SBR » Topics » Results of Operations

These excerpts taken from the SBR 10-K filed Mar 2, 2009.
Results of Operations
 
Distributable income consists of royalty income plus interest income plus any decrease in cash reserves established by the Trustee less general and administrative expenses of the Trust less any increase in cash reserves established by the Trustee. The Trust’s royalty income represents payments received during a particular time period for oil and gas production from the Trust’s properties. Because of various factors which influence the timing of the Trust’s receipt of payments, royalty income for any particular time period will usually include payments for oil and gas produced in prior periods. The price and volume figures that follow represent the volumes and prices for which the Trust received payment during 2007 and 2008.
 
Net royalty income during 2008 increased approximately $31,976,000, or 54.3 percent, compared to 2007 net royalty income, which had decreased approximately $2,698,000, or 4.4 percent, from 2006 net royalty income.
 
Revenues generated by sales of oil and gas increased in 2008 from 2007 as a result of higher gas and oil prices and increased gas volumes. Oil volumes were essentially flat between 2008 and 2007, down less than one percent.
 
Gas volumes increased from 6,004,149 thousand cubic feet (“Mcf”) in 2007 to 6,372,568 Mcf in 2008 after increasing from 5,501,450 Mcf in 2006. The average price per Mcf of gas received by the Trust increased from $6.34 in 2007 to $8.45 in 2008 after decreasing from $7.19 per Mcf in 2006. The Trustee believes that normal market forces and international instability aided in the rebound of prices late in 2007 following a period of lower prices earlier in 2007 due largely to an absence of hurricane activity in the Gulf of Mexico in 2007. Due to tighter storage levels and higher oil prices in the first part of 2008, gas prices increased to record levels of over $12 per Mcf. Gas prices began to decline in the fall of 2008 due to concerns of oversupply and falling demand because of the deepening recession.
 
Oil volumes sold decreased to 465,310 barrels in 2008 from 469,083 barrels in 2007, having decreased from 503,048 barrels in 2006. The effect of this volume decrease was offset by an increase in the average price per barrel received by the Trust to $97.32 in 2008 from $58.35 in 2007, which was an increase from $54.71 in 2006. The Trustee believes that the international instability all year coupled with increasing global demand, and supply shortage concerns along with inadequate sour crude refining capacity led to the increase in the price of oil. At times in 2008 oil prices soared to above $147 per barrel. By the fall of 2008, oil prices began to fall sharply as concerns about the recession and tighter credit markets caused demand to decline significantly.
 
Interest income decreased to $294,000 in 2008 from $347,000 in 2007, which decreased from $350,000 in 2006. Changes in interest income are the result of changes in interest rates and funds available for investment. General and administrative expenses decreased to $2,171,000 in 2008 from $2,198,000 in 2007 due mainly to decreases in Unit holder information services, printing fees, professional services and escrow agent/trustee fees of approximately $85,000, $15,000, $6,000 and $4,000, respectively. These


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decreases were offset somewhat by increases in legal services, transfer agent fees, tax reporting services and audit fees of $61,000, $10,000, $8,000 and $2,000, respectively. General and administrative expenses increased to $2,198,000 in 2007 compared to $2,127,000 in 2006 due mainly to increases in the escrow agent/trustee fees, printing fees, and Unit holder information services of approximately $63,000, $24,000, and $43,000, respectively. These increases were tempered by decreases in legal services, and the timing of audit fees of approximately $29,000 and $20,000, respectively.
 
In October 2006, the Trust received refunds from the States of Oklahoma and New Mexico in the amounts of $719,701 and $266,543, respectively. In December 2007, the Trust received a refund of $255,426 from the State of New Mexico. In August 2008, the Trust received a refund from the State of New Mexico in the amount of $163,260. These refunds represented taxes that were withheld from the proceeds of production from the Royalty Properties and remitted to the States of Oklahoma and New Mexico by purchasers. Income taxes are not payable by the Trust, but are the responsibility of the individual Unit holders. Therefore the States of Oklahoma and New Mexico refunded the withheld taxes, and the refunds were included as royalty income in the Trust’s October 2006, December 2007, and September 2008 distributions.
 
