<SEC-DOCUMENT>0000950170-24-062500.txt : 20240520
<SEC-HEADER>0000950170-24-062500.hdr.sgml : 20240520
<ACCEPTANCE-DATETIME>20240520165153
ACCESSION NUMBER:		0000950170-24-062500
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240520
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20240520
DATE AS OF CHANGE:		20240520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PERMIAN BASIN ROYALTY TRUST
		CENTRAL INDEX KEY:			0000319654
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				756280532
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08033
		FILM NUMBER:		24965363

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARGENT TRUST COMPANY
		STREET 2:		3838 OAK LAWN AVE., SUITE 1720
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75219-4518
		BUSINESS PHONE:		9729191360

	MAIL ADDRESS:	
		STREET 1:		C/O ARGENT TRUST COMPANY
		STREET 2:		3838 OAK LAWN AVE., SUITE 1720
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75219-4518
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>2024-05_pbt_8-k_template.htm
<DESCRIPTION>8-K
<TEXT>
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  <div class="section-group" style="margin:auto;padding-left:0.5in;width:7.5in;padding-right:0.5in;"><div style="min-height:0.5in;"></div><p style="border-top:2.25pt double #000000;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:5.75pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:18pt;font-family:Times New Roman;min-width:fit-content;">UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br></font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">WASHINGTON, D.C. 20549</font></p><p style="margin-left:216pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:0.75pt solid #000000;margin-right:3in;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:18pt;font-family:Times New Roman;min-width:fit-content;">FORM 8-K</font></p><p style="margin-left:216pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:0.75pt solid #000000;margin-right:3in;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">CURRENT REPORT</font></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:6pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></p>
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     <td style="padding-top:0.01in;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.02986111111111111in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Date of Report: May 20, 2024</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;"> </font></p></td>
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   </table><p style="margin-left:216pt;font-size:10pt;margin-top:5pt;font-family:Times New Roman;margin-bottom:0;border-bottom:0.75pt solid #000000;margin-right:3in;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:5pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:24pt;font-family:Times New Roman;min-width:fit-content;">PERMIAN BASIN ROYALTY TRUST</font></p><p style="font-size:10pt;margin-top:3pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;min-width:fit-content;">(Exact name of Registrant as Specified in Its Charter)</font></p><p style="margin-left:216pt;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;border-bottom:0.75pt solid #000000;margin-right:3in;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
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     <td colspan="3" style="padding-top:0.01in;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Texas</font></p></td>
     <td style="padding-top:0.01in;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">1-8033</font></p></td>
     <td style="padding-top:0.01in;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">75-6280532</font></p></td>
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     <td colspan="3" style="padding-top:0.01in;vertical-align:top;"><p style="font-size:7.5pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">(State or Other Jurisdiction<br>of Incorporation)</font></p></td>
     <td style="padding-top:0.01in;vertical-align:top;"><p style="font-size:7.5pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">(Commission File Number)</font></p></td>
     <td style="padding-top:0.01in;vertical-align:top;"><p style="font-size:7.5pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">(IRS Employer<br>Identification No.)</font></p></td>
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     <td style="padding-top:0.01in;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="padding-top:0.01in;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="padding-top:0.01in;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="padding-top:0.01in;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="padding-top:0.01in;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
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     <td colspan="3" style="padding-top:0.01in;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Argent Trust Company</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">3838 Oak Lawn Ave.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Suite 1720</font></p></td>
     <td colspan="2" style="padding-top:0.01in;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
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     <td colspan="3" style="padding-top:0.01in;vertical-align:top;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Dallas, Texas</font></p></td>
     <td style="padding-top:0.01in;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="padding-top:0.01in;vertical-align:bottom;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">75219</font></p></td>
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     <td colspan="3" style="padding-top:0.01in;vertical-align:top;"><p style="font-size:7.5pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">(Address of Principal Executive Offices)</font></p></td>
     <td style="padding-top:0.01in;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="padding-top:0.01in;vertical-align:top;"><p style="font-size:7.5pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">(Zip Code)</font></p></td>
