Santa Fe Energy Trust Announces Review of Royalty Payments
12 Marzo 2007 - 8:00AM
Business Wire
Santa Fe Energy Trust (NYSE:SFF) announced today that in connection
with a review of properties in which the Trust has an interest in
preparation for a sale of those interests, the Trustee has been
informed by Devon Energy Corporation that Devon believes it may
have overpaid the Trust during 2006 and prior years for net profits
royalties. Although Unitholders would not be required to return any
overpayments they may have received, any such overpayments could,
depending on the facts, reduce future royalty payments, and could
affect the amounts the Trust would realize upon the sale of its net
profit royalties upon the sale of the properties. Devon has
cautioned the Trust that Devon is still in the process of
attempting to determine whether it believes it actually overpaid
the Trust, and if so, by how much. Devon has informed the Trustee
that at this time no reliable estimate of the amount of the
potential overpayments, if any, can be made. Based on this
preliminary information, the Trustee has determined to retain an
independent consulting firm to review Devon's records regarding the
net profits royalties. Because of the number of properties in which
the Trust has an interest, the Trustee anticipates that an
independent review of Devon's records will take a significant
amount of time. As a result, it appears unlikely that the Trust
will be able to file its Annual Report on Form 10-K for the year
ended 2006 on a timely basis. Certain statements contained in this
Form 8-K include statements that are �forward-looking statements,�
including all statements regarding future royalty payments to the
Trust, potential overpayments to the Trust, the possibility that
future payments to the Trust may be reduced, the sale of the
interests held by the Trust, and the actions that Devon, the Trust
or the Trustee may take in the future. You are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of their dates. The Trust undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
Additional information regarding factors that could materially
affect results and the accuracy of the forward-looking statements
contained herein may be found in the Trust�s Annual Report on Form
10-K for the year ended December�31, 2005 and in the Trust�s
Quarterly Report on Form 10-Q for the quarter ended September�30,
2006.
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