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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1995.
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-8518
LL&E ROYALTY TRUST
(Exact name of registrant as specified in its charter)
TEXAS 76-6007940
(State or other jurisdiction of (I.R.S. Employer
incorporation Identification No.)
or organization)
TEXAS COMMERCE BANK NATIONAL ASSOCIATION 77002
CORPORATE TRUST DIVISION (Zip Code)
712 MAIN STREET
HOUSTON, TEXAS
(Address of principal executive offices)
Registrant's telephone number, including area code: (713) 216-6369
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes 'X' No
At May 11, 1995, 18,991,304 Units of Beneficial Interest in the registrant
were outstanding.
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TABLE OF CONTENTS
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Part I. Financial Information
Item 1. Financial Statements:
Presentation of Financial Information........................................... 2
Statements of Cash Earnings and Distributions................................... 3
Statements of Assets, Liabilities and Trust Corpus.............................. 3
Statements of Changes in Trust Corpus........................................... 3
Notes to Financial Statements................................................... 4
Independent Auditors' Report.................................................... 7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of
Operations...................................................................... 8
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K........................................... 11
Signature............................................................................ 12
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PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
LL&E ROYALTY TRUST
PRESENTATION OF FINANCIAL INFORMATION
The accompanying unaudited financial statements of LL&E Royalty Trust
(Trust) have been prepared in accordance with the instructions to Form 10-Q. The
financial statements were prepared on the basis of cash receipts and
disbursements and are not intended to be a presentation in conformity with
generally accepted accounting principles. The information reflects all
adjustments which, in the opinion of the Trustee, are necessary for a fair
presentation of the results for the interim periods presented. The financial
information should be read in conjunction with the financial statements and
notes thereto included in the Trust's Annual Report on Form 10-K for the year
ended December 31, 1994. The cash earnings and distributions for the three
months ended March 31, 1995 are not necessarily indicative of the results to be
expected for the year 1995.
The March 31, 1995 and 1994 financial statements included in this filing on
Form 10-Q have been reviewed by KPMG Peat Marwick LLP, independent auditors, in
accordance with established professional standards and procedures for such a
review. The report of KPMG Peat Marwick LLP commenting upon their review is
included herein.
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LL&E ROYALTY TRUST
STATEMENTS OF CASH EARNINGS AND DISTRIBUTIONS
(UNAUDITED)
THREE MONTHS ENDED
MARCH 31,
-------------------------
1995 1994
---------- ----------
Royalty revenues.................................................. $1,308,090 $2,207,275
Trust administrative expenses..................................... (175,507) (209,787)
---------- ----------
Cash earnings..................................................... 1,132,583 1,997,488
Changes in undistributed cash..................................... 1,226 20
---------- ----------
Cash distributions................................................ $1,133,809 $1,997,508
========== ==========
Cash distributions per Unit....................................... $ .05970 $ .10518
========== ==========
Units outstanding................................................. 18,991,304 18,991,304
========== ==========
STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
DECEMBER
MARCH 31, 31,
1995 1994
---------- ----------
(UNAUDITED)
ASSETS
Cash.............................................................. $ 20,236 $ 21,462
Net overriding royalty interests in productive oil and gas
properties and 3% royalty interests in fee lands (notes 2, 3 and
5).............................................................. 83,490,000 83,490,000
Less accumulated amortization (note 3)............................ (76,643,000) (76,481,000)
---------- ----------
Total assets............................................ $6,867,236 $7,030,462
========== ==========
LIABILITIES AND TRUST CORPUS
Trust Corpus (18,991,304 Units of Beneficial Interest authorized,
issued and outstanding)......................................... $6,867,236 $7,030,462
Contingencies (note 4)
---------- ----------
Total liabilities and Trust Corpus...................... $6,867,236 $7,030,462
========== ==========
STATEMENTS OF CHANGES IN TRUST CORPUS
(UNAUDITED)
THREE MONTHS ENDED
MARCH 31,
-------------------------
1995 1994
---------- ----------
Trust Corpus, beginning of period (note 3)........................ $7,030,462 $8,439,106
Cash earnings..................................................... 1,132,583 1,997,488
Cash distributions................................................ (1,133,809) (1,997,508)
Amortization of royalty interest (note 3)......................... (162,000) (349,000)
---------- ----------
Trust Corpus, end of period....................................... $6,867,236 $8,090,086
========== ==========
The accompanying notes are an integral part of these financial statements.