The Trust received a cash settlement of approximately $595,000 in October 2006. This settlement resulted from two separate class action civil actions filed in the Second District Court in Washita County, Oklahoma in 1997 and subsequently consolidated in 1999. The lawsuits alleged that El Paso Natural Gas Company and Burlington Resources Oil and Gas Company failed to pay or significantly underpaid royalties for various reasons including, but not limited to, failure to pay for certain periods, underreporting natural gas volumes, using artificial “pool” or “index” prices, and improper and undisclosed deductions on certain wells in various counties in Oklahoma. The settlement was included in the Trust’s October 2006 distribution.
 
Results
of Operations



 



Distributable income consists of royalty income plus interest
income plus any decrease in cash reserves established by the
Trustee less general and administrative expenses of the Trust
less any increase in cash reserves established by the Trustee.
The Trust’s royalty income represents payments received
during a particular time period for oil and gas production from
the Trust’s properties. Because of various factors which
influence the timing of the Trust’s receipt of payments,
royalty income for any particular time period will usually
include payments for oil and gas produced in prior periods. The
price and volume figures that follow represent the volumes and
prices for which the Trust received payment during 2007 and 2008.


 



Net royalty income during 2008 increased approximately
$31,976,000, or 54.3 percent, compared to 2007 net royalty
income, which had decreased approximately $2,698,000, or
4.4 percent, from 2006 net royalty income.


 



Revenues generated by sales of oil and gas increased in 2008
from 2007 as a result of higher gas and oil prices and increased
gas volumes. Oil volumes were essentially flat between 2008 and
2007, down less than one percent.


 



Gas volumes increased from 6,004,149 thousand cubic feet
(“Mcf”) in 2007 to 6,372,568 Mcf in 2008 after
increasing from 5,501,450 Mcf in 2006. The average price
per Mcf of gas received by the Trust increased from $6.34 in
2007 to $8.45 in 2008 after decreasing from $7.19 per Mcf in
2006. The Trustee believes that normal market forces and
international instability aided in the rebound of prices late in
2007 following a period of lower prices earlier in 2007 due
largely to an absence of hurricane activity in the Gulf of
Mexico in 2007. Due to tighter storage levels and higher oil
prices in the first part of 2008, gas prices increased to record
levels of over $12 per Mcf. Gas prices began to decline in the
fall of 2008 due to concerns of oversupply and falling demand
because of the deepening recession.


 



Oil volumes sold decreased to 465,310 barrels in 2008 from
469,083 barrels in 2007, having decreased from
503,048 barrels in 2006. The effect of this volume decrease
was offset by an increase in the average price per barrel
received by the Trust to $97.32 in 2008 from $58.35 in 2007,
which was an increase from $54.71 in 2006. The Trustee believes
that the international instability all year coupled with
increasing global demand, and supply shortage concerns along
with inadequate sour crude refining capacity led to the increase
in the price of oil. At times in 2008 oil prices soared to
above $147 per barrel. By the fall of 2008, oil prices began to
fall sharply as concerns about the recession and tighter credit
markets caused demand to decline significantly.


 



Interest income decreased to $294,000 in 2008 from $347,000 in
2007, which decreased from $350,000 in 2006. Changes in interest
income are the result of changes in interest rates and funds
available for investment. General and administrative expenses
decreased to $2,171,000 in 2008 from $2,198,000 in 2007 due
mainly to decreases in Unit holder information services,
printing fees, professional services and escrow agent/trustee
fees of approximately $85,000, $15,000, $6,000 and $4,000,
respectively. These





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decreases were offset somewhat by increases in legal services,
transfer agent fees, tax reporting services and audit fees of
$61,000, $10,000, $8,000 and $2,000, respectively. General and
administrative expenses increased to $2,198,000 in 2007 compared
to $2,127,000 in 2006 due mainly to increases in the escrow
agent/trustee fees, printing fees, and Unit holder information
services of approximately $63,000, $24,000, and $43,000,
respectively. These increases were tempered by decreases in
legal services, and the timing of audit fees of approximately
$29,000 and $20,000, respectively.


 



In October 2006, the Trust received refunds from the States of
Oklahoma and New Mexico in the amounts of $719,701 and $266,543,
respectively. In December 2007, the Trust received a refund of
$255,426 from the State of New Mexico. In August 2008, the Trust
received a refund from the State of New Mexico in the amount of
$163,260. These refunds represented taxes that were withheld
from the proceeds of production from the Royalty Properties and
remitted to the States of Oklahoma and New Mexico by purchasers.
Income taxes are not payable by the Trust, but are the
responsibility of the individual Unit holders. Therefore the
States of Oklahoma and New Mexico refunded the withheld taxes,
and the refunds were included as royalty income in the
Trust’s October 2006, December 2007, and
September 2008 distributions.


