Pacific Coast Oil Trust Announces Pricing of Public Offering of Trust Units by Selling Unitholders

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Pacific Coast Oil Trust Announces Pricing of Public Offering of Trust Units by Selling Unitholders

LOS ANGELES--(BUSINESS WIRE)-- Pacific Coast Oil Trust (NYS: ROYT) (the "Trust") announced today the pricing of a public offering by Pacific Coast Energy Company LP ("PCEC") and other selling unitholders (the "Selling Unitholders") of 13,500,000 trust units at a price of $17.10 per unit. PCEC and the Selling Unitholders also granted the underwriters a 30-day option to purchase up to an additional 2,025,000 trust units of the Trust at the public offering price, less the underwriting discount. The offering is expected to close on September 24, 2013. The Trust will not sell any trust units in the offering and will not receive any proceeds from the offering. PCEC intends to use the net proceeds of $81 million that it receives from the sale of its trust units to pay down a portion of the outstanding borrowings under its senior secured credit facility and the remainder for general limited partnership purposes.

Morgan Stanley, Barclays, J.P. Morgan, Wells Fargo Securities, UBS Investment Bank, BofA Merrill Lynch and RBC Capital Markets will serve as joint book-running managers of this offering. Stifel, Baird, Oppenheimer & Co. and Janney Montgomery Scott will serve as co-managers.


The trust units will be sold pursuant to a prospectus supplement and accompanying prospectus as part of an effective shelf registration statement filed by the Trust with the Securities and Exchange Commission (the "SEC"). Copies of the registration statement can be accessed through the SEC's website at www.sec.gov. Copies of the prospectus supplement and accompanying prospectus for this offering may be obtained from the offices of:

Morgan Stanley
Attn: Prospectus Department
180 Varick Street, 2nd Floor
New York, New York 10014
Phone: (866) 718-1649
prospectus@morganstanley.com

Barclays
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Phone: (888) 603-5847
barclaysprospectus@broadridge.com

J.P. Morgan
Attn: Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Phone: (866) 803-9204

Wells Fargo Securities
Attn: Equity Syndicate Department
375 Park Avenue
New York, New York 10152
Phone: (800) 316-5897
cmclientsupport@wellsfargo.com

UBS Investment Bank
Attn: Prospectus Department
299 Park Avenue
New York, New York 10171
Phone: (888) 827-7275

BofA Merrill Lynch
Attn: Prospectus Department
222 Broadway
New York, New York 10038
dg.prospectus_requests@baml.com

RBC Capital Markets
Attn: Equity Syndicate
Three World Financial Center
200 Vesey Street, 8th Floor
New York, New York 10281-8098
Phone: (877) 822-4089

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Pacific Coast Oil Trust

Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own net profits interests and an overriding royalty interest in certain oil and gas properties held by PCEC and located in California in the Santa Maria Basin and the Los Angeles Basin.

About Pacific Coast Energy Company

PCEC, formerly named BreitBurn Energy Company L.P., is a privately held Delaware limited partnership engaged in the production and development of oil and natural gas from the Orcutt properties located in the Santa Maria Basin and the East Coyote, Sawtelle, and West Pico properties located in the Los Angeles Basin in California.

Cautionary Statement Regarding Forward-Looking Information

This press release may contain forward-looking statements. All statements other than statements of historical fact contained in this press release are forward-looking statements, including all statements regarding future financial results. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plans," "project," "anticipate," "believe," "estimate," "predict," "intend," "forecast," "could," "potential," "continue" or the negative of these terms or other similar terms or phrases. Forward-looking statements are not guarantees of future performance and involve known and unknown risks. Factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made include, but are not limited to: the effect of existing and future laws and regulatory actions, including the failure to obtain necessary discretionary permits; the effect of changes in commodity prices or in alternative fuel prices; risks associated with the drilling and operation of oil and natural gas wells; the amount of future direct operating expenses and development expenses; the impact of commodity derivative contracts; conditions in the capital markets; competition in the energy industry; uncertainty of estimates of oil and natural gas reserves and production; and cost inflation. Although the Trust believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, the Trust can give no assurance that the expectations will be attained or that any deviation will not be material. All information is as of the date of this press release, and the Trust undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in expectations.



Pacific Coast Energy Company LP
James G. Jackson
Executive Vice President and Chief Financial Officer
213-225-5900 x273
or
Jessica Tang
Investor Relations
213-225-5900 x210
or
The Bank of New York Mellon Trust Company, N.A.
Sarah C. Newell
Trustee of Pacific Coast Oil Trust
512-236-6555

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:

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