Business Services Industry
Cross Timbers Oil Forms Third Royalty Trust, Will Sell Units to Public.
Knight Ridder/Tribune Business News, August, 1999 by Piller, Dan
Knight Ridder/Tribune Business News
Aug. 25 -- FORT WORTH, Texas -- Cross Timbers Oil Co. said yesterday that it has formed its third royalty trust, made up primarily of oil reserves in the Permian Basin of West Texas, from which units will be sold to the public in October.
Proceeds will be used to reduce bank debt. A royalty trust makes payments to investors based on specific yields from individual energy properties, rather than market values or stock dividends.
The newly formed Texas Permian Basin Royalty Trust will sell 10 million of its 25 million units to the general public on the New York Stock Exchange. About 70 percent of the value of the assets is in crude oil production.
Cross Timbers Vice President Louis Baldwin said...
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