Past year: ▼ 11%(12.0c – 18.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Mar 2026auditor change▲ GoodMajor
On March 16, 2026 the trust engaged Weaver and Tidwell, L.L.P. as its auditor, replacing PKF, which resigned on July 11, 2025. This fills the auditor gap, but the filing does not say when the overdue audits and reports will be completed.
1 Aug 2025auditor change● Neutral
This amendment only attaches PKF's letter to the SEC, dated July 31, 2025, giving its view on the July 17, 2025 resignation filing. The filing does not state what the letter says, so it adds no new facts here.
17 July 2025auditor change▼ BadMajor
On July 11, 2025 PKF resigned as auditor without completing any audit since being engaged in March 2020, so no audit report exists for the past two years. PKF cited allegations by a former employee of the sponsor PCEC that could affect the reliability of the financial statements, and missing support from PCEC for the asset retirement obligation estimate (the well count). The trustee says it is investigating but has been held back because PCEC has not lent enough money to hire experts, and it has demanded those funds. No successor auditor is named. The trust expects to miss its Q2 2025 10-Q and further delays in auditing 2019 through 2024 as it tries to become current in its filings.
20 Aug 2020listing compliance notice● NeutralMajor
Pacific Coast Oil Trust's exchange filed to remove a class of its securities from listing.
6 Aug 2020listing compliance notice▼ BadMajor
The trust did not get its unit price back above $1.00 by the August 5, 2020 deadline, so the NYSE suspended trading and began delisting proceedings. The units were expected to start trading August 6, 2020 on the OTC Pink market as 'ROYTL', a more limited market that the trust says may be less liquid and could further depress the price. This resolves the price-compliance thread against shareholders.
19 May 2020listing compliance notice▼ BadMajor
The NYSE extended the trust's late-filing cure period from May 18, 2020 to August 15, 2020, with an outer limit of November 19, 2020. The trust has also missed its 2019 10-K and Q1 2020 10-Q, and told the NYSE it plans to file the Q3 2019 10-Q and 2019 10-K by end of June 2020 and the Q1 2020 10-Q by end of July 2020, after PKF finishes its work. Separately, the NYSE suspended its price rule through June 30, 2020 because of COVID-19, moving the price cure deadline to August 5, 2020; delisting could move the units to the over-the-counter market.
4 Mar 2020auditor change▲ GoodMajor
On March 2, 2020 the trust engaged Pannell Kerr Forster of Texas (PKF) as its auditor, filling the gap left when PwC resigned on October 4, 2019. This addresses the missing-auditor problem behind the late filings, though the filing does not say when the overdue reports will be filed.
3 Dec 2019listing compliance notice▼ BadMajor
On November 27, 2019 the NYSE told the trust its units' average closing price had been below $1.00 for 30 trading days (ending November 25, 2019). The trust has six months to get back above $1.00 on a month-end test, and says neither it nor the trustee will try a reverse split or other action to move the price. This is a second listing problem on top of the late Q3 10-Q (six months from November 12, 2019); the filing names the lack of a replacement for PwC as a factor outside the trust's control. Units stay on the NYSE as ROYT with a '.BC' marker for now.
20 Nov 2019listing compliance notice▼ BadMajor
The NYSE notified the trust on November 19, 2019 that it is out of compliance for failing to file its Q3 2019 10-Q on time, a consequence of having no auditor since PwC resigned. The trust has six months from November 12, 2019 to file (NYSE may extend up to six more months or begin delisting at any time); units remain listed as ROYT with a late-filing indicator.
10 Oct 2019auditor change▼ BadMajor
Auditor PricewaterhouseCoopers resigned on October 4, 2019, saying the resignation resulted from the change of ownership of the sponsor's parent (the Newbridge deal). No successor is named; the trust says its Q3 10-Q may be late and a new auditor will need to re-audit periods for the 2019 annual report at the trust's cost.
3 Sept 2019business combination● NeutralMajor
The sponsor changed hands: on September 3, 2019 Newbridge Resources acquired all equity in Pacific Coast Energy Holdings, which controls PCEC's general partner, so Newbridge now controls PCEC's management. PCEC will keep operating the properties and the existing agreements with the trust stay in place.
4 Oct 2016debt financing▼ BadMajor
The trust restated a promissory note to PCEC, which has lent it money because it lacked cash to pay ordinary administrative expenses; the original note on February 25, 2016 was for $232,000 and $1,037,463 is now outstanding. The note matures March 31, 2018, bears 4.0% interest since August 10, 2016 (8.5% before), and is repaid by offsetting amounts PCEC owes the trust.
2 Mar 2016listing compliance notice▼ BadMajor
On February 25, 2016 the NYSE told the trust it was out of compliance because its average unit price was below $1.00 over 30 trading days. It must tell the NYSE by March 10, 2016 that it intends to cure, which would give it six months; units stay listed meanwhile but face delisting if not cured.
24 Nov 2014dividend declaration▼ Bad
The trust declared 7.291 cents a unit for December, $2.8 million in total and 17% below the previous month, on net profits generated in October 2014 as the oil price began its slide.
13 June 2014material agreement● Neutral
Selling unitholders affiliated with PCEC sold 2,654,436 trust units at $13.00 each through Morgan Stanley in June 2014, a lower price than the $17.10 in the September 2013 sale. The trust and PCEC's management received no proceeds; the sale was made under the 2012 Registration Rights Agreement.
25 Sept 2013material agreement● Neutral
PCEC and other selling unitholders sold 13,500,000 trust units at $17.10 each in a follow-on offering (plus a 30-day option for 2,025,000 more), closing September 24, 2013. The trust received no proceeds; the filing says it was required to do this under the 2012 Registration Rights Agreement.
8 May 2012capital raising announcement● NeutralMajor
The trust's IPO closed: on May 8, 2012 sponsor Pacific Coast Energy Company LP (PCEC) conveyed to the trust net profits interests and an overriding royalty interest in California oil and gas properties, entitling it to 80% of net profits from the proved developed reserves as of Dec 31, 2011, and either 25% of net profits or a 7.5% royalty on the remaining properties. PCEC received 38,583,158 trust units for the conveyance and sold 18,500,000 units to the public at $20.00 each (the trust receives no proceeds); PCEC expects royalty-type payments on the remaining properties until a payout around 2020.
What it means for a shareholder
18.5m new shares at US$20.00 to raise about US$370m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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1 May 2012listing compliance notice▲ GoodMajor
Nasdaq certified Pacific Coast Oil Trust's securities for listing, clearing them to begin trading.
