Perpetual royalty trust Pacific Coast Oil Trust (NYSE:ROYT) announced yesterday its July distribution of $0.15721 per unit. The amount of the trust's monthly distributions will fluctuate depending on the proceeds it receives from its owner, Pacific Coast Energy, as a result of actual production volumes, oil and gas prices, and development expenses.  The current distribution relates to net profits and overriding royalties generated during May 2013.

The board of directors said the dividend is payable on July 15 to the holders of record at the close of business on July 5. This month's distribution of $6.1 million is higher than June's due to higher production and lower operating expenses, partially offset by slightly lower average realized oil prices. Average realized prices were approximately 1% lower than the prior month while lease operating expenses were also lower due to decreased well work at Orcutt Field.

The regular dividend payment equates to approximately $1.89-per-unit annual dividend, yielding 10.5% based on the closing price of Pacific Coast Oil Trust's stock on June 25.

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