TEXAS PACIFIC LAND TRUST (NYSE:TPL) Files An 8-K Completion of Acquisition or Disposition of Assets
Completion of Acquisition or Disposition of Assets.
On January 7, 2019, Texas Pacific Land Trust (the “Trust”) consummated the previously announced sale of approximately 14,000 surface acres of land in Loving and Reeves Counties, Texas to WPX Energy Permian, LLC for an aggregate price of $100,000,000 (the “Sale”). The Sale excludes any mineral or royalty interest in the lands to be conveyed and the Trust reserved certain usage, disposal and water rights in approximately 1,280 acres of the lands conveyed.
The Trust intends to use the proceeds from the Sale to acquire like kind properties.
About TEXAS PACIFIC LAND TRUST (NYSE:TPL)
Texas Pacific Land Trust (the Trust) is engaged in managing land, including royalty interests, for the benefit of its owners. The Trust operates through managing the land segment, including sales and leases of such land, and the retention of oil and gas royalties. It holds title to tracts of land in various West Texas counties. The Trust’s income is derived primarily from land sales, oil and gas royalties, easements, grazing and sundry leases, interest on notes receivable and interest on investments. It is a passive seller of land and do not actively solicit sales of land. The Trust owns the surface estate in approximately 888,324 acres of land, consisting of various separate tracts, located in over 18 counties in the western part of Texas. It also owns a 1/128 nonparticipating perpetual oil and gas royalty interest under approximately 85,414 acres of land and a 1/16 nonparticipating perpetual oil and gas royalty interest under over 373,647 acres of land in the western part of Texas.