Resources Black Warrior Trust Announces 1st Quarter Cash Distribution
DALLAS, TEXAS, February 19, 2009 -- Dominion Resources Black Warrior Trust (NYSE: DOM) today announced a quarterly cash distribution to the holders of its units of beneficial interest of $0.578705 per unit. The distribution will be payable March 11, 2009 to unitholders of record on March 2, 2009, according to the Trustee, U.S. Trust.
This distribution represents the quarterly royalty payment from HighMount Black Warrior Basin, LLC (“HBWB”) reflecting production from October 1, 2008 to December 31, 2008. HBWB reported that production attributable to the Trust's overriding royalty interests was approximately 718 million cubic feet (“MMcf”) during this period compared to 748 MMcf in the previous quarter. Prices for this quarter to the trust averaged $7.07 per mcf compared to $10.36 per mcf for the previous quarter.
The Trust owns overriding royalty interests burdening certain proved developed coal seam gas properties owned by HBWB and located in the Black Warrior Basin of Alabama. The Trust is a grantor trust originally formed by Dominion Resources, Inc. In 2007, the underlying properties were acquired by HBWB, an indirect subsidiary of Loews Corporation. The Trust is designed to provide unitholders with quarterly cash distributions from its royalty interests in certain coal seam gas properties. The units are listed on The New York Stock Exchange under the symbol "DOM".
The 2008 tax information packets are expected to begin mailing directly to unitholders in early, and through, mid-March. A copy of the 2008 Tax Information booklet will be posted on the Trust website by March 1st.
For more information on Dominion Resources Black Warrior Trust, including current financial reports, please visit our website at http://www.dom-dominionblackwarriortrust.com/.