<SEC-DOCUMENT>0001104659-25-098559.txt : 20251010
<SEC-HEADER>0001104659-25-098559.hdr.sgml : 20251010
<ACCEPTANCE-DATETIME>20251010085341
ACCESSION NUMBER:		0001104659-25-098559
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20251010
DATE AS OF CHANGE:		20251010

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PERMIAN BASIN ROYALTY TRUST
		CENTRAL INDEX KEY:			0000319654
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				756280532
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-34075
		FILM NUMBER:		251386374

	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

FILED BY:		

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

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D

	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>SCHEDULE 13D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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    <submissionType>SCHEDULE 13D</submissionType>
    <filerInfo>
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          <ccc>XXXXXXXX</ccc>
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      <securitiesClassTitle>Units of Beneficial Interest</securitiesClassTitle>
      <dateOfEvent>10/09/2025</dateOfEvent>
      <previouslyFiledFlag>true</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0000319654</issuerCIK>
        <issuerCUSIP>714236106</issuerCUSIP>
        <issuerName>Permian Basin Royalty Trust</issuerName>
        <address>
          <com:street1>3838 Oak Lawn Ave</com:street1>
          <com:street2>Suite 1720</com:street2>
          <com:city>Dallas</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>75219</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Eric L. Oliver</personName>
          <personPhoneNum>(650) 516-4310</personPhoneNum>
          <personAddress>
            <com:street1>c/o SoftVest Advisors, LLC</com:street1>
            <com:street2>400 Pine Street, Suite 1010</com:street2>
            <com:city>Abilene</com:city>
            <com:stateOrCountry>TX</com:stateOrCountry>
            <com:zipCode>79601</com:zipCode>
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        <reportingPersonCIK>0001803391</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>SoftVest Advisors, LLC</reportingPersonName>
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        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
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        <typeOfReportingPerson>IA</typeOfReportingPerson>
        <commentContent>Percentage based on 46,608,796 Units of Beneficial Interest (as defined below) of the Issuer (as defined below) outstanding as reported in the Issuer's Form 10-Q filed with the SEC on August 13, 2025.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>SoftVest GP I, LLC</reportingPersonName>
        <fundType>AF</fundType>
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        <aggregateAmountOwned>6217107.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>13.3</percentOfClass>
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        <commentContent>Percentage based on 46,608,796 Units of Beneficial Interest (as defined below) of the Issuer (as defined below) outstanding as reported in the Issuer's Form 10-Q filed with the SEC on August 13, 2025. SoftVest GP I, LLC is the general partner of, and may be deemed to beneficially own securities owned by, SoftVest, L.P.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>SoftVest, L.P.</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>6217107.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>6217107.00</sharedDispositivePower>
        <aggregateAmountOwned>6217107.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>13.3</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
        <commentContent>Percentage based on 46,608,796 Units of Beneficial Interest (as defined below) of the Issuer (as defined below) outstanding as reported in the Issuer's Form 10-Q filed with the SEC on August 13, 2025.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Eric L. Oliver</reportingPersonName>
        <fundType>AF</fundType>
        <fundType>PF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>6217107.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>6217107.00</sharedDispositivePower>
        <aggregateAmountOwned>6217107.00</aggregateAmountOwned>
        <isAggregateExcludeShares>Y</isAggregateExcludeShares>
        <percentOfClass>13.3</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>Excludes 17,000 Units of Beneficial Interest held by family members of and partnerships for the benefit of the family of Eric L. Oliver. Mr. Oliver disclaims beneficial ownership of any such Units of Beneficial Ownership except to the extent of any pecuniary interest therein.

