<SEC-DOCUMENT>0001387131-23-001837.txt : 20230213
<SEC-HEADER>0001387131-23-001837.hdr.sgml : 20230213
<ACCEPTANCE-DATETIME>20230213103646
ACCESSION NUMBER:		0001387131-23-001837
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230213
DATE AS OF CHANGE:		20230213
GROUP MEMBERS:		SOFTVEST GP I, LLC
GROUP MEMBERS:		SOFTVEST, LP

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PERMIAN BASIN ROYALTY TRUST
		CENTRAL INDEX KEY:			0000319654
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		IRS NUMBER:				756280532
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-34075
		FILM NUMBER:		23615512

	BUSINESS ADDRESS:	
		STREET 1:		BANK OF AMERICA N A TRUST DEPARTMENT
		STREET 2:		P O BOX 1317 NK OF TEXAS NA TRUST DEPT
		CITY:			FT WORTH
		STATE:			TX
		ZIP:			76102
		BUSINESS PHONE:		8173906905

	MAIL ADDRESS:	
		STREET 1:		1300 SUMMIT AVENUE SUITE 300
		CITY:			FORTH WORTH
		STATE:			TX
		ZIP:			76102

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SoftVest Advisors, LLC
		CENTRAL INDEX KEY:			0001803391
		IRS NUMBER:				832704861
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		400 PINE STREET
		STREET 2:		SUITE 1010
		CITY:			ABILENE
		STATE:			TX
		ZIP:			79601
		BUSINESS PHONE:		325-677-6177

	MAIL ADDRESS:	
		STREET 1:		400 PINE STREET
		STREET 2:		SUITE 1010
		CITY:			ABILENE
		STATE:			TX
		ZIP:			79601
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>pbt-sc13ga_123122.htm
<DESCRIPTION>AMENDMENT TO FORM SC 13G
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 4.6pt; margin-bottom: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0; text-align: center"><B>Washington, D.C. 20549
SCHEDULE 13G/A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>(Amendment No. 1)*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Under the Securities Exchange
Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&#9;Permian Basin Royalty
Trust&#9;</B></P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Name of Issuer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.55pt; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-weight: normal">&#9;
Units of Beneficial Interest&#9;</FONT></P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Titles of Class of Securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.55pt; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-weight: normal">714236106</FONT></P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(CUSIP Number)</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&#9;December 31, 2022&#9;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Date of Event Which Requires
Filing of this Statement)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 129.9pt 0 14.95pt; text-indent: 120.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 2.65pt 0 0; text-indent: 0">Check the appropriate box to designate the rule pursuant to which this Schedule is filed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: left; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40%"></TD><TD STYLE="width: 5%; text-align: left">&#9746;</TD><TD STYLE="text-align: justify">Rule 13d-1(b)</TD>
</TR></TABLE>

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<TD STYLE="width: 40%"></TD><TD STYLE="width: 5%">&#9744;</TD><TD STYLE="padding-right: 27.15pt">Rule 13d-1(c)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40%"></TD><TD STYLE="width: 5%">&#9744;</TD><TD>Rule 13d-1(d)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.55pt 24.15pt 0 14.95pt; text-indent: -0.05pt">* The remainder of this cover
page shall be filled out of a reporting person&#8217;s initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 22.1pt 0 15pt">The information required in the remainder of this cover
page shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the
&#8220;<U>Act</U>&#8221;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions
of the Act (however, see the <I>Notes</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

