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Dominion Resources
Black Warrior Trust collects the proceeds attributable to the
Royalty Interests (the overriding royalty interests conveyed
to the Trust pursuant to the Overriding Royalty Conveyance (the
Conveyance), dated effective June 1, 1994, from the Company
to the Trust), entitling the holder thereof to 65% of the Gross
Proceeds derived from the Company Interests (the Company's interest
in natural gas properties in which the Company has an interest
located in Alabama), as of June 1994, not burdened by the Royalty
Interests) and makes cash distributions to Unitholders. Gross
Proceeds are the aggregate amounts received by the Company Interests
Owner (the Company while it owns all or part of the Company
Interests and any other person or persons who acquire all or
any part of the Company Interests or any operating rights therein
other than a royalty, overriding royalty, production payment
or net profits interest) attributable to the Company Interests
from the sale of Subject Gas. |
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Dominion Resources
Black Warrior Trust (the “Trust”) was formed as
a Delaware business trust pursuant to the Trust Agreement of
Dominion Resources Black Warrior Trust (the”Trust Agreement”)
entered into effective as of May 1, 1994 by and among Dominion
Black Warrior Basin, Inc. (the “Company”), as trustor,
Dominion Resources, Inc., as sponsor, and NationsBank of Texas,
N.A., (the “Trustee”) and Mellon Bank (DE) National
Association (the “Delaware Trustee”), as trustees.
The Trust owns certain overriding royalty interests (the “Royalty
Interests”) burdening proved natural gas properties in
the Pottsville coal formation of the Black Warrior basin in
Alabama (the “Underlying Properties”). The Royalty
Interests are the only assets of the Trust other than cash and
temporary investments being held for the payment of expenses
and liabilities and for distribution to the Unitholders. |
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