas, May 18, 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 $0.149368 per unit, payable on June 14, 2004, to unitholders of record on May 28, 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 March.
| | | | | | | |
| | | Underlying Gas Sales
Volumes (Mcf)
| | Average Gas
Price per Mcf
|
| | | Total
| | Daily
| |
Current Month Distribution | | 2,537,000 | | 82,000 | | $ | 4.60 |
Prior Month Distribution | | 2,401,000 | | 83,000 | | $ | 5.07 |
Two 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 $1,675,000 and overhead was $611,000.
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 | | |