 



The Trust received a cash settlement of approximately $595,000
in October 2006. This settlement resulted from two separate
class action civil actions filed in the Second District Court in
Washita County, Oklahoma in 1997 and subsequently consolidated
in 1999. The lawsuits alleged that El Paso Natural Gas Company
and Burlington Resources Oil and Gas Company failed to pay or
significantly underpaid royalties for various reasons including,
but not limited to, failure to pay for certain periods,
underreporting natural gas volumes, using artificial
“pool” or “index” prices, and improper and
undisclosed deductions on certain wells in various counties in
Oklahoma. The settlement was included in the Trust’s
October 2006 distribution.


 




These excerpts taken from the SBR 10-K filed Mar 13, 2008.
Results of Operations
 
Distributable income consists of royalty income plus interest income plus any decrease in cash reserves established by the Trustee less general and administrative expenses of the Trust less any increase in cash reserves established by the Trustee. The Trust’s royalty income represents payments received during a particular time period for oil and gas production from the Trust’s properties. Because of various factors which influence the timing of the Trust’s receipt of payments, royalty income for any particular time period will usually include payments for oil and gas produced in prior periods. The price and volume figures that follow represent the volumes and prices for which the Trust received payment during 2006 and 2007.
 
Net royalty income during 2007 decreased approximately $2,698,000, or 4.4 percent, compared to 2006 net royalty income, which had increased approximately $7,013,000, or 12.8 percent, from 2005 net royalty income.
 
Revenues generated by sales of oil and gas decreased in 2007 from 2006 as a result of lower gas prices along with decreased oil volumes. These decreases were tempered by an increase in oil prices and higher gas volumes.
 
Gas volumes increased from 5,501,450 thousand cubic feet (“Mcf”) in 2006 to 6,004,149 Mcf in 2007 after increasing from 5,259,019 Mcf in 2005. The average price per Mcf of gas received by the Trust decreased from $7.19 per Mcf in 2006 to $6.34 per Mcf in 2007, after increasing from $6.84 per Mcf in 2005. The Trustee believes that normal market forces, international instability, and the effect of the Gulf of Mexico storms in the fall of 2005 on prices in the first quarter of 2006 caused the increase in gas prices for 2006. The Trustee believes that normal market forces, international instability, absence of tropical storms in both 2006 and 2007 along with increased inventory levels due to warmer-than-normal weather resulted in the lower gas prices for 2007.
 
Oil volumes sold decreased to 469,083 barrels in 2007 from 503,048 barrels in 2006, having decreased from 603,616 barrels in 2005. The effect of this volume decrease was offset by an increase in the average price per barrel received by the Trust to $58.35 in 2007 from $54.71 in 2006, which was an increase from $40.47 in 2005. International instability along with warmer-than-normal weather in the summer of 2006 were the factors for the increase in oil prices for 2006. Warmer-than-normal weather in 2007, along with an uncertain economy and continued international unrest caused the increase in oil prices for 2007.
 
Interest income decreased to $347,000 in 2007 from $350,000 in 2006, which increased from $175,000 in 2005. Changes in interest income are the result of changes in interest rates and funds available for investment. General and administrative expenses increased to $2,198,000 in 2007 from $2,127,000 in 2006 due mainly to increases in the escrow agent/trustee fees, printing fees, and unitholder information services of approximately $63,000, $24,000, and $43,000, respectively. These increases were offset somewhat by decreases in legal services, and the timing of audit fees of approximately $29,000 and $20,000, respectively.


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Table of Contents

General and administrative expenses increased to $2,127,000 in 2006 compared to $2,090,000 in 2005 due mainly to increases in the escrow agent/trustee fees, engineering fees, and unitholder information services of approximately $80,000, $54,000, and $27,000, respectively. These increases were offset somewhat by decreases in miscellaneous expenses related to financial statement upgrades, and professional services related to Sarbanes-Oxley Section 404 compliance of approximately $38,000 and $54,000, respectively.
 
