EXHIBIT 99.1
[NEWS RELEASE LETTERHEAD OF CROSS TIMBERS ROYALTY TRUST APPEARS HERE]
CROSS TIMBERS ROYALTY TRUST
DECLARES AUGUST CASH DISTRIBUTION
Fort Worth, Texas, August 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 $0.092836 per unit, payable on September 15, 2017, to unitholders of record on August 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 | | | 16,000 | | | | 131,000 | | | $ | 42.02 | | | $ | 4.14 | |
Prior Month Distribution | | | 18,000 | | | | 127,000 | | | $ | 45.17 | | | $ | 4.22 | |
Excess Costs
XTO Energy has advised the Trustee that decreased oil production in the current month distribution caused costs to exceed revenues by $23,000 on properties underlying the Oklahoma Working Interest net profits interests. However, these excess costs did not reduce net proceeds from the remaining conveyances. Underlying cumulative excess costs remaining on the Oklahoma Working Interest net profits interests after the current month’s distribution totaled $86,000, including accrued interest of $63,000.
XTO Energy has advised the Trustee that increased costs in the current month distribution caused costs to exceed revenues by $83,000 on properties underlying the Texas Working Interest net profits interests. However, these excess costs did not reduce net proceeds from the remaining conveyances. Underlying cumulative excess costs remaining on the Texas Working Interest net profits interests after the current month’s distribution totaled $2.0 million, including accrued interest of $121,000.
For more information on the Trust, please visit our web site atwww.crt-crosstimbers.com.
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| | Contact: | Lee Ann Anderson |
Senior Vice President
Southwest Bank, Trustee
Toll Free –855-588-7839
