Argent Energy Trust (TO: AET-UN) noted that there has been unusually high trading volume and price volatility in Argent units over the past few days, the company said in a press release on Oct. 16.
Argent unitholders can be assured that there are no material operational or financial events impacting the trust's business beyond what was disclosed last week. Argent remains on track to achieve its 2013 average annual production guidance of 5,700 barrels of oil equivalent per day (BOE/d) and 2013 exit production guidance of 7,000 BOE/d. Upon completion of the previously announced acquisition, increased credit facility and convertible debenture offering, Argent will have spare capacity of US $90 million on its US $160 million credit facility. Furthermore, Argent's current distribution level remains intact and the trust has no current plans to reduce the level of distribution throughout 2014.
Argent today announced that the cash distribution to be paid on Nov. 25, in respect of the period from and including Oct. 1 to Oct. 31, for unitholders of record on Oct. 31 will be $0.0875 per trust unit. The ex-distribution date is Oc. 29. The annualized distribution of $1.05 per trust unit represents a cash-on-cash yield of 12.22% based on the closing price of the trust units on the Toronto Stock Exchange on Oct. 16 of $8.59.
Argent Energy Trust is an independent energy company and an open-ended mutual fund trust. The company is based in Calgary.