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    <TD STYLE="text-align: center; padding-right: 0; width: 32%; border: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>CUSIP No. 714236106</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>13G/A</B></FONT></TD>
    <TD STYLE="text-align: center; padding-right: 0; width: 32%; border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Page 2 of 8</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="border: black 1.5pt solid; padding-right: 6pt; font: 10pt Times New Roman, Times, Serif; padding-top: 2.95pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1.5pt solid; padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 2.95pt 0 0">NAME OF REPORTING PERSON</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">SoftVest Advisors, LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; padding-right: 6pt; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; padding-right: 6pt; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.5pt 0 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
    </FONT>&#9744;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
    </FONT>&#9744;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; padding-right: 6pt; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2.95pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; padding-right: 6pt; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2.95pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">SEC USE ONLY</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; padding-right: 6pt; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; padding-right: 6pt; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.5pt 0 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">Delaware</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" ROWSPAN="4" STYLE="border-right: black 1.5pt solid; padding-right: 6pt; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">NUMBER OF SHARES BENEFICIALLY OWNED BY
    EACH REPORTING PERSON</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: center">WITH:</P></TD>
    <TD STYLE="border-right: black 1.5pt solid; padding-left: 6pt; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; padding-right: 6pt; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0">SOLE VOTING POWER</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">- 0 -</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; padding-left: 6pt; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; padding-right: 6pt; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.5pt 0 0">SHARED VOTING POWER</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">4,148,095</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; padding-left: 6pt; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; padding-right: 6pt; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.5pt 0 0">SOLE DISPOSITIVE POWER</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">- 0 -</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; padding-left: 6pt; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; padding-right: 6pt; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.5pt 0 0">SHARED DISPOSITIVE POWER</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">4,148,095</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; padding-right: 6pt; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; padding-right: 6pt; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">4,148,095</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; padding-right: 6pt; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; padding-right: 6pt; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES &#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; padding-right: 6pt; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.45pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; padding-right: 6pt; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.45pt 0 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">8.9% (1)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; padding-right: 6pt; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.45pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; padding-right: 6pt; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.45pt 0 0">TYPE OF REPORTING PERSON</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">IA</P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt; width: 5%; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; width: 1%; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; width: 5%; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left">(1)</TD><TD STYLE="text-align: left">Based on 46,608,796 Units of Beneficial Interest (as defined below)
of the Issuer (as defined below) outstanding as of November 1, 2022, based on the Issuer&#8217;s Form 10-Q filed with the SEC on November
14, 2022. SoftVest Advisors, LLC acquired beneficial interest in the units in the ordinary course of business as a registered investment
adviser and not with the purpose nor with the effect of changing or influencing the control of the Issuer.</TD>
</TR></TABLE>


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    <TD STYLE="text-align: center; padding-right: 0; width: 32%; border: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>CUSIP No. 714236106</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; width: 36%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>13G/A</B></FONT></TD>
    <TD STYLE="text-align: center; padding-right: 0; width: 32%; border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Page 3 of 8</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="padding-right: 6pt; border: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2.95pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 2.95pt 0 0">NAME OF REPORTING PERSON</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">SoftVest GP I, LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.5pt 0 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
    </FONT>&#9744;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
    </FONT>&#9744;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2.95pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2.95pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">SEC USE ONLY</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.5pt 0 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">Delaware</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" ROWSPAN="4" STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">NUMBER OF SHARES BENEFICIALLY OWNED BY
    EACH REPORTING PERSON</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: center">WITH:</P></TD>
    <TD STYLE="padding-left: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0">SOLE VOTING POWER</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">- 0 -</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.5pt 0 0">SHARED VOTING POWER</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">4,148,095</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.5pt 0 0">SOLE DISPOSITIVE POWER</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">- 0 -</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.5pt 0 0">SHARED DISPOSITIVE POWER</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">4,148,095</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">4,148,095</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES &#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.45pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.45pt 0 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">8.9% (2)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.45pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.45pt 0 0">TYPE OF REPORTING PERSON</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">OO</P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt; width: 5%; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; width: 1%; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; width: 5%; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left">(2)</TD><TD STYLE="text-align: left">Based on 46,608,796 Units of Beneficial Interest (as defined below)
of the Issuer (as defined below) outstanding as of November 1, 2022, based on the Issuer&#8217;s Form 10-Q filed with the SEC on November
14, 2022. SoftVest GP I, LLC is the general partner of, and may be deemed to beneficially own securities owned by, SoftVest, LP.</TD>
</TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

