MV Oil Trust Announces No Third Quarter Distribution
06 Octubre 2008 - 3:27PM
Business Wire
MV Oil Trust (NYSE Symbol � MVO) announces that the Trust will not
be making a distribution of net profits for the third quarterly
payment period ended September 30, 2008. As previously reported,
Eaglwing, L.P. purchased substantially all of the crude oil
production of the underlying properties, subject to the net profits
interest held by MV Oil Trust, for the month of June 2008 and for
the first 18 days of July 2008. Eaglwing subsequently filed a
voluntary petition for reorganization under the U.S. bankruptcy
code and still has not paid the purchase price for such purchases.
Because of Eaglwing�s bankruptcy, there are not sufficient net
proceeds for MV Oil Trust to make a payment for the scheduled
quarterly distribution in October 2008. The bankruptcy has also
delayed the normal flow of accounting information from Eaglwing.
The volumes, the prices, the deficit for the quarter and other
details regarding the underlying properties are currently being
accumulated and will be set forth in the Trust�s report on Form
10-Q for the quarterly period ended September 30, 2008. Effective
July 1, 2008, the name of The Bank of New York Trust Company, N.A.
was changed to The Bank of New York Mellon Trust Company, N.A.
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