Company: GULTU
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001201
Chunk: 33

Company: Gulf Coast Ultra Deep Royalty Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 8
Chunk 33
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       N/A           
  December 31,       $0.000000      1/31/2025        N/A               0.000000      1/31/2024        N/A           
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

These
distributions are not necessarily indicative of future distributions.

Natural
gas sales volumes (in thousands of cubic feet, or Mcf), average sales price (per Mcf) and net cash proceeds available for distribution
for the years ended December 31, 2024 and 2023, are set forth in the table below.

                                                    2024               2023  
 ─────────────────────────────────────────────────────────────────────────────
  Natural gas sales volumes (Mcf)                   -               101,352  
  Natural gas average sales price (per Mcf)         $-                $4.63  
  Gross proceeds                                    -               468,887  
  Post-production costs and specified taxes         -               (67,609  
  Royalty income                                    -               401,278  
  Interest and dividend income                      3,737            15,866  
  Administrative expenses                           (899,455       (469,821  
  Administrative expenses in excess of income       (895,718        (52,677  
  Income available for distribution                 -                     -  
  Adjustment to minimum cash reserve                -                (8,750  
  Net cash proceeds available for distribution      $(895,718      $(61,427  

7.
CONTINGENCIES

Litigation.

8.
SUBSEQUENT EVENTS

On
February 13, 2025, HOGA notified the Trustee that a new well on the onshore Highlander subject interest was spudded on January 30, 2025.
The future production status of this well remains unknown.

  45  

9.
SUPPLEMENTARY OIL AND GAS INFORMATION (UNAUDITED)

Proved
Natural Gas Reserve Information.

The
Royalty Trust believes the reserve estimates presented herein, in accordance with generally accepted engineering and evaluation principles
consistently applied, are reasonable. However, there are numerous uncertainties inherent in estimating quantities and values of proved
reserves and in projecting future rates of production, including many factors beyond the Royalty Trust’s control. Reserve engineering
is a subjective process of estimating the recovery from underground accumulations of natural gas that cannot be measured in an exact
manner, and the accuracy of any reserve