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LL&E ROYALTY TRUST
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1995
(1) FORMATION OF THE TRUST
On June 28, 1983, The Louisiana Land and Exploration Company (herein
Working Interest Owner or Company) created LL&E Royalty Trust (Trust) and
distributed Units of Beneficial Interest (Units) in the Trust to the holders of
record of capital stock of the Company on the basis of one Unit for each two
shares of capital stock held on June 22, 1983.
Upon creation of the Trust, the Company conveyed to the Trust (a) net
overriding royalty interests (Overriding Royalties), which are equivalent to net
profits interests, in certain productive oil and gas properties located in
Alabama, Florida, Texas and in federal waters offshore Louisiana (Productive
Properties) and (b) 3% royalty interests (Fee Lands Royalties) in certain of the
Company's then unleased, undeveloped south Louisiana fee lands (Fee Lands). The
Overriding Royalties and the Fee Lands Royalties are referred to collectively as
the "Royalties". Title to the Royalties is held by a partnership (Partnership)
of which the Trust and the Company are the only partners, holding 99% and 1%
interests, respectively.
The Trust is passive, with Texas Commerce Bank National Association, as
Trustee, having only such powers as are necessary for the collection and
distribution of revenues resulting from the Royalties, the payment of Trust
liabilities and the conservation and protection of the Trust estate. The Units
are listed on the New York Stock Exchange.
(2) NET OVERRIDING ROYALTY INTERESTS AND FEE LANDS ROYALTIES
The instruments conveying the Overriding Royalties generally provide that
the Working Interest Owner or any successor working interest owner will
calculate and pay to the Trust each month an amount equal to various percentages
of the Net Proceeds (as defined) from the Productive Properties. For purposes of
computing Net Proceeds, the Productive Properties have been grouped
geographically into four groups of leases, each of which has been defined as a
separate "Property". Generally, Net Proceeds will be computed on a
Property-by-Property basis and will consist of the aggregate proceeds to the
Working Interest Owner or any successor working interest owner from the sale of
oil, gas and other hydrocarbons from each of the Productive Properties less: (a)
all direct costs, charges, and expenses incurred by the Working Interest Owner
in exploration, production, development and other operations on the Productive
Properties (including secondary and tertiary recovery operations), including
abandonment costs; (b) all applicable taxes, including severance, ad valorem and
windfall profits taxes, but excluding income taxes except as described in note 4
below; (c) all operating charges directly associated with the Productive
Properties; (d) an allowance for costs if costs and expenses for any Productive
Property have exceeded proceeds of production from such Productive Property; and
(e) charges for certain overhead expenses.
The Fee Lands Royalties consist of royalty interests equal to a 3% interest
in the future gross oil, gas, and other hydrocarbon production, if any, from
each of the Fee Lands, unburdened by the expense of drilling,
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LL&E ROYALTY TRUST
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
MARCH 31, 1995
completion, development, operating and other costs incident to production. In
June 1993, pursuant to applicable law, the Fee Lands Royalties terminated as to
all tracts not then held by production or maintained by production from other
tracts. Consequently, at March 31, 1995, the Fee Lands consisted of
approximately 35,000 gross acres.
(3) BASIS OF PRESENTATION
The financial statements of the Trust are prepared on the following basis:
(a) Royalties are recorded on a cash basis and are generally received
by the Trustee in the third month following the month of production of oil
and gas attributable to the Trust's interest.
(b) Trust expenses, which include accounting, engineering, legal and
other professional fees, Trustee's fees and out-of-pocket expenses, are
recorded on a cash basis.
