Mesa Offshore Trust, Austin, Tex., (OTCBB: MOSH) announced it will not distribute trust income to unitholders in November because it failed to receive expected royalty income.
Mesa reported that no income can be distributed to unitholders until JPMorgan Chase Bank NA, as trustee, recoups the $3.9 million expenses that it has established for future needs. In addition, Mesa currently owes $134,000 in current and future abandonment expenses for properties in which Mesa has an interest, which will be deducted from any future gross proceeds on the royalty properties.
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