| | Business Summary | | Torch
Energy
Royalty
Trust
was
formed
pursuant
to
a
trust
agreement
among
Wilmington
Trust
Company,
as
trustee,
Torch
Royalty
Company
(TRC)
and
Velasco
Gas
Company
Ltd.
as
owners
of
certain
oil
and
gas
properties,
and
Torch
Energy
Advisors
Incorporated
(Torch)
as
grantor.
TRC
and
Velasco
contracted
to
sell
the
oil
and
gas
production
from
such
properties
to
Torch
Energy
Marketing
Inc.
(TEMI),
a
subsidiary
of
Torch,
under
a
purchase
contract.
The
Trust's
Underlying
Properties
constitute
working
interests
in
the
Chalkley
Field
in
Louisiana,
the
Robinson's
Bend
Field
in
the
Black
Warrior
Basin
in
Alabama,
fields
that
produce
from
the
Cotton
Valley
formations
in
Texas
and
fields
that
produce
from
the
Austin
Chalk
formation
in
Texas. | | More
from
Market Guide: Expanded
Business Description |
| | Financial Summary | | TRU
was
formed
truant
to
a
trust
agreement
among
Wilmington
Trust
Co.,
Torch
Royalty
Co.,
Velasco
Gas
Co.,
and
Torch
Energy
Advisors.
TRC
and
Velasco
receive
payments
from
the
proceeds
of
oil
and
gas
sold
and
make
payments
to
the
Trust
which
is
paid
out
in
quarterly
dividends.
For
the
six
months
ended
6/30/01,
revenues
rose
78%
to
$10.5
million.
Distributable
income
rose
81%
to
$10.2
million.
Results
reflect
higher
prices
of
oil
and
gas
and
lower
SG&A
costs
as
a
percentage
of
sales. | | More
from
Market Guide: Significant
Developments |
| | Officers | | | More
from
Market Guide on Officers & Directors:
Expanded
List, Bios,
Compensation,
Options
|
|
![[one-year price graph]](http://chart.yahoo.com/c/0b/t/tru.gif)