(c) Amortization of the net overriding royalty interests in productive
oil and gas properties and the 3% royalty interest in Fee Lands, which is
calculated on a unit-of-production basis, is charged directly to the Trust
corpus since the amount does not affect cash earnings.
(d) The initial carrying value of the Trust's royalty interests in oil
and gas properties represents the Company's cost on a successful efforts
basis (net of accumulated depreciation, depletion and amortization) at June
28, 1983 applicable to the interest in the properties transferred to the
Trust. Information regarding the calculation of the amount of such cost was
supplied by the Company to the Trustee. The unamortized balance at March
31, 1995, is not necessarily indicative of the fair market value of the
interests held by the Trust.
While these statements differ from financial statements prepared in
accordance with generally accepted accounting principles, the cash basis of
reporting revenues and expenses is considered to be the most meaningful because
monthly distributions to the Unit holders are based on net cash receipts. The
financial information furnished herein should be read in conjunction with the
financial statements and notes thereto included in the Trust's Annual Report on
Form 10-K for the year ended December 31, 1994.
(4) FEDERAL INCOME TAX MATTERS
In May and June 1983, the Company applied to the Internal Revenue Service
(IRS) for certain rulings, including the following: (a) the Trust will be
classified for federal income tax purposes as a trust and not as an association
taxable as a corporation, (b) the Trust would be characterized as a "grantor"
trust as to the Unit holders and not as a "simple" or "complex" trust (a
"non-grantor" trust), (c) the Partnership will be classified as a partnership
and not as an association taxable as a corporation, (d) the Company will not
recognize gain or loss upon the transfer of the Royalties to the Trust or upon
the distribution of the Units to its
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LL&E ROYALTY TRUST
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
MARCH 31, 1995
stockholders, (e) each Royalty would be considered an economic interest in oil
and gas in place, and each Overriding Royalty would constitute a single property
within the meaning of Section 614(a) of the Internal Revenue Code, (f) the steps
taken to create the Trust and the Partnership and to distribute the Units will
be viewed for federal income tax purposes as a distribution of the Royalties by
the Company to its stockholders, followed by the contribution of the Royalties
by the stockholders to the Partnership in exchange for interests therein, which
in turn was followed by the contribution by the stockholders of the interests in
the Partnership to the Trust in exchange for Units, and (g) the transfer of a
Unit of the Trust will be considered for federal income tax purposes to be the
transfer of the proportionate part of the Partnership interest attributable to
such Unit.
Subsequent to the distribution of the Units, the IRS ruled favorably on all
requested rulings except (d). Because the rulings were issued after the
distribution of the Units, however, the rulings could be revoked by the IRS if
it changes its position on the matters they address. If the IRS changed its
position on these issues, challenged the Trust and the Unit holders and was
successful, the result could be adverse. The Company withdrew its request for
the ruling described in (d), and the Company and the IRS subsequently litigated
the issue. The Tax Court rendered an opinion favorable to the Company, which has
become final.
These financial statements are prepared on the basis that the Trust will be
treated as a "grantor" trust and that the Partnership will be treated as a
partnership for federal income tax purposes. Accordingly, no income taxes are
provided in the financial statements.
(5) DISMANTLEMENT OF PLATFORMS AT OFFSHORE LOUISIANA
The conveyances creating the Overriding Royalties permit the Company, under
certain circumstances, to establish an escrow for various matters. From the
August 1991 distribution through the August 1992 distribution the Company
escrowed funds from Offshore Louisiana in connection with anticipated platform
dismantlement costs at Offshore Louisiana. The Company ceased escrowing for
dismantlement costs at Offshore Louisiana beginning with the September 1992
distribution because it had fully escrowed the amount currently estimated to be
ultimately incurred for dismantlement of platforms located on this property. The
total cumulative Offshore Louisiana escrow balance as of March 31, 1995 was
approximately $2,500,000, 90% of which was otherwise distributable to the Trust.
