Profile: BP Prudhoe Bay Royalty Trust (BPT)
31 Aug 2016
BP Prudhoe Bay Royalty Trust, incorporated on February 21, 1989, is a grantor trust. The property of the Trust consists of an overriding royalty interest (the Royalty Interest), and cash and cash equivalents held by the Trustee from time to time. The Royalty Interest entitles the Trust to a royalty on approximately 16.42% of the lesser of first approximately 90,000 barrels of the average actual daily net production of crude oil and condensate per quarter from the working interest of BP Alaska, in the Prudhoe Bay oil field located on the North Slope in Alaska or the average actual daily net production of crude oil and condensate per quarter from that working interest. The Prudhoe Bay field is one of four contiguous North Slope oil fields that are operated by BP Alaska and are known collectively as the Prudhoe Bay Unit.
The Royalty Interest is a non-operational interest in minerals. The Prudhoe Bay field is located on the North Slope of Alaska, approximately 250 miles north of the Arctic Circle and over 650 miles north of Anchorage. The Prudhoe Bay field extends approximately 12 miles by 27 miles and contains over 150,000 gross productive acres. Approximately 45% of the acreage within the field is subject to the Royalty Interest granted to the Trust by the Conveyance. The principal hydrocarbon accumulations at Prudhoe Bay are in the Ivishak sandstone of the Sadlerochit Group at a depth of 8,700 feet below sea level. The Ivishak is overlain by approximately four minor reservoirs of varying extent, which are designated the Put River, Eileen, Sag River and Shublik (PESS) formations. Underlying the Sadlerochit Group are the oil-bearing Lisburne and Endicott formations. The net production allocated to the Royalty Interest pertains only to the Ivishak and PESS formations, collectively known as the Prudhoe Bay (Permo-Triassic) Reservoir. The oil produced from the Prudhoe Bay (Permo-Triassic) Reservoir is a medium grade, low sulfur crude. The Royalty Interest is based upon oil produced from the oil rim and condensate produced from the gas cap, but not upon gas production or natural gas liquids production stripped from gas produced.
BP Prudhoe Bay Royalty Trust
601 Travis St Fl 17
HOUSTON TX 77002-3252