Pacific Coast Oil Trust (the “Trust”) announced today the pricing of its initial public offering of 18,500,000 trust units at $20.00 per trust unit. The 18,500,000 trust units represent a 47.9% beneficial interest in the Trust. Based on demand for the trust units, the size of the offering was increased above the previously announced 17,500,000 trust units. The underwriters also have the option to purchase up to an additional 2,775,000 trust units, at the initial public offering price, to cover over-allotments, if any. Pacific Coast Energy Company LP (“PCEC”) is the sponsor of the Trust and will be selling the trust units being offered, including any sold pursuant to the over-allotment option. The trust units have been approved for listing on the New York Stock Exchange, subject to official notice of issuance, under the ticker symbol “ROYT.” The offering is expected to close on or about May 8, 2012, subject to customary closing conditions.
Barclays, Citigroup, BofA Merrill Lynch, J.P. Morgan, UBS Investment Bank, and Wells Fargo Securities are acting as joint book-running managers in connection with this offering. RBC Capital Markets, Baird, Stifel Nicolaus Weisel, Oppenheimer & Co., and Janney Montgomery Scott are acting as co-managers. The offering of the trust units is being made only by means of a prospectus, copies of which may be obtained from the offices of:
|c/o Broadridge Financial Solutions||Attn: Prospectus Department|
|1155 Long Island Avenue||Brooklyn Army Terminal|
|Edgewood, New York 11717||140 58th Street, 8th Floor|
|Phone: (888) 603-5847||Brooklyn, New York 11220|
|Phone: (800) 831-9146|
|BofA Merrill Lynch||J.P. Morgan|
|Attn: Prospectus Department||c/o Broadridge Financial Solutions|
|4 World Financial Center||1155 Long Island Avenue|
|New York, New York 10080||Edgewood, New York 11717|
|Phone: (866) 803-9204|
|UBS Investment Bank||Wells Fargo Securities|
|Attn: Prospectus Department||Attn: Equity Syndicate Dept.|
|299 Park Avenue||375 Park Avenue|
|New York, NY 10171||New York, New York 10152|
|888-827-7275||Phone: (800) 326-5897|
A registration statement relating to the trust units has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Pacific Coast Oil Trust
Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own net profits interests and an overriding royalty interest in certain oil and gas properties held by PCEC located in California in the Santa Maria Basin and the Los Angeles Basin.
About Pacific Coast Energy Company
PCEC, formerly named BreitBurn Energy Company L.P., is a privately held Delaware limited partnership engaged in the production and development of oil and natural gas from the Orcutt properties located in the Santa Maria Basin and the East Coyote, Sawtelle, and West Pico properties located in the Los Angeles Basin in California.
Cautionary Statement Regarding Forward-Looking Information
This release contains “forward-looking statements” regarding a proposed initial public offering by the Trust. No assurance can be given that the initial public offering discussed herein will be completed within a particular time frame, if at all. The Trust does not undertake any obligation to publicly update or revise any forward-looking statement.
James G. Jackson
Executive Vice President and Chief Financial Officer
Pacific Coast Energy Company LP
The Bank of New York Mellon Trust Company, N.A.
Trustee of Pacific Coast Oil Trust
Sarah C. Newell
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