The Company has advised the Trustee that it intends to continue to monitor
its estimates of relevant factors in order to evaluate the necessity of
escrowing funds on an ongoing basis, whether in connection with dismantlement
costs or other matters. The Company is under no obligation to give any advance
notice to the Trustee or the Unit holders in the event it determines that
additional funds should be escrowed. If the Company decides to escrow additional
amounts, the Royalties paid to the Trust would be reduced, and the reductions
could be significant.
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INDEPENDENT AUDITORS' REPORT
Texas Commerce Bank National Association, Trustee
and the Unit Holders of LL&E Royalty Trust:
We have reviewed the accompanying statement of assets, liabilities and
Trust corpus of LL&E Royalty Trust (Trust) as of March 31, 1995, and the related
statements of cash earnings and distributions and changes in Trust corpus for
the three-month periods ended March 31, 1995 and 1994. These financial
statements are the responsibility of the Trustee.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statements taken as a
whole. Accordingly, we do not express such an opinion.
As described in Note 3, these financial statements were prepared on the
basis of cash receipts and disbursements and are not intended to be a
presentation in conformity with generally accepted accounting principles.
Based on our review, we are not aware of any material modifications that
should be made to the financial statements referred to above for them to be in
conformity with the basis of accounting as described in Note 3.
We have previously audited, in accordance with generally accepted auditing
standards, the statement of assets, liabilities and Trust corpus as of December
31, 1994, and the related statements of cash earnings and distributions and
changes in Trust corpus for the year then ended (not presented herein), and in
our report dated March 3, 1995, we expressed an unqualified opinion on those
financial statements.
KPMG PEAT MARWICK LLP
New Orleans, Louisiana
April 28, 1995
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.
The unaudited data included in the financial statements and notes thereto
in Item 1. are an integral part of this discussion and analysis and should be
read in conjunction herewith. The information contained herein regarding
operations and exploration and development activities on the properties burdened
by the Royalties, and certain other matters, has been furnished by the Working
Interest Owner.
LIQUIDITY AND CAPITAL RESOURCES
As stipulated in the Trust Agreement, the Trust is intended to be passive,
and the Trustee's activities are limited to the receipt of revenues attributable
to the Royalties, which revenues are to be distributed currently (after payment
of or provision for Trust expenses and liabilities) to the owners of the Units.
The Trust has no source of liquidity or capital resources other than the
revenue, if any, attributable to the Royalties.
The conveyances creating the Overriding Royalties permit the Working
Interest Owner, under certain circumstances, to establish escrows for various
matters. The Working Interest Owner has escrowed approximately $2,500,000 from
the Offshore Louisiana Property, 90% of which would otherwise have been
distributable to the Trust, in preparation for anticipated platform
dismantlement costs. The Working Interest Owner has advised the Trustee that
under the terms of the conveyances it is permitted to escrow funds from the Jay
Field and Offshore Louisiana properties at present and that it intends to
continue monitoring its estimates of relevant factors in order to continually
evaluate the necessity of escrowing funds on an ongoing basis. The Working
Interest Owner is under no obligation to give any advance notice to the Trustee
or the Unit holders in the event it determines that additional funds should be
escrowed. If the Working Interest Owner begins to escrow additional funds, the
Royalties paid to the Trust would be reduced, and the reductions could be
significant.
RESULTS OF OPERATIONS
Revenues are generally received in the third month following the month of
production of oil and gas attributable to the Trust's interest. Both revenues
and Trust expenses are recorded on a cash basis. Accordingly, distributions to
Unit holders for the three-month periods ended March 31, 1995 and 1994 (the 1995
and 1994 "First Quarters", respectively) are attributable to the Working
Interest Owner's operations during the periods October through December of 1994
(the "Current Operating Period") and October through December of 1993 (the
"Prior Year's Operating Period"), respectively.
Distributions to Unit holders for the 1995 and 1994 First Quarters amounted
to $1,133,809 ($.05970 per Unit) and $1,997,508 ($.10518 per Unit),
respectively. During these periods, the Trust received cash of $1,308,090 and
$2,207,275, respectively, from the Working Interest Owner with respect to the
Royalties from the Properties.