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     <td style="padding-top:0.125in;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.02986111111111111in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Registrant&#x2019;s Telephone Number, Including Area Code:</font><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">855</font><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">588-7839</font></p></td>
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   </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;min-width:fit-content;">(Former Name or Former Address, if Changed Since Last Report)</font></p><p style="margin-left:216pt;font-size:10pt;margin-top:9.35pt;font-family:Times New Roman;margin-bottom:0;border-bottom:0.75pt solid #000000;margin-right:3in;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:9.35pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p><div style="margin-left:24.45pt;text-indent:-24.5pt;padding-left:24.5pt;margin-top:6pt;margin-bottom:0;text-align:left;"><font style="margin-right:1em;"><font style="font-size:10pt;font-family:Times New Roman;">&#9744;</font></font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div><div style="margin-left:24.45pt;text-indent:-24.5pt;padding-left:24.5pt;margin-top:6pt;margin-bottom:0;text-align:left;"><font style="margin-right:1em;"><font style="font-size:10pt;font-family:Times New Roman;">&#9744;</font></font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div><div style="margin-left:24.45pt;text-indent:-24.5pt;padding-left:24.5pt;margin-top:6pt;margin-bottom:0;text-align:left;"><font style="margin-right:1em;"><font style="font-size:10pt;font-family:Times New Roman;">&#9744;</font></font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div><div style="margin-left:24.45pt;text-indent:-24.5pt;padding-left:24.5pt;margin-top:6pt;margin-bottom:0;text-align:left;"><font style="margin-right:1em;"><font style="font-size:10pt;font-family:Times New Roman;">&#9744;</font></font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:9pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Securities registered pursuant to Section 12(b) of the Act:</font></p>
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     <td style="padding-top:0.01in;vertical-align:top;border-bottom:0.25pt solid;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;"><br>Title of each class</font></p></td>
     <td style="padding-top:0.01in;vertical-align:top;border-bottom:0.25pt solid #ffffff03;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="padding-top:0.01in;vertical-align:top;border-bottom:0.25pt solid;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Trading<br>Symbol(s)</font></p></td>
     <td style="padding-top:0.01in;vertical-align:top;border-bottom:0.25pt solid #ffffff03;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="padding-top:0.01in;vertical-align:top;border-bottom:0.25pt solid;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;"><br>Name of each exchange on which registered</font></p></td>
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     <td style="padding-top:0.01in;vertical-align:top;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Units of Beneficial Interest</font></p></td>
     <td style="padding-top:0.01in;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="padding-top:0.01in;vertical-align:top;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">PBT</font></p></td>
     <td style="padding-top:0.01in;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="padding-top:0.01in;vertical-align:top;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">New York Stock Exchange</font></p></td>
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     <td style="padding-top:0.01in;vertical-align:top;"><p style="font-size:10pt;margin-top:4.3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">By:</font><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
     <td style="padding-top:0.01in;vertical-align:top;border-bottom:0.25pt solid;"><p style="font-size:10pt;margin-top:4.3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">/s/ Jana Egeler</font><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
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     <td style="padding-top:0.01in;vertical-align:top;"><p style="font-size:10pt;margin-top:0.7pt;font-family:Times New Roman;margin-bottom:9.35pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Jana Egeler</font><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"><br></font><font style="color:#000000;white-space:pre-wrap;font-style:italic;min-width:fit-content;">Vice President and Trust Administrator</font></p></td>
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<TYPE>EX-99.1
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  <div class="section-group" style="margin:auto;padding-left:0.4in;width:7.699999999999999in;padding-right:0.4in;"><div style="padding-top:0.5in;min-height:0.25in;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;min-width:fit-content;">&#160;</font></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p><p style="margin-left:7pt;font-size:10pt;margin-top:3.55pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;min-width:fit-content;">													</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Arial;min-width:fit-content;">Exhibit 99.1</font></p><p style="margin-left:7pt;font-size:10pt;margin-top:3.55pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;min-width:fit-content;">Permian Basin Royalty Trust</font></p><p style="margin-left:5.55pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;">&#160;</font></p><p style="margin-left:161.9pt;text-indent:31.65pt;font-size:10pt;margin-top:4.65pt;font-family:Times New Roman;margin-bottom:0;margin-right:1.8097222222222225in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;min-width:fit-content;">PERMIAN BASIN ROYALTY TRUST ANNOUNCES MAY CASH DISTRIBUTION; WITH THE OMISSION OF WADDELL RANCH PROPERTIES PROCEEDS</font></p><p style="font-size:10pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;">&#160;</font></p><p style="margin-left:6.95pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.09166666666666666in;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Arial;min-width:fit-content;">DALLAS, Texas, May 20, 2024 </font><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;">&#x2013; Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) (&#x201c;Permian&#x201d; or the &#x201c;Trust&#x201d;) today declared a cash distribution to the holders of its units of beneficial interest of $0.020052 per unit, payable on June 14, 2024, to unit holders of record on May 31, 2024. The distribution does not include proceeds from the Waddell Ranch properties for the reasons described in more detail below.