Percentage based on 46,608,796 Units of Beneficial Interest (as defined below) of the Issuer (as defined below) outstanding as reported in the Issuer's Form 10-Q filed with the SEC on August 13, 2025.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Units of Beneficial Interest</securityTitle>
        <issuerName>Permian Basin Royalty Trust</issuerName>
        <issuerPrincipalAddress>
          <com:street1>3838 Oak Lawn Ave</com:street1>
          <com:street2>Suite 1720</com:street2>
          <com:city>Dallas</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>75219</com:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item2>
        <filingPersonName>This Schedule 13D is being filed by (i) SoftVest Advisors, LLC, a Delaware limited liability company ("SoftVest Advisors"), (ii) SoftVest, LP, a Delaware limited partnership ("SoftVest, LP"), (iii) SoftVest GP I, LLC, a Delaware limited liability company ("SoftVest GP,"), and (iv) Eric L. Oliver, an individual ("Mr. Oliver", and together with SoftVest Advisors, SoftVest, LP, and SoftVest GP, the "Reporting Persons", and individually, a "Reporting Person"). SoftVest Advisors is the investment manager of SoftVest, LP. SoftVest GP is the general partner of SoftVest, LP. Mr. Oliver is the managing member of SoftVest GP.</filingPersonName>
        <principalBusinessAddress>The principal business address of the Reporting Persons is 400 Pine Street, Suite 1010, Abilene, TX, 79601.</principalBusinessAddress>
        <principalJob>The principal business of SoftVest Advisors is to serve as investment manager of SoftVest, LP. The principal business SoftVest GP is to act as general partner to SoftVest, LP. SoftVest, LP is a hedge fund specializing in the ownership of oil and gas minerals and royalties. The principal occupation of Mr. Oliver is serving as President and managing member of SoftVest Advisors.</principalJob>
        <hasBeenConvicted>During the last five years, none of the Reporting Persons (i) have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.</hasBeenConvicted>
        <convictionDescription>During the last five years, none of the Reporting Persons (i) have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.</convictionDescription>
        <citizenship>See response to Item 6 of each of the cover pages.</citizenship>
      </item2>
      <item3>
        <fundsSource>SoftVest, LP expended an aggregate of approximately $51.7 million of its own investment capital to acquire the 6,217,107.00Units beneficially owned by it.

The Reporting Persons may effect purchases of Units through margin accounts maintained for them with brokers, which extend margin credit as and when required to open or carry positions in their margin accounts, subject to applicable federal margin regulations, stock exchange rules and such firms' credit policies. Positions in Units may be held in margin accounts and may be pledged as collateral security for the repayment of debit balances in such accounts. Such margin accounts may from time to time have debit balances. In addition, since other securities may be held in such margin accounts, it may not be possible to determine the amounts, if any, of margin used to purchase Units.</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>The Reporting Persons acquired the Units for investment purposes.

The Reporting Persons believe in the financial strength of the Trust and its underlying assets and commend Argent Trust Company, as trustee for the Trust (the "Trustee") for its stewardship of the Trust, including the favorable settlement in August 2025 of its litigation against Blackbeard Operating, LLC ("Blackbeard"), the operator of the properties in the Waddell Ranch, in Crane County, Texas, in which the Trust holds a 75% net overriding royalty.

Following preliminary conversations with the Trustee, Blackbeard and other industry participants, the Reporting Persons have come to the belief that Trust Unit holders would be better positioned to maximize value for their interests in the Trust if the Trust was converted into a publicly traded corporation (the "Proposed Conversion"). The Proposed Conversion would be effected by means of (1) the transfer of the Trust's assets to a newly-formed corporation (the "Newco"), (2) the subsequent distribution of Newco's shares to Unit holders and (3) the termination of the Trust.

Among other things, the Proposed Conversion (i) would allow management by a board of directors operating under modern governance principles and (ii) would enable Newco to explore value maximizing transactions. These transactions could include, among other things (collectively, the "Potential Strategic Transactions"):

-      restructuring the Trust's existing net overriding royalty interests in the Waddell Ranch (which are subject to deductions for accrued production costs associated with drilling, maintaining and abandonment of wells) into interests in (x) a traditional royalty on the minerals and surface that is not burdened by production costs and (y) the operating company;

-      participating in the monetization of the knowledge and expertise gained by Blackbeard in operating the Trust properties; and

-      implementation of a hedging strategy, which would better align the economic incentives of Blackbeard and Newco.

We believe the forgoing types of transactions are currently a restricted activity under the Royalty Trust Indenture of the Trust dated November 1, 1980, as later restated and amended (the "Trust Indenture").