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The monthly per Unit distributions during the 1995 and 1994 First Quarters
were as follows:
1995 1994
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January............................................... $.01910 $.03226
February.............................................. .03150 .03491
March................................................. .00910 .03801
------- -------
$.05970 $.10518
======= =======
The following unaudited schedules provide summaries of the Working Interest
Owner's calculation of the Net Proceeds from the Properties and the Royalties
paid to the Trust for the First Quarters of 1995 and 1994:
FIRST QUARTER 1995
FORT
SOUTH OFFSHORE WORTH
JAY FIELD PASS 89 LOUISIANA BASIN TOTAL
----------- ----------- ----------- -------- -----------
Revenues:
Liquids..................... $ 5,910,563 $ 2,503,321 $ 491,176 $ 0 $ 8,905,060
Natural gas................. 107,300 1,598,870 649,808 17,963 2,373,941
----------- ----------- ----------- -------- -----------
6,017,863 4,102,191 1,140,984 17,963 11,279,001
Production costs and
expenses.................... (2,691,540) (431,593) (615,822) (24,383) (3,763,338)
Capital expenditures.......... (1,880,393) (2,419,430) (1,118,121) 0 (5,417,944)
----------- ----------- ----------- -------- -----------
Net Proceeds (Excess
Production Costs)........... $ 1,445,930 $ 1,251,168 $ (592,959) $ (6,420) $ 2,097,719
========== ========== ========== ======== ==========
Overriding Royalties paid to
the Trust(1)................ $ 722,965 $ 518,938 $ 0 $ 0 $ 1,241,903
========== ========== ========== ========
Fee Lands Royalties................................................................... 66,187
-----------
Royalties paid to the Trust........................................................... $ 1,308,090
==========
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(1) As a result of excess production costs being incurred in one monthly
operating period and then being recovered in a subsequent monthly operating
period(s), the overriding royalties paid to the Trust may not agree to the
Trust's royalty interest in Net Proceeds. At Offshore Louisiana and Fort
Worth Basin, approximately $2,100,000 and $10,000, respectively, of excess
production costs were recoverable from future revenues as of March 31, 1995.
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FIRST QUARTER 1994
SOUTH OFFSHORE FORT WORTH
JAY FIELD PASS 89 LOUISIANA BASIN TOTAL
----------- ----------- ----------- ---------- ------------
Revenues:
Liquids........................ $ 5,061,518 $ 2,139,056 $ 676,674 $ 34 $ 7,877,282
Natural gas.................... 200,023 2,398,113 710,458 30,489 3,339,083
----------- ----------- ----------- ---------- ------------
5,261,541 4,537,169 1,387,132 30,523 11,216,365
Production costs and expenses.... (2,241,503) (312,622) (609,998) (32,376) (3,196,499)
----------- ----------- ----------- ---------- ------------
Capital expenditures............. (1,321,749) (1,691,411) (2,685,067) 0 (5,698,227)
----------- ----------- ----------- ---------- ------------
Net Proceeds (Excess Production
Costs)......................... $ 1,698,289 $ 2,533,136 $(1,907,933) $ (1,853) $ 2,321,639
========== ========== ========== ======== ===========
Overriding Royalties paid to the
Trust(1)....................... $ 849,145 $ 1,266,567 $ 0 $ 2,864 $ 2,118,576
========== ========== ========== ========
Fee Lands Royalties.................................................................... 88,699
------------
Royalties paid to the Trust............................................................ $ 2,207,275
===========
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(1) As a result of excess production costs being incurred in one monthly
operating period and then being recovered in a subsequent monthly
operating period(s), the Overriding Royalties paid to the Trust may not
agree to the Trust's royalty interest in Net Proceeds. At Offshore
Louisiana and Fort Worth Basin approximately $2,977,000 and $5,000,
respectively, of excess production costs were recoverable from future
revenues as of the March 31, 1994 distribution.