</font></p><p style="margin-left:6.95pt;text-indent:35.95pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.1638888888888889in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;">This month&#x2019;s distribution decreased from the previous month due mainly to the omission of proceeds from the Waddell Ranch properties and, for the Texas Royalty Properties, lower volumes produced for the month for both oil and gas, partially offset by higher oil and gas prices for the month reported.</font><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;"> </font></p><p style="margin-left:7pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Arial;min-width:fit-content;">WADDELL RANCH</font></p><p style="margin-left:7.2pt;text-indent:36pt;font-size:10pt;margin-top:0.1pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.1597222222222222in;text-align:left;" id="ole_link1"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;">Notwithstanding requests from the Trustee to Blackbeard Operating, LLC (&#x201c;Blackbeard&#x201d;), the operator of the Waddell Ranch properties, and the fact that Blackbeard has provided this information on a monthly basis since Argent Trust Company has become Trustee of the Trust, Blackbeard has refused to provide the Trustee information necessary to calculate the net profits interest (&#x201c;NPI&#x201d;) proceeds as of the announcement date for this month&#x2019;s distribution. As a result of Blackbeard&#x2019;s failure to provide this information by the NYSE notification date for the distribution, in accordance with the Trust indenture, if NPI proceeds are received from the Waddell Ranch properties on or prior to the record date, they will be included in the June distribution, rather than the May distribution. The Trustee will provide additional information as it becomes available.</font></p><p style="margin-left:7.05pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Arial;min-width:fit-content;">TEXAS ROYALTY PROPERTIES</font></p><p style="margin-left:7.05pt;text-indent:35.95pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.10694444444444445in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;">Production for the underlying Texas Royalty Properties was 16,335 barrels of oil and 7,699 Mcf of gas. The production for the Trust&#x2019;s allocated portion of the Texas Royalty Properties was 14,569 barrels of oil and 6,865 Mcf of gas. The average price for oil was $78.00 per bbl and for gas was $11.16, which includes significant NGL pricing, per Mcf. This would mainly reflect production and pricing in February for oil and January for gas. These allocated volumes were impacted by the pricing of both oil and gas. This production and pricing for the underlying properties resulted in revenues for the Texas Royalty Properties of $1,360,024. Deducted from these revenues were taxes of $142,874, resulting in a Net Profit of $1,217,150 for May. With the Trust&#x2019;s Net Profit Interest (NPI) of 95% of the Underlying Properties, this would result in a net contribution by the Texas Royalty Properties of $1,156,292 to this month&#x2019;s distribution.</font><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;">  </font></p><p style="margin-left:7.05pt;text-indent:35.95pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.10694444444444445in;text-align:left;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0.45pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:6.5pt;font-family:Arial;min-width:fit-content;">&#160;</font></p>
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     <td style="width:18.367%;"></td>
     <td style="width:11.429%;"></td>
     <td style="width:13.265%;"></td>
     <td style="width:12.245%;"></td>
     <td style="width:13.265%;"></td>
     <td style="width:15.306%;"></td>
     <td style="width:16.122%;"></td>
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    <tr style="height:20.9pt;word-break:break-word;white-space:pre-wrap;">
     <td style="border-top:0.5pt solid #000000;border-right:0.5pt solid #000000;border-left:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td colspan="2" style="border-top:0.5pt solid #000000;border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0.45pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-family:Arial;min-width:fit-content;">&#160;</font></p><p style="margin-left:15.2pt;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">Underlying Properties</font></p></td>
     <td colspan="2" style="border-top:0.5pt solid #000000;border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0.45pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-family:Arial;min-width:fit-content;">&#160;</font></p><p style="margin-left:28.5pt;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">Net to Trust Sales</font></p></td>
     <td colspan="2" style="border-top:0.5pt solid #000000;border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
    </tr>
    <tr style="height:10.1pt;word-break:break-word;white-space:pre-wrap;">
     <td style="border-right:0.5pt solid #000000;border-left:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td colspan="2" style="border-right:0.5pt solid #000000;text-indent:40.25pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:40.25pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.5569444444444445in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">Volumes</font></p></td>