In October 2006, the Trust received refunds from the States of Oklahoma and New Mexico in the amounts of $719,701 and $266,543, respectively. In December 2007, the Trust received a refund of $255,426 from the State of New Mexico. These refunds represented taxes that were withheld from the proceeds of production from the Royalty Properties and remitted to the States of Oklahoma and New Mexico by purchasers. Income taxes are not payable by the Trust, but are the responsibility of the individual Unit holders. Therefore the States of Oklahoma and New Mexico refunded the withheld taxes, and the refunds were included as royalty income in the Trust’s October 2006 and December 2007 distributions.
 
The Trust received a cash settlement of approximately $595,000 in October 2006. This settlement resulted from two separate class action civil actions filed in the Second District Court in Washita County, Oklahoma in 1997 and subsequently consolidated in 1999. The lawsuits alleged that El Paso Natural Gas Company and Burlington Resources Oil and Gas Company failed to pay or significantly underpaid royalties for various reasons including, but not limited to, failure to pay for certain periods, underreporting natural gas volumes, using artificial “pool” or “index” prices, and improper and undisclosed deductions on certain wells in various counties in Oklahoma. The settlement was included in the Trust’s October 2006 distribution.
 
Results
of Operations



 



Distributable income consists of royalty income plus interest
income plus any decrease in cash reserves established by the
Trustee less general and administrative expenses of the Trust
less any increase in cash reserves established by the Trustee.
The Trust’s royalty income represents payments received
during a particular time period for oil and gas production from
the Trust’s properties. Because of various factors which
influence the timing of the Trust’s receipt of payments,
royalty income for any particular time period will usually
include payments for oil and gas produced in prior periods. The
price and volume figures that follow represent the volumes and
prices for which the Trust received payment during 2006 and 2007.


 



Net royalty income during 2007 decreased approximately
$2,698,000, or 4.4 percent, compared to 2006 net royalty
income, which had increased approximately $7,013,000, or
12.8 percent, from 2005 net royalty income.


 



Revenues generated by sales of oil and gas decreased in 2007
from 2006 as a result of lower gas prices along with
decreased oil volumes. These decreases were tempered by an
increase in oil prices and higher gas volumes.


 



Gas volumes increased from 5,501,450 thousand cubic feet
(“Mcf”) in 2006 to 6,004,149 Mcf in 2007 after
increasing from 5,259,019 Mcf in 2005. The average price per Mcf
of gas received by the Trust decreased from $7.19 per Mcf in
2006 to $6.34 per Mcf in 2007, after increasing from $6.84 per
Mcf in 2005. The Trustee believes that normal market forces,
international instability, and the effect of the Gulf of Mexico
storms in the fall of 2005 on prices in the first quarter of
2006 caused the increase in gas prices for 2006. The Trustee
believes that normal market forces, international instability,
absence of tropical storms in both 2006 and 2007 along with
increased inventory levels due to
warmer-than-normal
weather resulted in the lower gas prices for 2007.


 



Oil volumes sold decreased to 469,083 barrels in 2007 from
503,048 barrels in 2006, having decreased from
603,616 barrels in 2005. The effect of this volume decrease
was offset by an increase in the average price per barrel
received by the Trust to $58.35 in 2007 from $54.71
in 2006, which was an increase from $40.47 in 2005.
International instability along with
warmer-than-normal
weather in the summer of 2006 were the factors for the increase
in oil prices for 2006.
Warmer-than-normal
weather in 2007, along with an uncertain economy and continued
international unrest caused the increase in oil prices for 2007.


 



Interest income decreased to $347,000 in 2007 from $350,000 in
2006, which increased from $175,000 in 2005. Changes in interest
income are the result of changes in interest rates and funds
available for investment. General and administrative expenses
increased to $2,198,000 in 2007 from $2,127,000 in 2006 due
mainly to increases in the escrow agent/trustee fees, printing
fees, and unitholder information services of approximately
$63,000, $24,000, and $43,000, respectively. These increases
were offset somewhat by decreases in legal services, and the
timing of audit fees of approximately $29,000 and $20,000,
respectively.