The Trust Indenture requires the affirmative vote of at least 75% of the outstanding Units to take the actions needed to effect the Proposed Conversion. The Reporting Persons have been advised that achieving such a vote is practically impossible given the disperse ownership of Units and historical lack of participation by Unit holders at special meetings. By way of illustration, the last special meeting of Unit holders, held on May 4, 2022, garnered a quorum of just approximately 54.8% of the outstanding Units after a solicitation period of over three months. In fact, the special meeting, which was initially scheduled for April 5, 2022, had to be adjourned due to lack of a requisite quorum. Therefore, the Reporting Persons believe that the only pragmatic path to effect the Proposed Conversion is by means of a judicial reformation of the Trust Indenture to allow for the approval of any amendment to the Trust Indenture by a simple majority of votes cast by Unit holders at a special meeting (at which a quorum is present) (the "Indenture Reformation").

In furtherance of the foregoing, and in coordination with the Trustee, the Reporting Persons intend to take reasonable steps to request that the Trustee call a special meeting (the "Special Meeting") of holders of Units to consider and vote on a non-binding proposal in support of SoftVest Advisors or another appropriate party taking appropriate actions to effect the Indenture Reformation (the "Proposal"). If the Proposal is approved at the Special Meeting by the affirmative vote of a majority of Units cast at a special meeting (at which a quorum is present), the Reporting Persons currently intend to seek, as beneficiaries, the Indenture Reformation in a court of competent jurisdiction.

Under the Trust Indenture the Special Meeting will be called by the Trustee at the written request of Unit holders owning not less than 15% of the then outstanding Units. The Reporting Persons intend to engage in discussions with one or more Unit holders to get support to call the Special Meeting. In respect to calling the Special Meeting, the Reporting Persons do not seek directly or indirectly, either on its own or another's behalf, the power to act as proxy for any Unit holder, and is not requesting or accepting any form of revocation, abstention, consent or authorization from any Unit holder.

On October 9, 2025, SoftVest Advisors and the Trustee entered into a Coordination and Confidentiality Agreement (the "Coordination Agreement"), pursuant to which, among other things, (1) SoftVest Advisors will file preliminary proxy materials with the Securities and Exchange Commission to solicit proxies from Unit holders in support of the approval of the Proposal at the Special Meeting (the "Solicitation"); and (2) the Trustee in accordance with the Trust Indenture will cause to be furnished to SoftVest Advisors and its representatives such list Unit holders, of non-objective beneficial owners and other records reasonably available to the Trustee to facilitate the Solicitation. The foregoing description of the Coordination Agreement is qualified in its entirety by reference to the Coordination Agreement, a copy of which is attached hereto as Exhibit 1 and incorporated by reference herein.

The Reporting Persons cannot guarantee that (1) they will proceed to effect the Indenture Reformation, even if the Proposal is approved at the Special Meeting; (2) if the Proposal is approved and SoftVest Advisors or another party seeks the Indenture Reformation, an appropriate court would necessarily approve the Indenture Reformation on the terms sought, or at all (or the timing thereof) or (3) if the Proposed Conversion is completed, Blackbeard and its affiliates will enter into any Potential Strategic Transaction on terms acceptable to the board of directors of Newco, or that the board of directors of Newco will engage in any discussion related to a Potential Strategic Transaction. Furthermore, if the Proposal is approved at the Special Meeting and the Indenture Reformation is approved by an appropriate court on the terms sought, a further vote from Unit holders will be required to approve the final terms of the Proposed Conversion.

The Reporting Persons currently intend to engage in discussions with the Trustee, other Unit holders, and other industry participants (including Blackbeard) to discuss various opportunities to maximize the value of the Trust for the benefit of holders of the Units. Such discussions may include, among other subjects (1) the Proposed Conversion, including without limitation, the capitalization, dividend policy, business, corporate structure, management, board of directors, governance, charter and bylaws of Newco; (2) extraordinary corporate transactions in which Newco may engage, including, without limitation, any of the Potential Strategic Transactions or similar transactions; and (3) costs associated with transitioning the Trust business to Newco.