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    <TD STYLE="text-align: center; border: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>CUSIP No. 714236106</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>13G/A</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; width: 32%; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Page 4 of 8</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; border: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2.95pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 2.95pt 0 0">NAME OF REPORTING PERSON</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">SoftVest, LP</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.5pt 0 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
    </FONT>&#9744;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
    </FONT>&#9744;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2.95pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2.95pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">SEC USE ONLY</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.5pt 0 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">Delaware</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" ROWSPAN="4" STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">NUMBER OF SHARES BENEFICIALLY OWNED BY
    EACH REPORTING PERSON</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: center">WITH:</P></TD>
    <TD STYLE="padding-left: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0">SOLE VOTING POWER</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">- 0 -</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.5pt 0 0">SHARED VOTING POWER</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">4,148,095</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.5pt 0 0">SOLE DISPOSITIVE POWER</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">- 0 -</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.5pt 0 0">SHARED DISPOSITIVE POWER</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">4,148,095</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">4,148,095</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES &#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.45pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.45pt 0 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">8.9% (3)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.45pt; padding-left: 6pt"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; padding-left: 6pt">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 1.45pt 0 0">TYPE OF REPORTING PERSON</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">PN</P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt; width: 5%; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; width: 1%; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; width: 5%; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left">(3)</TD><TD STYLE="text-align: left">Based on 46,608,796 Units of Beneficial Interest (as defined below)
of the Issuer (as defined below) outstanding as of November 1, 2022, based on the Issuer&#8217;s Form 10-Q filed with the SEC on November
14, 2022.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>


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<P STYLE="margin: 0"></P>










<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 0; width: 32%; border: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>CUSIP No. 714236106</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>13G/A</B></FONT></TD>
    <TD STYLE="text-align: center; padding-right: 0; width: 32%; border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Page 5 of 8</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0.05pt">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; width: 1in; padding-left: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Item 1(a).</B></FONT></TD>
    <TD STYLE="padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Name of Issuer:</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.6pt 0 0 1in">&#9;Permian Basin Royalty Trust&#9;(the &#8220;<U>Issuer</U>&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; width: 1in; padding-left: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Item 1(b).</B></FONT></TD>
    <TD STYLE="padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Address of Issuer&#8217;s Principal Executive Offices:</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">2911 Turtle Creek Boulevard</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Suite 850</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Dallas, TX 75219</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; width: 1in; padding-left: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Item 2(a).</B></FONT></TD>
    <TD STYLE="padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Name of Persons Filing:</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 1in">This Schedule 13G is being filed
by (i) SoftVest Advisors, LLC, a Delaware Limited Liability Company and a registered investment adviser (&#8220;<U>SoftVest</U>&#8221;),
(ii) SoftVest, LP<U>,</U> a Delaware Limited Partnership (&#8220;<U>SoftVest, LP</U>&#8221;), and (iii) SoftVest GP I, LLC, a Delaware
Limited Liability Company (&#8220;<U>SoftVest GP I, LLC,&#8221;</U>) (each, a &#8220;<U>Reporting Person</U>&#8221; and, together, the
&#8220;<U>Reporting Persons</U>&#8221;). SoftVest, LP directly holds 4,148,095 Units of Beneficial Ownership. SoftVest is the investment
manager of SoftVest, LP, and SoftVest GP I, LLC is the general partner of SoftVest, LP, and as a result, each of SoftVest and SoftVest
GP I, LLC may be deemed to beneficially own the securities beneficially owned by SoftVest, LP. Each of the Reporting Persons listed in
this filing certify the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing
or influencing the control of the Issuer of the securities and were not acquired and are not held in connection with or as a participant
in any transaction having that effect.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; width: 1in; padding-left: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Item 2(b).</B></FONT></TD>
    <TD STYLE="padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Address of Principal Business Office or, if none, Residence:</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 1in">The principal business address of each of the Reporting
Persons is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 1in">The registered office of SoftVest Advisors, LLC, SoftVest
GP I, LLC, and SoftVest LP is 400 Pine Street, Suite 1010, Abilene, TX, 79601.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 17.75pt 0 69pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; width: 1in; padding-left: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Item 2(c).</B></FONT></TD>
    <TD STYLE="padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Citizenship:</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 1in">See response to Item 4 of each of the cover pages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0.05pt">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; width: 1in; padding-left: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Item 2(d).</B></FONT></TD>
    <TD STYLE="padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Titles of Classes of Securities:</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 1in">Units of Beneficial Interest</P>