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Table of Contents






General and administrative expenses increased to $2,127,000 in
2006 compared to $2,090,000 in 2005 due mainly to increases in
the escrow agent/trustee fees, engineering fees, and unitholder
information services of approximately $80,000, $54,000, and
$27,000, respectively. These increases were offset somewhat by
decreases in miscellaneous expenses related to financial
statement upgrades, and professional services related to
Sarbanes-Oxley
Section 404 compliance of approximately $38,000 and $54,000,
respectively.


 



In October 2006, the Trust received refunds from the States of
Oklahoma and New Mexico in the amounts of $719,701 and $266,543,
respectively. In December 2007, the Trust received a refund of
$255,426 from the State of New Mexico. These refunds represented
taxes that were withheld from the proceeds of production from
the Royalty Properties and remitted to the States of Oklahoma
and New Mexico by purchasers. Income taxes are not payable by
the Trust, but are the responsibility of the individual Unit
holders. Therefore the States of Oklahoma and New Mexico
refunded the withheld taxes, and the refunds were included as
royalty income in the Trust’s October 2006 and December
2007 distributions.


 



The Trust received a cash settlement of approximately $595,000
in October 2006. This settlement resulted from two separate
class action civil actions filed in the Second District Court in
Washita County, Oklahoma in 1997 and subsequently consolidated
in 1999. The lawsuits alleged that El Paso Natural Gas Company
and Burlington Resources Oil and Gas Company failed to pay or
significantly underpaid royalties for various reasons including,
but not limited to, failure to pay for certain periods,
underreporting natural gas volumes, using artificial
“pool” or “index” prices, and improper and
undisclosed deductions on certain wells in various counties in
Oklahoma. The settlement was included in the Trust’s
October 2006 distribution.


 




This excerpt taken from the SBR 10-K filed Mar 13, 2007.
Results of Operations
 
Distributable income consists of royalty income plus interest income plus any decrease in cash reserves established by the Trustee less general and administrative expenses of the Trust less any increase in cash reserves established by the Trustee. The Trust’s royalty income represents payments received during a particular time period for oil and gas production from the Trust’s properties. Because of various factors which influence the timing of the Trust’s receipt of payments, royalty income for any particular time period will usually include payments for oil and gas produced in prior periods. The price and volume figures that follow represent the volumes and prices for which the Trust received payment during 2005 and 2006.
 
Net royalty income during 2006 increased approximately $7,013,000, or 12.8 percent, compared to 2005 net royalty income, which had increased approximately $12,256,000, or 28.9 percent, from 2004 net royalty income.
 
Revenues generated by sales of oil and gas increased in 2006 from 2005 as a result of higher gas and oil prices along with increased gas volumes. These increases were tempered by a decrease in oil volumes. Gas volumes increased from 5,255,624 thousand cubic feet (“Mcf”) in 2005 to 5,501,450 Mcf in 2006 after decreasing from 6,029,402 Mcf in 2004. The average price per Mcf of gas received by the Trust increased from $6.84 per Mcf in 2005 to $7.19 per Mcf in 2006, after increasing from $4.80 per Mcf in 2004. The Trustee believes that normal market forces, international instability, the tropical storms in late August and early September 2005 increased natural gas prices for 2005. Increased inventory levels due to warmer-than-normal weather along with an absence of tropical storms in 2006 resulted in the lower gas prices for 2006.
 
Oil volumes sold decreased to 503,048 barrels in 2006 from 603,616 barrels in 2005, having increased from 525,862 barrels in 2004. The effect of this volume decrease was offset by an increase in the average price per barrel received by the Trust to $54.71 in 2006 from $40.47 in 2005, which was an increase from $33.78 in 2004. International instability along with tropical storms in late August and early September 2005 were the factors for the increase in price for 2005; warmer-than-normal weather in 2006, both in the colder and warmer months helped to cause the increase in price for 2006.
 
Interest income increased to $350,000 in 2006 from $175,000 in 2005, which increased from $51,000 in 2004. Changes in interest income are the result of changes in interest rates and funds available for investment. General and administrative expenses increased to $2,127,000 in 2006 from $2,090,000 in 2005 due mainly to increases in the escrow agent/trustee fees, engineering fees, and unitholder information services of approximately $80,000, $54,000, and $27,000, respectively. These increases were offset somewhat by decreases in miscellaneous expenses related to financial statement upgrades, and professional services related to Sarbanes-Oxley Section 404 compliance of about $38,000 and $54,000, respectively. General and administrative expenses increased to $2,090,000 in 2005 compared to $1,802,000 in 2004 due primarily to


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increases in professional fees for Sarbanes-Oxley compliance, increased tax reporting to unitholders, and costs to upgrade the financial reporting of approximately $67,000, $56,000, and $37,000, respectively. Other increases included an increase in the trustee/escrow agent fees, legal fees, auditing expenses and printing fees of $23,000, $24,000, $13,000, and $27,000, respectively.
 