The Reporting Persons intend to review their investment in the Units on a continuing basis. Depending on various factors including, without limitation, the Trust's financial position and strategy, the price levels of the Units, conditions in the securities markets, general economic and industry conditions, and Unit holder support to complete the Indenture Reformation and Proposed Conversion, the Reporting Persons may in the future take such actions with respect to their investment in the Trust as they deem appropriate including, without limitation, (1) purchasing additional Units, (2) selling some or all of their Units, or (3) sponsoring or ceasing to sponsor the Indenture Reformation and Proposed Conversion. The Reporting Persons may also take other steps to increase value for the holders of Units as well as pursue other plans or proposals that relate to, or would result in, any of the matters set forth in subparagraphs (a)-(j) of Item 4 of Schedule 13D (including those described in this Item 4).

IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT

SoftVest, LP will file a proxy statement with the SEC in connection with the solicitation of proxies for the Special Meeting. SoftVest, LP will furnish the definitive proxy statement to holders of Units, together with a WHITE proxy card. INVESTORS ARE STRONGLY ADVISED TO READ THE PROXY STATEMENT BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Investors may obtain a free copy of the proxy statement, any amendments or supplements to the proxy statement and other documents that SoftVest, LP files with the SEC from the SEC's website at www.sec.gov.

The Reporting Persons may be deemed participants in the solicitation of proxies from holders of Units in connection with the Proposal. Information about such participants' beneficial ownership of Units is set forth under Item 5 below. Additional information regarding the interests of participants in the solicitation of proxies in connection with the Special Meeting will be included in the proxy statement that SoftVest, LP will file with the SEC.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>Percentages of the Units outstanding reported in this Schedule 13D are calculated based upon the 46,608,796 Units outstanding as reported in the Issuer's Form 10-Q filed with the SEC on August 13, 2025.

SoftVest, LP directly holds 6,217,107.00Units (the "Beneficially Owned Units"), which represents approximately 13.3% of the outstanding Units. SoftVest Advisors is the investment manager of SoftVest, LP, SoftVest GP is the general partner of SoftVest, LP, and Mr. Oliver is the managing member of SoftVest GP; as a result, each of Mr. Oliver, SoftVest Advisors, and SoftVest GP may be deemed to beneficially own the Units owned by SoftVest, LP. The Beneficially Owned Units exclude 17,000 Units held by family members of and partnerships for the benefit of the family of Eric L. Oliver. Mr. Oliver disclaims beneficial ownership of any such Units of Beneficial Ownership except to the extent of any pecuniary interest therein.</percentageOfClassSecurities>
        <numberOfShares>SoftVest, LP directly holds 6,217,107.00Units (the "Beneficially Owned Units"), which represents approximately 13.3% of the outstanding Units. SoftVest Advisors is the investment manager of SoftVest, LP, SoftVest GP is the general partner of SoftVest, LP, and Mr. Oliver is the managing member of SoftVest GP; as a result, each of Mr. Oliver, SoftVest Advisors, and SoftVest GP may be deemed to beneficially own the Units owned by SoftVest, LP. The Beneficially Owned Units exclude 17,000 Units held by family members of and partnerships for the benefit of the family of Eric L. Oliver. Mr. Oliver disclaims beneficial ownership of any such Units of Beneficial Ownership except to the extent of any pecuniary interest therein.</numberOfShares>
        <transactionDesc>None of the Reporting Persons have effected any transactions in the securities of PBT during the past sixty days. However, on September 19, 2025, a total of 8,587 short put options written by Softvest, LP expired according to their terms, as disclosed on the Form 4 filed by the Reporting Persons on September 22, 2025.</transactionDesc>
        <listOfShareholders>Except as set forth in this Item 5, no other person is known to have the right to receive, or the power to direct the receipt of, dividends from, or proceeds from the sale of Units.</listOfShareholders>
        <date5PercentOwnership>Not applicable.</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>Cooperation Agreement

The response to Item 4 of this Schedule 13D is incorporated herein by reference.

