EXHIBIT 99.1
[NEWS RELEASE LETTERHEAD OF HUGOTON ROYALTY TRUST APPEARS HERE]
HUGOTON ROYALTY TRUST
DECLARES JUNE CASH DISTRIBUTION
Dallas, Texas, June 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 $0.144161 per unit, payable on July 15, 2004, to unitholders of record on June 30, 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 April.
| | | | | | | |
| | | Underlying Gas Sales
Volumes (Mcf)
| | Average Gas
Price per Mcf
|
| | | Total
| | Daily
| |
Current Month Distribution | | 2,423,000 | | 81,000 | | $ | 4.67 |
| | | |
Prior Month Distribution | | 2,537,000 | | 82,000 | | $ | 4.60 |
Four 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 $1,532,000 and overhead was $629,000.
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 |