In September 2004, the Trust received a refund from the State of Oklahoma in the amount of $510,271. This refund represented taxes that were withheld from the proceeds of production from the Royalty Properties and remitted to the State of Oklahoma by purchasers. In October 2006, the Trust received refunds from the States of Oklahoma and New Mexico in the amounts of $719,701 and $266,543, respectively. These refunds represented taxes that were withheld from the proceeds of production from the Royalty Properties and remitted to the States of Oklahoma and New Mexico by purchasers. Income taxes are not payable by the Trust, but are the responsibility of the individual Unit holders. Therefore the States of Oklahoma and New Mexico refunded the withheld taxes, and the refunds were included as royalty income in the Trust’s October 2004 and October 2006 distributions.
 
The Trust received a cash settlement of approximately $595,000 in October 2006. This settlement resulted from two separate class action civil actions filed in the Second District Court in Washita County, Oklahoma in 1997 and subsequently consolidated in 1999. The lawsuits alleged that El Paso Natural Gas Company and Burlington Resources Oil and Gas Company failed to pay or significantly underpaid royalties for various reasons including, but not limited to, failure to pay for certain periods, underreporting natural gas volumes, using artificial “pool” or “index” prices, and improper and undisclosed deductions on certain wells in various counties in Oklahoma. The settlement was included in the Trust’s October 2006 distribution.
 
This excerpt taken from the SBR 10-K filed Mar 16, 2005.
Results of Operations

      Distributable income consists of royalty income plus interest income plus any decrease in cash reserves established by the Trustee less general and administrative expenses of the Trust less any increase in cash reserves established by the Trustee. The Trust’s royalty income represents payments received during a particular time period for oil and gas production from the Trust’s properties. Because of various factors which influence the timing of the Trust’s receipt of payments, royalty income for any particular time period will usually include payments for oil and gas produced in prior periods. The price and volume figures that follow represent the volumes and prices for which the Trust received payment during 2003 and 2004.

      Net royalty income during 2004 increased approximately $3,577,000, or 9.2 percent, compared to 2003 net royalty income, which had increased approximately $10,627,000, or 37.8 percent, from 2002 net royalty income.

      Revenues generated by sales of oil and gas increased in 2004 from 2003 as a result of higher gas and oil prices. These increases were tempered by a decreases in both natural gas and oil volumes. Gas volumes decreased from 6,532,013 thousand cubic feet (“Mcf”) in 2003 to 6,029,402 Mcf in 2004 after decreasing from 6,691,473 Mcf in 2002. The average price per Mcf of gas received by the Trust increased from $4.39 per Mcf in 2003 to $4.80 per Mcf in 2004, after increasing from $2.70 per Mcf in 2002. The Trustee believes that normal market forces, international instability, and the cooler weather in late fall and early winter resulted in the higher gas prices.

      Oil volumes sold decreased to 525,862 barrels in 2004 from 557,087 barrels in 2003, having decreased from 573,354 barrels in 2002. The effect of this volume decrease was offset by an increase in the average price per barrel received by the Trust to $33.78 in 2004 from $26.17 in 2003, which was an increase from $21.82 in 2002. International instability and demand along with cooler weather in the late fall and early winter led to the increase in price for 2004.

      Interest income increased to $51,000 in 2004 from $47,000 in 2003, which increased from $43,000 in 2002. Changes in interest income are the result of changes in interest rates and funds available for investment. General and administrative expenses increased to $1,802,000 in 2004 compared to $1,749,000 in 2003 due primarily to increases in professional fees for Sarbanes-Oxley compliance of approximately $91,000. This increase in professional fees was offset somewhat by decreases in fees related to Unit holder information services and tax reporting services of approximately $24,000 and $15,000, respectively. General and administrative expenses increased to $1,749,000 in 2003 compared to $1,638,000 in 2002 due to increases in professional fees and auditing fees of approximately $73,000 and $20,000, respectively.

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