First I would like to wish everyone a Merry Christmas and Happy New Year from all of us at Farmers Royalty Company.
For the last couple of years I have reported on our changing oil and gas product mix. In October of 2013, for the first time, we've had a month where our oil income has surpassed our gas income. Through October 31st Farmers sold 12,410 more barrels of oil than for all of 2012. The higher prices received for heavy gas and oil have helped to mitigate low natural gas prices.
Stacked formations and the application of proven horizontal drilling techniques to drill and produce from those formations continue provide for the long term growth of your company.
Our Shareholders benefit by having a steady dividend from their shares and an increased value of those shares. The average price of the shares has steadily increased since the stock split in 2008, with the last several shares selling for an average of $12,300 per share.
At the November 14, 2013 Board meeting a dividend of $125 per share was declared to be paid. This brings the yearly dividend, for one share of Farmers Royalty Company Stock, to $500. The Company continues to add value to our assets by maximizing royalty interests and participating in drilling and completion of wells.