Quarterly ResultMay 13, 2026, 04:18 PM
Gulf Coast Royalty Trust Reports No Q1 2026 Distributable Income
AI Summary
The Gulf Coast Ultra Deep Royalty Trust reported no distributable income for the three months ended March 31, 2026, or the prior year period. This is primarily due to the permanent plugging and abandonment of the sole producing well on the onshore Highlander subject interest in March 2024. While a new well was spudded in January 2025 and reached total depth in February 2026, its future production status remains unknown. The Trust incurred $115,911 in administrative expenses for Q1 2026 and has an outstanding note payable to HOGA of $416,489.
Key Highlights
- No distributable income for the three months ended March 31, 2026, or the prior year period.
- Administrative expenses for Q1 2026 were $115,911, compared to $0 in Q1 2025.
- Outstanding note payable to HOGA was $416,489 as of March 31, 2026.
- The sole producing well on the onshore Highlander subject interest was plugged and abandoned in March 2024.
- A new well was spudded on January 30, 2025, and reached total depth on February 17, 2026, but its production status is unknown.
- Operating cash was $20,619 and reserve fund cash was $1,072,564 as of March 31, 2026.
- Trust corpus was $(547,501) as of March 31, 2026.