MESA OFFSHORE TRUST Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following review of the Trust's financial condition and results of operations should be read in conjunction with the financial statements and notes thereto. Note Regarding Forward-Looking Statements This Form 10-Q includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this Form 10-Q, including without limitation the statements under "Management's Discussion and Analysis of Financial Condition and Results of Operations" are forward-looking statements. Although Pioneer has advised the Trust that it believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from expectations ("Cautionary Statements") are disclosed in this Form 10-Q, including, without limitation, in conjunction with the forward-looking statements included in this Form 10-Q and in the Trust's Form 10-K for the year ended 2008, including under Item 1A. "Risk Factors." All subsequent written and oral forward-looking statements attributable to the Trust or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements. Financial Review The amount of cash distributed by the Trust is dependent on, among other things, the sales prices and quantities of gas, crude oil, condensate and natural gas liquids produced from the Royalty Properties and the quantities sold. Substantial uncertainties exist with regard to future gas and oil prices, which are subject to fluctuations due to the regional supply and demand for natural gas and oil, produ...
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Mesa Offshore Trust Announces Sale of West Delta 61 Property

AUSTIN, Texas--(BUSINESS WIRE)--Mesa Offshore Trust (OTCBB: MOSH - News) announced that final bids were received on November 11, 2009, and the sale of West Delta 61 in a public auction will be made to Emerald Energy, the highest bidder, for a purchase price of $700,000. The Brazos A-39 Lot, including interests owned by the Mesa Offshore Royalty Trust Partnership and assets contributed to the Trust by Pioneer for sale pursuant to a tender letter, did not receive any bids in this public auction. Since this liquidation process did not result in the sale of Pioneer’s interests in Brazos Block A-39, Pioneer is entitled to dispose of such assets in any manner it sees fit, including by way of example and without limitation, withdrawing from participation in and ownership in Brazos Block A-39 pursuant to the terms of the Offshore Operating Agreement governing this property. The Trustee is waiting for Pioneer to determine how it will dispose of the Partnership’s and Pioneer’s interests in this property and the timing for such dispositions, including potentially electing to plug and abandon the property.The Trustee expects to establish a future record date after this West Delta 61 sale and the final sale or abandonment of the interests in the Brazos Block A-39, and the concurrent termination of the Trust in accordance with the Trust indenture. This record date will serve as the ...
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MESA OFFSHORE TRUST Files SEC form 8-K, Results of Operations and Financial Condition, Financial Statements and Exhib

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Mesa Offshore Trust Announces No Trust Income for October 2009

AUSTIN, Texas--(BUSINESS WIRE)--Mesa Offshore Trust (OTCBB:MOSH - News) announced that there will be no Trust income distribution for the month of October 2009 for Unitholders of record on October 31, 2009. The Trust will receive $52,712 in Royalty income from the Working Interest Owner for the month of October 2009. On December 18, 2008, the Working Interest Owner informed the Trustee that there is no longer a deficit balance due for abandonment accrual for amounts expended and for projected future abandonment expenses for the properties in which the Trust has an interest. No Royalty income will be distributed to Unitholders until JPMorgan Chase Bank, N.A., in its capacity as Trustee (the “Trustee”), recoups Trust expenses being paid from the reserve that the Trustee has established for anticipated future expenses. As of October 31, 2009, approximately $5.3 million will be withheld by the Trustee from future Royalty income before Trust distributions to the Unitholders will resume. Trust expenditures for the month of October 2009 will be approximately $58,000. On December 3, 2007, the Trust entered into an Amended and Restated Promissory Note with JPMorgan Chase Bank, N.A. as lender (the “Lender”), which amended the Demand Promissory Note (the “Demand Note”) dated September 28, 2007, relating to demand loans that may be advanced by the Lender from time to time in the ...
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MESA OFFSHORE TRUST Files SEC form 8-K, Other Events, Financial Statements and Exhibits