     <td colspan="2" style="border-right:0.5pt solid #000000;text-indent:46.35pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:46.35pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.6423611111111112in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">Volumes</font></p></td>
     <td colspan="2" style="border-right:0.5pt solid #000000;text-indent:22.9pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:22.9pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.31736111111111115in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">Average Price</font></p></td>
    </tr>
    <tr style="height:20.9pt;word-break:break-word;white-space:pre-wrap;">
     <td style="border-right:0.5pt solid #000000;border-left:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:13.5pt;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="margin-left:13.5pt;text-indent:5.75pt;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.18194444444444444in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">Oil (bbls)</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:23.1pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:23pt;text-indent:-0.1pt;padding-left:0.1pt;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.31666666666666665in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">Gas (Mcf)</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:22.25pt;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="margin-left:22.25pt;text-indent:5.75pt;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.3020833333333333in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">Oil (bbls)</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:20.55pt;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="margin-left:20.55pt;text-indent:1.9pt;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.2777777777777778in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">Gas (Mcf) </font><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;min-width:fit-content;">(1)</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="text-indent:9.95pt;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.3451388888888889in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">Oil</font></p><p style="text-indent:9.95pt;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.3451388888888889in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">(per bbl)</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="text-indent:9.7pt;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.27847222222222223in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">Gas</font></p><p style="text-indent:9.7pt;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.27847222222222223in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">(per Mcf)</font><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;min-width:fit-content;">(2)</font></p></td>
    </tr>
    <tr style="height:12.25pt;word-break:break-word;white-space:pre-wrap;">
     <td style="border-right:0.5pt solid #000000;text-indent:31.5pt;border-left:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="margin-left:31.5pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-family:Arial;min-width:fit-content;">Current Month</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
    </tr>
    <tr style="height:12.25pt;word-break:break-word;white-space:pre-wrap;">
     <td style="border-right:0.5pt solid #000000;text-indent:31.5pt;border-left:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="margin-left:31.5pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-family:Arial;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
    </tr>
    <tr style="height:12.95pt;word-break:break-word;white-space:pre-wrap;">
     <td style="border-right:0.5pt solid #000000;text-indent:5.35pt;border-left:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="margin-left:5.35pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">Waddell Ranch</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:8pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:8pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.10694444444444445in;text-align:center;"><font style="white-space:pre-wrap;font-size:5.36pt;font-family:Arial;min-width:fit-content;">&#160;</font></p><p style="margin-left:8pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.10694444444444445in;text-align:center;"><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;min-width:fit-content;">(3)</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:16.5pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:16.5pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.22708333333333336in;text-align:center;"><font style="white-space:pre-wrap;font-size:5.36pt;font-family:Arial;min-width:fit-content;">&#160;</font></p><p style="margin-left:16.5pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.22708333333333336in;text-align:center;"><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;min-width:fit-content;">(3)</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:16.55pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:16.55pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.22847222222222222in;text-align:center;"><font style="white-space:pre-wrap;font-size:5.36pt;font-family:Arial;min-width:fit-content;">&#160;</font></p><p style="margin-left:16.55pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.22847222222222222in;text-align:center;"><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;min-width:fit-content;">(3)</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:12.25pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:12.25pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.16736111111111113in;text-align:center;"><font style="white-space:pre-wrap;font-size:5.36pt;font-family:Arial;min-width:fit-content;">&#160;</font></p><p