Exhibit 99.1
[NEWS RELEASE LETTERHEAD OF CROSS TIMBERS ROYALTY TRUST APPEARS HERE]
CROSS TIMBERS ROYALTY TRUST
DECLARES MARCH CASH DISTRIBUTION
Dallas, Texas, March 21, 2017 – Southwest Bank, 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 $0.089461 per unit, payable on April 13, 2017, to unitholders of record on March 31, 2017. 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 Distribution | | | 18,000 | | | | 119,000 | | | $ | 48.03 | | | $ | 4.77 | |
Prior Month Distribution | | | 18,000 | | | | 146,000 | | | $ | 44.33 | | | $ | 3.65 | |
Excess Costs
XTO Energy has advised the trustee that improved oil prices led to the partial recovery of excess costs on properties underlying the Oklahoma Working Interest net profits interests. However after the partial recovery, there were no remaining proceeds from the properties underlying the Oklahoma Working Interest net profits interests to be included in this month’s distribution.
XTO Energy has advised the trustee that continued lower oil prices and increased development activity 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.
For more information on the Trust, please visit our web site atwww.crt-crosstimbers.com.
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| | | Contact: | | Nancy Willis Vice President Southwest Bank, Trustee Toll Free – 855-588-7839 |
