<SEC-DOCUMENT>0001193125-25-271338.txt : 20251107
<SEC-HEADER>0001193125-25-271338.hdr.sgml : 20251107
<ACCEPTANCE-DATETIME>20251107101002
ACCESSION NUMBER:		0001193125-25-271338
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20251107
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20251107
DATE AS OF CHANGE:		20251107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SABINE ROYALTY TRUST
		CENTRAL INDEX KEY:			0000710752
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				756297143
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08424
		FILM NUMBER:		251460925

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARGENT TRUST COMPANY
		STREET 2:		3838 OAK LAWN AVE., SUITE 1720
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75219-4518
		BUSINESS PHONE:		972-919-1360

	MAIL ADDRESS:	
		STREET 1:		C/O ARGENT TRUST COMPANY
		STREET 2:		3838 OAK LAWN AVE., SUITE 1720
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75219-4518
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>2025-11_sabine_8-k.htm
<DESCRIPTION>8-K
<TEXT>
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  <div class="main-content-container" style="z-index:5;position:relative;"><div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br></font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">WASHINGTON, D.C. 20549</font></p><p style="margin-left:216pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:0.75pt solid #000000;margin-right:3in;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><h2 style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:18pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">FORM 8-K</font></h2><p style="margin-left:216pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:0.75pt solid #000000;margin-right:3in;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">CURRENT REPORT</font></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:6pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></p>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.02986111111111111in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Date of Report (Date of earliest event reported):  November 7, 2025</font></p></td>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
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      <td colspan="3" style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Argent Trust Company</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">3838 Oak Lawn Ave</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Suite 1720</font></p></td>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">75219-4518</font></p></td>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:7.5pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">(Zip Code)</font></p></td>
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      <td style="padding-top:0.125in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.02986111111111111in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Registrant&#x2019;s Telephone Number, Including Area Code:</font><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">855</font><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">588-7839</font></p></td>
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      <td style="padding-top:0.125in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
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    </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">(Former Name or Former Address, if Changed Since Last Report)</font></p><p style="margin-left:216pt;font-size:10pt;margin-top:9.35pt;font-family:Times New Roman;margin-bottom:0;border-bottom:0.75pt solid #000000;margin-right:3in;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:9.35pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><div style="margin-left:24.45pt;text-indent:-24.5pt;padding-left:24.5pt;margin-top:0;margin-bottom:0;text-align:left;"><font style="margin-right:1em;"><font style="font-size:10pt;font-family:Times New Roman;">&#9744;</font></font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div><div style="margin-left:24.45pt;text-indent:-24.5pt;padding-left:24.5pt;margin-top:6pt;margin-bottom:0;text-align:left;"><font style="margin-right:1em;"><font style="font-size:10pt;font-family:Times New Roman;">&#9744;</font></font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div><div style="margin-left:24.45pt;text-indent:-24.5pt;padding-left:24.5pt;margin-top:6pt;margin-bottom:0;text-align:left;"><font style="margin-right:1em;"><font style="font-size:10pt;font-family:Times New Roman;">&#9744;</font></font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div><div style="margin-left:24.45pt;text-indent:-24.5pt;padding-left:24.5pt;margin-top:6pt;margin-bottom:0;text-align:left;"><font style="margin-right:1em;"><font style="font-size:10pt;font-family:Times New Roman;">&#9744;</font></font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:9pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Securities registered pursuant to Section 12(b) of the Act:</font></p>
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  <div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;margin-top:auto;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><div style="z-index:2;flex-direction:column;display:flex;min-height:0.5in;justify-content:flex-end;position:relative;"></div></div>
  <hr style="margin-inline-start:auto;margin-inline-end:auto;width:8.5in;page-break-after:always;">
  <div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><div style="z-index:2;min-height:0.5in;position:relative;"></div></div>
  <div class="main-content-container" style="z-index:5;position:relative;"><div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><h2 style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Item 2.02	Results of Operations and Financial Condition.</font></h2><p style="text-indent:24.5pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">On November 7, 2025, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on November 17, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</font></p><p style="text-indent:24.5pt;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">This Report on Form 8-K is being furnished pursuant to Item 2.02, Results of Operations and Financial Condition. The information furnished is not deemed &#x201c;filed&#x201d; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.</font></p><h2 style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Item 9.01	Financial Statements and Exhibits.</font></h2>
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  <div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><div style="z-index:2;min-height:0.5in;position:relative;"></div></div>
  <div class="main-content-container" style="z-index:5;position:relative;"><div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:9.35pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">SIGNATURES</font></p><p style="text-indent:24.5pt;font-size:10pt;margin-top:2.6500000000000004pt;font-family:Times New Roman;margin-bottom:9.35pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:4.3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Date:</font></p></td>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>sbr-ex99_1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<!-- DFIN ActiveDisclosure (SM) HTML Document - http://www.dfinsolutions.com/ --><!-- Creation Date :2025-11-07T10:08:48.5056+00:00 --><!-- Copyright (c) 2025 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
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  <div class="main-content-container" style="z-index:5;position:relative;"><div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><h1 style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="color:#000000;white-space:pre-wrap;font-size:12.5pt;font-family:Arial;font-kerning:none;min-width:fit-content;">Exhibit 99.1</font></h1><h1 style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12.5pt;font-family:Arial;font-kerning:none;min-width:fit-content;">Sabine Royalty Trust</font></h1>
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      <td style="padding-top:0.01in;text-indent:25.9pt;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"><p style="margin-left:25.9pt;text-indent:0;font-size:14.5pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#ffffff;white-space:pre-wrap;font-weight:bold;font-family:Arial;font-kerning:none;min-width:fit-content;">News Release</font></p></td>