Joint Filing Agreement

On October 9, 2025, the Reporting Persons entered into a Joint Filing Agreement pursuant to which they agreed to the joint filing on behalf of each of them of this Schedule 13D (and any amendments thereto) with respect to the securities of PBT. Such Joint Filing Agreement is attached hereto as Exhibit 2.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>(1) Cooperation Agreement, dated October 9, 2025
(2) Joint Filing Agreement, dated October 9, 2025</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>SoftVest Advisors, LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Eric Oliver</signature>
          <title>Eric Oliver/President and Managing Member</title>
          <date>10/10/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>SoftVest GP I, LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Eric Oliver</signature>
          <title>Eric Oliver/President and Managing Member</title>
          <date>10/10/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>SoftVest, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>By: SoftVest GPI, LLC its general partner, /s/ Eric Oliver</signature>
          <title>Eric Oliver/President and Managing Member</title>
          <date>10/10/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Eric L. Oliver</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Eric Oliver</signature>
          <title>Eric Oliver</title>
          <date>10/10/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
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<DESCRIPTION>EXHIBIT 1
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<P STYLE="margin: 0"><B>&#8239;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&#8239;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Coordination and Confidentiality Agreement</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&#8239;</B></P>

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

<P STYLE="margin: 0">&#8239;</P>

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
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<P STYLE="margin: 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
Coordination and Confidentiality Agreement (this &ldquo;<U>Agreement</U>&rdquo;), dated as of October&#8239;9, 2025, is by and between
</FONT>SoftVest Advisors, LLC (together with its affiliates, &ldquo;<U>SoftVest</U>&rdquo;) and Argent Trust Company, as trustee (the
&ldquo;<U>Trustee</U>&rdquo;) for The Permian Basin Royalty Trust (the &ldquo;<U>Trust</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, SoftVest is the beneficial
owner of approximately 13.3% of the outstanding units of beneficial interest (&ldquo;<U>Units</U>&rdquo;) of the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, SoftVest has advised
the Trustee that SoftVest intends to present for a vote by Unit holders (&ldquo;<U>Unit Holders</U>&rdquo;) a proposal in support of SoftVest
or another appropriate party taking appropriate actions to effect the judicial reformation of the Trust&rsquo;s Indenture to provide that
the affirmative vote of a majority of Units cast at a special meeting (at which a quorum is present) be sufficient to approve any amendment
to the Trust Indenture (as such proposal may be modified by SoftVest in coordination with the Trustee, the &ldquo;<U>Proposal</U>&rdquo;);
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Trustee and SoftVest
will cooperate consistent with the terms of the Trust Indenture and this Agreement to present the Proposal to a vote of Unit Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IT IS AGREED by and between
SoftVest and the Trustee, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Consistent
with Section&#8239;8.02 of the Trust Indenture, upon receipt by the Trustee of written request(s)&#8239;by SoftVest and other Unit Holders
owning not less than 15% of the then outstanding Units in the aggregate, the Trustee will give notice of a special meeting of Unit Holders
to consider and vote on the Proposal (the &ldquo;<U>Special Meeting</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;SoftVest
will file preliminary proxy materials with the Securities and Exchange Commission to solicit proxies from Unit Holders in support of the
approval of the Proposal at the Special Meeting (the &ldquo;<U>Solicitation</U>&rdquo;). SoftVest and the Trustee (i)&#8239;will coordinate
in good faith the time, venue and record date for the Special Meeting, (ii)&#8239;will cooperate to provide any requisite notice to Unit
Holders of the Special Meeting, and (iii)&#8239;will take appropriate steps to commence a broker search in advance of the record date of
the Special Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
furtherance of the Solicitation and as permitted by Section&#8239;11.01 of the Trust Indenture, the Trustee will cause to be furnished
to SoftVest and its representatives such list of Unit Holders, list of non-objective beneficial owners and other records reasonably available
to the Trustee to facilitate the Solicitation (the &ldquo;<U>Records</U>&rdquo;), <U>provided</U> that SoftVest will reimburse the Trustee
for its reasonable out-of-pocket costs in obtaining such Records. Except as may be required by law, SoftVest and its representatives will
keep the Records confidential and shall not disclose, publish, communicate, or transmit any of the Records to any other person, either
directly or indirectly, except as provided in this Agreement; <U>provided</U>, <U>however</U>, that such confidentiality obligations do
not apply to any Records that: (a)&#8239;are or become generally available to the public other than as a result of SoftVest&rsquo;s act
or omission; (b)&#8239;are obtained by SoftVest on a non-confidential basis from a third party that, to SoftVest&rsquo;s knowledge, was
not legally restricted from disclosing such information; (c)&#8239;was in SoftVest&rsquo;s or its representatives&rsquo; possession before
the Trustee&rsquo;s disclosure hereunder; or (d)&#8239;was independently developed by SoftVest or its representatives. SoftVest may disclose
the Records to any of its representatives that are bound by confidentiality obligations consistent with this paragraph 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Agreement may be executed by the signatories hereto in separate counterparts, each of which when so executed and delivered shall be an
original, but all such counterparts shall together constitute one and the same instrument. This Agreement may be modified or waived only
by a separate writing executed by the parties that expressly so modifies or waives this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Agreement shall be governed by and construed in accordance with the laws of the State of Texas, without regard to its conflict of laws
principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD COLSPAN="3">AGREED AND ACCEPTED:</TD>
    <TD>&#8239;</TD>
<TD COLSPAN="3">&#8239;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3">&#8239;</TD>
    <TD>&#8239;</TD>
<TD COLSPAN="3">&#8239;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3"><B>ARGENT TRUST COMPANY, TRUSTEE FOR THE PERMIAN BASIN ROYALTY TRUST</B></TD>
    <TD>&#8239;</TD>
<TD COLSPAN="3"><B>SOFTVEST ADVISORS, LLC &#8239;</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3">&#8239;</TD>
    <TD>&#8239;</TD>
<TD COLSPAN="3">&#8239;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>By:</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Nancy Willis&#8239;</TD>
    <TD>&#8239;</TD>
<TD>By:</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Eric Oliver</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">&#8239;</TD>
<TD STYLE="width: 5%">Name:</TD>
<TD STYLE="width: 40%"> Nancy Willis&#8239;</TD>
    <TD STYLE="width: 4%">&#8239;</TD>
<TD STYLE="width: 3%">&#8239;</TD>
<TD STYLE="width: 5%">Name:</TD>
<TD STYLE="width: 40%">Eric Oliver</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#8239;</TD>
<TD>Title:</TD>
<TD>Authorized Signatory</TD>
    <TD>&#8239;</TD>
<TD>&#8239;</TD>
<TD>Title:</TD>
<TD>President &#8239;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2528496d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit 2</U></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>PURSUANT TO RULE 13d-1(k)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">The undersigned acknowledge
and agree that the foregoing statement on Schedule 13D is filed on behalf of each of the undersigned and that all subsequent amendments
to this statement on Schedule 13D may be filed on behalf of each of the undersigned without the necessity of filing additional joint filing
agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him or it contained herein or therein, but shall not be responsible for the completeness and
accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information
is inaccurate.</P>