Item 8.01 Other Events. On October 9, 2009, J.P. Morgan Chase Bank, N.A. (the "Trustee"), on behalf of the Mesa Offshore Trust (the "Trust"), distributed a notice to the unitholders of the Trust of the proposed sale of assets of Mesa Offshore Royalty Partnership (the "Partnership") in accordance with Section 3.02 of the Royalty Trust Indenture, dated December 1, 1982 (the "Trust Indenture"). The Trust Indenture provides that the Trust will liquidate if the total amount of cash per year received by the Trust falls below certain levels for each of three consecutive years. As a result of insufficient production on royalty properties nearing the end of their estimated productive lives, royalty income received by the Trust in 2002, 2003 and 2004 fell below the termination threshold set forth in the Trust Indenture. In accordance with the Trust Indenture and pursuant to the Final Settlement Agreement dated May 18, 2009 (the "Final Settlement Agreement") and the Final Judgment of the 334th Judicial District Court of Harris County, Texas in MOSH Holding, L.P. v. Pioneer Natural Resources Company; Pioneer Natural Resources USA, Inc.; Woodside Energy (USA), Inc.; and JPMorgan Chase Bank, N.A., as Trustee of the Mesa Offshore Trust; Cause No. 2006-01984, dated September 14, 2009 (the "Final Judgment"), the Trustee has instructed Pioneer Natural Resources ("Pioneer"), as Managing General Partner of the Partnership, to sell all of the oil and gas assets of the Partnership. These assets include the Partnership's current interests in West Delta Block 61 and Brazos Block A-39. In addition to the oil and gas assets currently owned by the Partnership, Pioneer will include as part of the sale all of its interest in Brazos Block A-39. Pursuant to the terms of the Final Settlement Agreement, Pioneer has agreed that the net proceeds from the sale of these assets by Pioneer concurrent with the sale by the Partnership will also be pa...
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Mesa Offshore Trust Announces No Trust Income for September 2009

AUSTIN, Texas--(BUSINESS WIRE)--Mesa Offshore Trust (OTCBB:MOSH - News) announced that there will be no Trust income distribution for the month of September 2009 for Unitholders of record on September 30, 2009. The Trust will receive $42,646 in Royalty income from the Working Interest Owner for the month of September 2009. On December 18, 2008, the Working Interest Owner informed the Trustee that there is no longer a deficit balance due for abandonment accrual for amounts expended and for projected future abandonment expenses for the properties in which the Trust has an interest. No Royalty income will be distributed to Unitholders until JPMorgan Chase Bank, N.A., in its capacity as Trustee (the “Trustee”), recoups Trust expenses being paid from the reserve that the Trustee has established for anticipated future expenses. As of September 30, 2009, approximately $5.3 million will be withheld by the Trustee from future Royalty income before Trust distributions to the Unitholders will resume. Trust expenditures for the month of September 2009 will be approximately $41,000. On December 3, 2007, the Trust entered into an Amended and Restated Promissory Note with JPMorgan Chase Bank, N.A. as lender (the “Lender”), which amended the Demand Promissory Note (the “Demand Note”) dated September 28, 2007, relating to demand loans that may be advanced by the Lender from time to ti...
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MESA OFFSHORE TRUST Files SEC form 8-K, Results of Operations and Financial Condition, Financial Statements and Exhib

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MESA OFFSHORE TRUST Files SEC form 8-K, Other Events, Financial Statements and Exhibits

Show all filings for MESA OFFSHORE TRUST | Request a Trial to NEW EDGAR Online Pro Form 8-K for MESA OFFSHORE TRUST 18-Sep-2009Other Events, Financial Statements and Exhibits Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational ...
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Mesa Offshore Trust Announces No Trust Income for August 2009

AUSTIN, Texas--(BUSINESS WIRE)--Mesa Offshore Trust (OTCBB:MOSH - News) announced that there will be no Trust income distribution for the month of August 2009 for Unitholders of record on August 31, 2009. The Trust will receive $36,210 in Royalty income from the Working Interest Owner for the month of August 2009. On December 18, 2008, the Working Interest Owner informed the Trustee that there is no longer a deficit balance due for abandonment accrual for amounts expended and for projected future abandonment expenses for the properties in which the Trust has an interest. No Royalty income will be distributed to Unitholders until JPMorgan Chase Bank, N.A., in its capacity as Trustee (the “Trustee”), recoups Trust expenses being paid from the reserve that the Trustee has established for anticipated future expenses. As of August 31, 2009, approximately $5.3 million will be withheld by the Trustee from future Royalty income before Trust distributions to the Unitholders will resume. Trust expenditures for the month of August 2009 will be approximately $37,000. On December 3, 2007, the Trust entered into an Amended and Restated Promissory Note with JPMorgan Chase Bank, N.A. as lender (the “Lender”), which amended the Demand Promissory Note (the “Demand Note”) dated September 28, 2007, relating to demand loans that may be advanced by the Lender from time to time in the princ...
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MESA OFFSHORE TRUST Files SEC form 8-K, Results of Operations and Financial Condition, Financial Statements and Exhib

Show all filings for MESA OFFSHORE TRUST | Request a Trial to NEW EDGAR Online Pro Form 8-K for MESA OFFSHORE TRUST 31-Aug-2009Results of Operations and Financial Condition, Financial Statements and Exhib Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provid...
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