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<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 0; width: 32%; border: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>CUSIP No. 714236106</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; width: 36%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>13G/A</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; text-align: center; padding-right: 0; width: 32%; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Page 6 of 8</B></FONT></TD></TR>
  </TABLE>
<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; width: 1in; padding-left: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Item 2(e).</B></FONT></TD>
    <TD STYLE="padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>CUSIP Number:</B></FONT></TD></TR>
  </TABLE>
<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0 0 0 1in">714236106</P>



<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; width: 1in; padding-left: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Item 3.</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0"><B>If This Statement is Filed Pursuant to Rule 13d-1(b),
or 13d-2(b) or (c), Check Whether the Person Filing is a(n):</B></P></TD></TR>
  </TABLE>
<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-right: 0; width: 1in; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 0; width: 5%; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">Broker or dealer registered under Section 15 of the Exchange Act (15 U.S.C. 78o).</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT><FONT STYLE="font-size: 10pt">Bank as defined in Section 3(a)(6) of the Exchange Act (15 U.S.C. 78c).</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT> <FONT STYLE="font-size: 10pt">Insurance company as defined in Section 3(a)(19) of the Exchange Act (15 U.S.C. 78c).</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0">
    <P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&#9744;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT>Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8).</P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&#9746; Investment adviser in accordance with &sect;240.13d-1(b)(1)(ii)(E).</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT><FONT STYLE="font-size: 10pt">Employee benefit plan or endowment fund in accordance with &sect;240.13d-1(b)(1)(ii)(F).</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(g)</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT><FONT STYLE="font-size: 10pt">Parent holding company or control person in accordance with &sect;240.13d-1(b)(1)(ii)(G).</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(h)</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT><FONT STYLE="font-size: 10pt">Savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (13 U.S.C. 1813).</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-right: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT> <FONT STYLE="font-size: 10pt">Church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act (15 U.S.C. 80a-3).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 12pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 0 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">(j)</FONT></TD>
    <TD STYLE="padding: 0 0 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">Non-U.S. institution in accordance with &sect;240.13d-1(b)(1)(ii)(J).</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(k)</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">Group in accordance with &sect;240.13d-1(b)(1)(ii)(K).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">If filing as a non-U.S. institution in accordance with &sect;240.13d-1(b)(1)(ii)(J), please specify the type of institution: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U></FONT></TD></TR>
  </TABLE>
<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; width: 1in; padding-left: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Item 4.</B></FONT></TD>
    <TD STYLE="padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Ownership</B></FONT></TD></TR>
  </TABLE>
<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0.05pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; width: 1in; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 5%; padding-right: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Amount Beneficially Owned:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-right: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; text-align: left; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">See responses to Item 9 on each cover page.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; text-align: left; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-top: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-top: 0; padding-right: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Percent of Class:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-top: 0; padding-right: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-top: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; text-align: left; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">See responses to Item 11 on each cover page.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; text-align: left; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-top: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; text-align: left; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Number of shares as to which such person has:</FONT></TD></TR>
  </TABLE>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 12pt; padding-right: 0; padding-left: 0; width: 1in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 12pt; padding-right: 0; vertical-align: top; padding-left: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 12pt; padding-right: 0; padding-left: 0; text-align: left; width: 5%"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="padding-top: 12pt; padding-right: 0; vertical-align: top; padding-left: 0">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5pt"><B>Sole power to vote or to direct the vote:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5pt">See responses to Item 5 on each cover page.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5pt">&nbsp;</P>


    </TD>
    </TR>
</TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 0; width: 32%; border: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>CUSIP No. 714236106</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>13G/A</B></FONT></TD>
    <TD STYLE="text-align: center; padding-right: 0; width: 32%; border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Page
    7 of 8</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="padding-top: 0; vertical-align: top; padding-right: 0; padding-left: 0">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5pt"><B>Shared power to vote or to direct the vote:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5pt">See responses to Item 6 on each cover page.</P></TD>
    </TR>
  <TR>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0; padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 0; vertical-align: top; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="padding-right: 0; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Sole power to dispose or to direct the disposition of:</B></FONT></TD>
    </TR>