The following unaudited schedule summarizes the Working Interest Owner's
calculation of the Net Proceeds from the Properties and the Royalties paid to
the Trust for the First Quarter of 1995 and 1994:
FIRST QUARTER
---------------------------
1995 1994
----------- -----------
Net Proceeds:
Revenues........................................................ $11,279,001 $11,216,365
Production costs and expenses................................... (3,763,338) (3,196,499)
Capital expenditures............................................ (5,417,944) (5,698,227)
----------- -----------
Net Proceeds.................................................... $ 2,097,719 $ 2,321,639
========== ==========
Royalties paid to the Trust:
Overriding Royalties............................................ $ 1,241,903 $ 2,118,576
Fee Lands Royalties............................................. 66,187 88,699
----------- -----------
Royalties paid to the Trust..................................... $ 1,308,090 $ 2,207,275
========== ==========
Revenues of the Working Interest Owner with respect to the Productive
Properties in the Current Operating Period increased slightly from the Prior
Year's Operating Period primarily due to increased crude
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oil and natural gas liquids prices combined with higher crude oil and natural
gas liquids production at Jay Field and higher natural gas and natural gas
liquids production at South Pass 89 and Offshore Louisiana. This increase was
partially offset by lower natural gas prices. Average crude oil, natural gas
liquids and natural gas prices received by the Working Interest Owner in the
Current Operating Period attributable to the Productive Properties were $16.52,
$11.17 and $1.50, respectively. In the comparable 1994 period average crude oil,
natural gas liquids and natural gas prices were $15.87, $7.22 and $2.42,
respectively.
Production costs and expenses incurred by the Working Interest Owner on the
Productive Properties in the Current Operating Period increased 18% primarily
due to higher workover costs and repair and maintenance charges at Jay Field and
higher operating and repair and maintenance costs at South Pass 89 and Offshore
Louisiana. These increased costs were partially offset by a decrease in workover
costs at South Pass 89 and Offshore Louisiana.
Capital expenditures decreased 5% in the Current Operating Period from the
Prior Year's Operating Period due to a decline in drilling activities at South
Pass 89 and Offshore Louisiana. Higher facilities costs for Jay Field, South
Pass 89 and Offshore Louisiana, higher expenditures for nitrogen injectant at
Jay Field and the allocation of additional costs for the South Pass 86 Platform
partially offset the decrease in drilling costs.
Imputed production attributable to the Trust is calculated by multiplying
the gross production volumes attributable to the Productive Properties by the
ratio of the net overriding royalties paid to the Trust to the gross revenues
attributable to the Productive Properties. Imputed liquids production was 64,617
barrels for the Current Operating Period and 95,060 barrels for the Prior Year's
Operating Period. Imputed natural gas production was 143,723 thousand cubic feet
and 288,038 thousand cubic feet for the respective periods.
As described in more detail in the Trust's Annual Report on Form 10-K for
the year ended December 31, 1994, under Louisiana law, mineral royalties
generally terminate, in the absence of production, after the lapse of ten
consecutive years from the date of conveyance. Consequently, substantially all
of the Trust's royalty interest in the original Fee Lands acreage terminated in
June 1993. The Trust never received any revenues from the tracts as to which the
Fee Lands Royalties terminated and such termination did not affect tracts from
which the Trust is receiving revenues. However, the Trust will not be entitled
to receive any revenues in the future from the tracts as to which the Fee Lands
Royalties terminated. At March 31, 1995, the Fee Lands consisted of
approximately 35,000 gross acres in South Louisiana, approximately 6,500 of
which were under lease.
PART II
OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits -- None.
(b) Reports on Form 8-K -- None.
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SIGNATURE
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE
REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED, THEREUNTO DULY AUTHORIZED.
LL&E ROYALTY TRUST
(Registrant)
By: TEXAS COMMERCE BANK NATIONAL
ASSOCIATION,
Trustee
By: /s/ MICHAEL J. ULRICH
--------------------------------
Michael J. Ulrich
Vice President and
Trust Officer
Date: May 11, 1995
NOTE: Because the registrant is a trust without officers or employees, only the
signature of an officer of the Trustee is available and has been provided.
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