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Article: Cross Timbers Royalty Trust to Receive Suspended Revenues in Lawsuit Settlement
- Article from:
- PR Newswire
- Article date:
- May 14, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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FORT WORTH, Texas, May 14 /PRNewswire/ -- NationsBank of Texas, N.A., Fort Worth, Texas, as Trustee of the Cross Timbers Royalty Trust (NYSE: CRT), today announced that the Trust expects to receive additional royalty income of approximately $460,000 or $.077 per Unit in June 1997. Such royalty income is attributable to revenues suspended by Coastal Oil and Gas Corporation ("Coastal") since the Trust's inception through 1995 and recently paid to Cross Timbers Oil Company ("Cross Timbers Oil") as part of a lawsuit settlement. The lawsuit had been filed by Cross Timbers Oil to recover the suspended revenues related to certain San Juan Basin overriding royalty interests ...