style="margin-left:12.25pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.16736111111111113in;text-align:center;"><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;min-width:fit-content;">(3)</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:29.8pt;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="margin-left:29.8pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:5.36pt;font-family:Arial;min-width:fit-content;">&#160;</font></p><p style="margin-left:29.8pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;min-width:fit-content;">&#160;&#160;&#160;&#160;&#160;&#160;(3)</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:23.05pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:23.05pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.31736111111111115in;text-align:center;"><font style="white-space:pre-wrap;font-size:5.36pt;font-family:Arial;min-width:fit-content;">&#160;</font></p><p style="text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.31736111111111115in;text-align:center;"><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;min-width:fit-content;">&#160;&#160;&#160;&#160;&#160;&#160;(3)</font></p></td>
    </tr>
    <tr style="height:12.95pt;word-break:break-word;white-space:pre-wrap;">
     <td style="border-right:0.5pt solid #000000;text-indent:5.35pt;border-left:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="margin-left:5.35pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">Texas Royalties</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:7.95pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:7.95pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.10694444444444445in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">16,335</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:16.5pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:16.5pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.22708333333333336in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">7,699</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:16.55pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:16.55pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.22847222222222222in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">14,569</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:12.25pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:12.25pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.16736111111111113in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">6,865</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:29.8pt;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="margin-left:29.8pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">$78.00</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:23.05pt;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="margin-left:23.05pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.31736111111111115in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">$11.16</font></p></td>
    </tr>
    <tr style="height:12.95pt;word-break:break-word;white-space:pre-wrap;">
     <td style="border-right:0.5pt solid #000000;border-left:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
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    <tr style="height:12.95pt;word-break:break-word;white-space:pre-wrap;">
     <td style="border-right:0.5pt solid #000000;text-indent:37.3pt;border-left:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="margin-left:37.3pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-family:Arial;min-width:fit-content;">Prior Month</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
     <td style="border-right:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
    </tr>
    <tr style="height:12.95pt;word-break:break-word;white-space:pre-wrap;">
     <td style="border-right:0.5pt solid #000000;text-indent:5.35pt;border-left:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="margin-left:5.35pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">Waddell Ranch</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:8pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:8pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.10694444444444445in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">242,891</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:16.5pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:16.5pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.22708333333333336in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">1,395,453</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:16.6pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:16.6pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.22847222222222222in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">182,168</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:12.25pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:12.25pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.16736111111111113in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">1,046,590</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:29.8pt;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="margin-left:29.8pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">$75.09</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:23.05pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:23.05pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.31736111111111115in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">$2.12</font></p></td>
    </tr>
    <tr style="height:12.25pt;word-break:break-word;white-space:pre-wrap;">
