EXHIBIT 99.1
[NEWS RELEASE LETTERHEAD OF CROSS TIMBERS ROYALTY TRUST APPEARS HERE]
CROSS TIMBERS ROYALTY TRUST
DECLARES OCTOBER CASH DISTRIBUTION
Dallas, Texas, October 19, 2018 – Simmons 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 $0.124040 per unit, payable on November 15, 2018, to unitholders of record on October 31, 2018. The following table shows underlying oil and gas sales and average prices attributable to the current month and prior month distributions.
| | | | | | | | | | | | | | | | |
| | | Underlying Sales
Volumes(a) | | | Average Price | |
| | | Oil
(Bbls) | | | Gas
(Mcf) | | | Oil
(per Bbl) | | | Gas
(per Mcf) | |
Current Month Distribution | | | 17,000 | | | | 113,000 | | | $ | 61.54 | | | $ | 4.54 | |
Prior Month Distribution | | | 17,000 | | | | 131,000 | | | $ | 62.97 | | | $ | 4.20 | |
| (a) | Sales volumes are recorded in the month the Trust receives the related net profits income. Because of this, sales volumes may fluctuate from month to month based on the timing of cash receipts. |
Excess Costs
XTO Energy has advised the Trustee that improved oil prices led to the partial recovery of excess costs of $43,000 on properties underlying the Texas Working Interest net profits interests. However after the partial recovery, there were no remaining proceeds from the properties underlying the Texas Working Interest net profits interests to be included in this month’s distribution. Underlying cumulative excess costs remaining on the Texas Working Interest net profits interests after the current month’s distribution totaled $1.8 million, including accrued interest of $230,000.
For more information on the Trust, please visit our web site atwww.crt-crosstimbers.com.
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| | Contact: | | Nancy Willis Vice President Simmons Bank, Trustee Toll Free –855-588-7839 | | |