<P STYLE="margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding-left: 0.25pt"><B>SOFTVEST ADVISORS, LLC </B></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="padding-left: 0.25pt; width: 7%">Signature:</TD>
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.25pt; width: 43%">/s/ Eric Oliver</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding-left: 0.25pt">Name: Eric Oliver</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding-left: 0.25pt">Title: President and Managing Member</TD></TR>
<TR>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">Date: October 9, 2025</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding-left: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2"><B>SOFTVEST, LP</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2">By: SoftVest GPI, LLC its general partner</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>Signature:</TD>
<TD STYLE="border-bottom: Black 1pt solid">/s/ Eric Oliver</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2">Name: Eric Oliver</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2">Title: President and Managing Member</TD></TR>
<TR>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">Date: October 9, 2025</TD></TR>
<TR>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2"><B>SOFTVEST, GP I, LLC</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>Signature:</TD>
<TD STYLE="border-bottom: Black 1pt solid"> /s/ Eric Oliver</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2">Name: Eric Oliver</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2">Title: President and Managing Member</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2">Date: October 9, 2025</TD></TR>
</TABLE>


<P STYLE="margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Eric L. Oliver</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">Signature:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 43%"> /s/ Eric Oliver</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Date: October 9, 2025</TD></TR>
  </TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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