     <td style="border-right:0.5pt solid #000000;text-indent:5.35pt;border-left:0.5pt solid #000000;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="margin-left:5.35pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">Texas Royalties</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:7.95pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:7.95pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.10694444444444445in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">17,006</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:16.5pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:16.5pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.22708333333333336in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">9,815</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:16.55pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:16.55pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.22847222222222222in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">15,152</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:12.25pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:12.25pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.16736111111111113in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">8,744</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:29.8pt;vertical-align:top;border-bottom:0.5pt solid #000000;"><p style="margin-left:29.8pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">$73.77</font></p></td>
     <td style="border-right:0.5pt solid #000000;text-indent:23.05pt;vertical-align:top;border-bottom:0.5pt solid #000000;text-align:left;"><p style="margin-left:23.05pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.31736111111111115in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">$8.76</font></p></td>
    </tr>
   </table><p style="margin-left:24.6pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:5.36pt;font-family:Arial;min-width:fit-content;">(1)</font><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;"> These volumes are net to the Trust, after allocation of expenses to Trust&#x2019;s net profit interest, including any prior period adjustments.</font></p><p style="margin-left:24.6pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:5.36pt;font-family:Arial;min-width:fit-content;">(2) </font><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;">This pricing includes sales of gas liquid products.</font></p><p style="margin-left:24.6pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:5.36pt;font-family:Arial;min-width:fit-content;">(3)</font><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;"> Information not available as of the date hereof.</font></p><p style="margin-left:7pt;text-indent:-0.05pt;padding-left:0.05pt;font-size:10pt;margin-top:0.1pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.1638888888888889in;text-align:left;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0.5pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;">&#160;</font></p><p style="margin-left:7pt;text-indent:35.95pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;">General and Administrative Expenses deducted for the month, net of interest earned were $221,657 resulting in a distribution of $934,635 to 46,608,796 units outstanding, or $0.020052 per unit.</font></p><p style="margin-left:6.95pt;text-indent:36pt;font-size:10pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;">The worldwide market conditions continue to affect the pricing for domestic production. It is difficult to predict what effect these conditions will have on future distributions.</font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;font-style:italic;min-width:fit-content;">Trust Litigation</font><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;">. On May 8, 2024, the Trustee announced that it had initiated a lawsuit by filing a petition in the District Court of Tarrant County, Texas against Blackbeard Operating, LLC (&#x201c;Blackbeard&#x201d;), the operator of properties in the Waddell Ranch, in Crane County, Texas, in which the Trust holds a 75% net overriding royalty.</font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;">Pursuant to the petition, the Trustee seeks to recover more than $15 million in damages to the Trust resulting from overhead costs and other expenses the Trustee alleges were impermissibly deducted from royalty payments to the Trust. The Trustee routinely engages in audits of the revenues and expenses with respect to the Trust&#x2019;s royalty payments. In connection with its audit for the period from 2020-2022 the Trustee identified exceptions to certain expenses deducted from the Trust&#x2019;s royalty payments, including among other things, incorrect overhead charges, application of overhead charges to non-producing wells, duplicate charges for services, materials and utilities as well as other expenses the Trustee alleges are ineligible charges. Attempts to resolve the disputed charges outside of court have been unsuccessful to date.</font></p><p style="margin-left:7pt;text-indent:35.95pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.09375in;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;">The 2023 Annual Report with Form 10-K, which includes the December 31, 2023, Reserve Summary, is posted on Permian&#x2019;s website. Permian&#x2019;s cash distribution history, current and prior year financial reports, tax information booklets, and a link to filings made with the Securities and Exchange Commission, all can be found on Permian&#x2019;s website at </font><font><font style="white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Arial;min-width:fit-content;">http://www.pbt-permian.com/</font><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;">.</font></font><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;"> Additionally, printed reports can be requested and are mailed free of charge.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.2743055555555556in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Arial;min-width:fit-content;">*	*	*</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.2743055555555556in;text-align:center;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;">&#160;</font></p><p style="margin-left:43pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;">Contact: Jana Egeler, Vice President, Argent Trust Company, Trustee, Toll Free &#x2013; 1.855.588.7839</font></p><div style="flex-direction:column;display:flex;padding-bottom:0.5in;min-height:0.19in;justify-content:flex-end;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;min-width:fit-content;">&#160;</font></p></div>
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