EXHIBIT 99.1
[NEWS RELEASE LETTERHEAD OF CROSS TIMBERS ROYALTY TRUST APPEARS HERE]
CROSS TIMBERS ROYALTY TRUST
DECLARES JANUARY CASH DISTRIBUTION
Dallas, Texas, January 21, 2014 – U.S. Trust, Bank of America Private Wealth Management, as Trustee of the Cross Timbers Royalty Trust (NYSE – CRT), today declared a cash distribution to the holders of its units of beneficial interest of $0.241971 per unit, payable on February 14, 2014, to unitholders of record on January 31, 2014. The following table shows underlying oil and gas sales and average prices attributable to the current month and prior month distributions.
| | | | | | | | | | | | | | | | |
| | | Underlying Sales | | | | |
| | | Volumes | | | Average Price | |
| | | Oil
(Bbls) | | | Gas
(Mcf) | | | Oil
(per Bbl) | | | Gas
(per Mcf) | |
Current Month | | | 17,000 | | | | 139,000 | | | $ | 90.54 | | | $ | 7.11 | |
Prior Month | | | 19,000 | | | | 116,000 | | | $ | 96.07 | | | $ | 6.65 | |
Excess Costs
XTO Energy has advised the trustee that lower oil prices caused costs to exceed revenues on properties underlying the Texas Working Interest net profits interests. However, these excess costs did not reduce net proceeds from the remaining conveyances.
Other
The current month distribution includes $467,164, or approximately $0.08 per unit, related to a one-time purchaser’s refund, including interest, for deductions attributable to coal seam gas wells located in the San Juan Basin.
Trustee Resignation
As previously disclosed, U.S. Trust, Bank of America Private Management has announced its intention to resign as trustee of the Trust, subject to certain conditions set forth in the trustee’s notice dated January 9, 2014, including unitholder approval of a successor trustee.
For more information on the Trust, please visit our web site atwww.crosstimberstrust.com.
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| | Contact: | | Nancy G. Willis Vice President U.S. Trust, Bank of America Private Wealth Management, Trustee Toll Free – 877-228-5084 |