<TR>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0; padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; width: 1in; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 8%; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-right: 0"><FONT STYLE="font-size: 10pt">See responses to Item 7 on each cover page.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; padding-right: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; text-align: center; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.75pt"><B>Shared power to dispose or to direct the disposition
    of:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.75pt">See responses to Item 8 on each cover page.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; width: 1in; padding-left: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Item 5.</B></FONT></TD>
    <TD STYLE="padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Ownership of Five Percent or Less of a Class.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; width: 1in; padding-left: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Item 6.</B></FONT></TD>
    <TD STYLE="padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Ownership of More than Five Percent on Behalf of Another Person.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; width: 1in; padding-left: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Item 7.</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company.</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; width: 1in; padding-left: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Item 8.</B></FONT></TD>
    <TD STYLE="padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Identification and Classification of Members of the Group.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0.05pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; width: 1in; padding-left: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Item 9.</B></FONT></TD>
    <TD STYLE="padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Notice of Dissolution of Group.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; width: 1in; padding-left: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Item 10.</B></FONT></TD>
    <TD STYLE="padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Certification.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction
having that purpose or effect, other than activities solely in connection with a nomination under &sect;240.14a-11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 68.95pt">&nbsp;</P>




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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->














<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: center; width: 32%; border: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>CUSIP No. 714236106</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>13G/A</B></FONT></TD>
    <TD STYLE="padding-right: 0; text-align: center; width: 32%; border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Page 8 of 8</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.6pt 0 0; text-align: center"><U>SIGNATURE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.6pt 18.6pt 0 15pt; text-indent: 0.5in">After reasonable inquiry and to the
best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 15pt">Dated: February 13, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">SOFTVEST
    ADVISORS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">/s/
    Eric Oliver&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Eric
    Oliver</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">President and
    Managing Member</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-right: 0; vertical-align: top; padding-left: 0"><FONT STYLE="font-size: 10pt">SOFTVEST,
    LP</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-right: 0; vertical-align: top; padding-left: 0">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 0; padding-right: 0; width: 50%; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: top; width: 5%; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">SOFTVEST
    GP I, LLC, the General Partner</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; vertical-align: top; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">/s/
    Eric Oliver&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Eric
    Oliver</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">President and
    Managing Member</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">SOFTVEST
    GP I, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">/s/
    Eric Oliver&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Eric
    Oliver</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">President
    and Managing Member</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
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    <TD STYLE="padding-right: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>ex1.htm
<DESCRIPTION>JOINT FILING AGREEMENT
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="border-top: Black 4pt solid; font-size: 1pt; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="pbt-sc13ga_123122.htm">SoftVest Advisors, LLC SC 13G/A</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>JOINT FILING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In accordance with Rule&nbsp;13d-1(k)(1)&nbsp;promulgated&nbsp;under
the&nbsp;Securities Exchange Act of 1934, the&nbsp;undersigned agree to the joint filing of a Statement on Schedule 13G (including&nbsp;any
and all amendments thereto) with respect to the Units of Beneficial Interest of Permian Basin Royalty Trust&nbsp;and further agree to
the filing of this agreement&nbsp;as an Exhibit thereto. In addition, each party to this Agreement expressly authorizes each other party
to this Agreement to file on its behalf any and all amendments to such Statement on Schedule 13G.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: February 13, 2023</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">SOFTVEST
    ADVISORS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">/s/
    Eric Oliver&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Eric
    Oliver</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">President and
    Managing Member</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-right: 0; vertical-align: top; padding-left: 0"><FONT STYLE="font-size: 10pt">SOFTVEST,
    LP</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-right: 0; vertical-align: top; padding-left: 0">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 0; padding-right: 0; width: 50%; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: top; width: 5%; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">SOFTVEST
    GP I, LLC, the General Partner</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; vertical-align: top; padding-top: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">/s/
    Eric Oliver&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Eric
    Oliver</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">President and
    Managing Member</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 3pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">SOFTVEST
    GP I, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">/s/
    Eric Oliver&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Eric
    Oliver</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">President
    and Managing Member</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

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