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    </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">SABINE ROYALTY TRUST ANNOUNCES</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;"> MONTHLY</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">CASH DISTRIBUTION FOR NOVEMBER 2025</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;"> </font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">Dallas, Texas, November 7, 2025</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;"> &#x2013; Argent Trust Company, as Trustee of the Sabine Royalty Trust (NYSE: SBR), today declared a cash distribution to the holders of its units of beneficial interest of $0.356720 per unit, payable on November 28, 2025, to unit holders of record on November 17, 2025. Sabine&#x2019;s cash distribution history, current and prior year financial reports and tax information booklets, a link to filings made with the Securities and Exchange Commission and more can be found on its website at </font><font style="color:#0000ff;white-space:pre-wrap;font-weight:bold;text-decoration:underline solid;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">http://www.sbr-sabine.com/</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">.  Additionally, printed reports can be requested and are mailed free of charge.</font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">This distribution reflects primarily the oil production for August 2025 and the gas production for July 2025, which is considered current production. Preliminary production volumes are approximately 65,727 barrels of oil and 1,135,345 Mcf of gas. Preliminary prices are approximately $63.80 per barrel of oil and $2.55 per Mcf of gas.</font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">This month&#x2019;s distribution is lower than the previous month&#x2019;s primarily due to a decrease in oil and natural gas pricing, along with deductions for the payment of Ad Valorem taxes during the month (see below). This is partially offset by an increase in oil and natural gas production.</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">   </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#ff0000;white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;"> </font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#ff0000;white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;"> </font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Arial;font-kerning:none;min-width:fit-content;">The table below compares this month&#x2019;s production and prices to the previous month&#x2019;s:</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">Oil (bbls)</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">Gas (Mcf)</font></p></td>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">Oil<br>(per bbl)</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">Gas<br>(per Mcf)</font></p></td>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">Current Month</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">65,727</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">1,135,345</font></p></td>
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     </tr>
     <tr style="height:11pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;">
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">Prior Month</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">1,111,528</font></p></td>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">$65.48</font></p></td>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">$2.62</font></p></td>
     </tr>
    </table><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><div class="item-list-element-wrapper" style="margin-left:0.5in;display:flex;margin-top:0;justify-content:center;align-items:baseline;margin-bottom:0;min-width:0.25in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:3.571084182443509%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(a)</font><div style="display:inline;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">Sales volumes are recorded in the month the Trust receives and identifies the related royalty income. 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Most energy companies normally issue payment of royalties on or about the 25</font><font style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:7.37pt;font-family:Arial;font-kerning:none;min-width:fit-content;">th</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">of every month, and depending on mail delivery, a varying amount of royalties are not received until after the revenue posting on the last business day of the month. The revenues received after that date will be posted within 30 days of receipt.</font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">Due to the timing of the end of the month of October, approximately $831,000 of revenue received will be posted in the following month of November in addition to normal cash receipts received during November. Since the close of business in October and prior to this press release, approximately $1,603,000 in revenue has been received.</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;"> </font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">Approximately $942,000 for 2025 Ad Valorem taxes were deducted from this month&#x2019;s distribution as compared to $167,000 this time last year. In 2024, the Trustee was advised that some of the tax renditions were delayed somewhat, which impacted the months of November 2024 and December 2024. Ad Valorem tax payments are normal expenditures at this time of year.</font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;"> </font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">The 2024 Annual Report with Form 10-K and the December 31, 2024, Reserve Summary are available on the Sabine website at </font><font style="color:#0000ff;white-space:pre-wrap;font-weight:bold;text-decoration:underline solid;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">http://www.sbr-sabine.com/</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">.</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:7.37pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p></div></div>
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  <div class="main-content-container" style="z-index:5;position:relative;"><div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">Forward-looking Statements</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;"> </font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">Any statements in this press release about future events or conditions, and other statements containing the words &#x201c;estimates,&#x201d; &#x201c;believes,&#x201d; &#x201c;anticipates,&#x201d; &#x201c;plans,&#x201d; &#x201c;expects,&#x201d; &#x201c;will,&#x201d; &#x201c;may,&#x201d; &#x201c;intends&#x201d; and similar expressions, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Factors or risks that could cause the Trust&#x2019;s actual results to differ materially from the results the Trustee anticipates include, but are not limited to the factors described in Part I, Item 1A, &#x201c;Risk Factors&#x201d; of the Trust&#x2019;s Annual Report on Form 10-K for the year ended December 31, 2024, and Part II, Item 1A, &#x201c;Risk Factors&#x201d; of subsequently filed Quarterly Reports on Form 10-Q.</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;"> </font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;"> </font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent the Trustee&#x2019;s views as of the date hereof. The Trustee anticipates that subsequent events and developments may cause its views to change. However, while the Trustee may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Trustee&#x2019;s views as of any date subsequent to the date hereof.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">*         *         *</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">Nancy Willis &#x2013; Director of Royalty Trust Service</font></p></td>
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      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
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