Pacific Coast Oil Trust Announces December Cash Distribution

AUSTIN, Texas–(BUSINESS WIRE)–PACIFIC COAST OIL TRUST (NYSE:ROYT) (the “Trust”), a royalty trust
formed by Pacific Coast Energy Company LP (“PCEC”), announced today a
cash distribution to the holders of its units of beneficial interest of
$0.01614 per unit, payable on December 26, 2017 to unitholders of record
on December 11, 2017. The Trust’s distribution calculation relates to
net profits and overriding royalties generated during October 2017 as
provided in the conveyance of net profits and overriding royalty
interest.

The current month’s calculation for the Developed Properties resulted in
$0.9 million of revenues less direct operating expenses and development
costs. The current month’s revenues were $3.9 million, lease operating
expenses including property taxes were $2.5 million and capital
expenditures were $0.6 million. Average realized prices for the
Developed Properties were $53.05 per Boe in October, as compared to
$49.60 per Boe in September. Net profits for the month of October for
the Developed Properties were $0.7 million.

The current month’s calculation included $52,000 for the 7.5% overriding
royalty on the Remaining Properties from Orcutt Diatomite and Orcutt
Field. Average realized prices for the Remaining Properties were $50.37
per Boe in October, as compared to $47.35 per Boe in September. The
cumulative net profits deficit for the Remaining Properties, including
the 7.5% overriding royalty payments, decreased $28,000 and totals $1.7
million for October.

The net cash flow available for distribution to the holders of units of
beneficial interest is approximately $0.6 million. The proceeds expected
to be received by the Trust in December of $0.8 million consist of $0.7
million in income from the Developed Properties and approximately
$52,000 in income from the 7.5% overriding royalty on the Remaining
Properties. The proceeds to be received by the Trust will be partially
offset by $89,000 for the monthly operating and services fee payable to
PCEC and $45,000 in Trust general and administrative expenses, resulting
in the net cash flow available for distribution of approximately $0.6
million.

Sales Volumes and Prices

The following table displays PCEC’s underlying sales volumes and average
prices for the month of October 2017:

Overview of Trust Structure

Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to
own interests in certain oil and gas properties in the Santa Maria Basin
and the Los Angeles Basin in California (the “Underlying Properties”).
The Underlying Properties and the Trust’s net profits and royalty
interests are described in the Trust’s filings with the Securities and
Exchange Commission (the “SEC”). As described in the Trust’s filings
with the SEC, the amount of any periodic distributions is expected to
fluctuate, depending on the proceeds received by the Trust as a result
of actual production volumes, oil and gas prices, development expenses,
and the amount and timing of the Trust’s administrative expenses, among
other factors. For additional information on the Trust, please visit www.pacificcoastoiltrust.com.

Cautionary Statement Regarding Forward-Looking
Information

This press release contains statements that are "forward-looking
statements" within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended. All statements contained in this press release,
other than statements of historical facts, are "forward-looking
statements" for purposes of these provisions. These forward-looking
statements include the amount and date of any anticipated distribution
to unitholders. The anticipated distribution is based, in part, on the
amount of cash received or expected to be received by the Trust from
PCEC with respect to the relevant period. Any differences in actual cash
receipts by the Trust could affect this distributable amount. The amount
of such cash received or expected to be received by the Trust (and its
ability to pay distributions) has been and will be significantly and
negatively affected by prevailing low commodity prices, which have
declined significantly, could decline further and could remain low for
an extended period of time. Other important factors that could cause
actual results to differ materially include expenses of the Trust and
reserves for anticipated future expenses. Statements made in this press
release are qualified by the cautionary statements made in this press
release. Neither PCEC nor the Trustee intends, and neither assumes any
obligation, to update any of the statements included in this press
release. An investment in units issued by Pacific Coast Oil Trust is
subject to the risks described in the Trust's Annual Report on Form 10-K
for the year ended December 31, 2016 filed with the SEC on March 10,
2017, and if applicable, the Trust’s subsequent Quarterly Reports on
Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports
on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.

Contacts

Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company,
N.A., as Trustee
Sarah Newell, 1-512-236-6555