TEL OFFSHORE TRUST (OTCMKTS:TELOZ) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a RegistrantItem 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On March 31, 2017, the TEL Offshore Trust (the “Trust”) received an unsecured advance from The Bank of New York Mellon Trust Company, N.A. in the amount of $184,751.55. Such advance is an extension of credit authorized to the terms of the TEL Offshore Trust Agreement dated as of January 1, 1983 and will be used by the Trust for the payment of its liabilities and expenses.
About TEL OFFSHORE TRUST (OTCMKTS:TELOZ)
TEL Offshore Trust (the Trust) owns approximately 99.99% interest in the TEL Offshore Trust Partnership (Partnership). Chevron U.S.A., Inc. (Chevron) owns the remaining .01% interest in the Partnership. The Trust’s primary source of liquidity and capital is the royalty income received from its share of the net proceeds from the royalty properties. The Trust’s reserve report notes that there were approximately five productive royalty properties, which consist of Ship Shoal 182/183, South Timbalier 36, South Timbalier 37, Eugene Island 339 and Eugene Island 342. TEL OFFSHORE TRUST (OTCMKTS:TELOZ) Recent Trading Information
TEL OFFSHORE TRUST (OTCMKTS:TELOZ) closed its last trading session up +0.006 at 0.147 with 5,002 shares trading hands.