<SEC-DOCUMENT>0001193125-25-262475.txt : 20251103
<SEC-HEADER>0001193125-25-262475.hdr.sgml : 20251103
<ACCEPTANCE-DATETIME>20251103155017
ACCESSION NUMBER:		0001193125-25-262475
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251103
DATE AS OF CHANGE:		20251103

FILER:

	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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08033
		FILM NUMBER:		251443883

	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>DEFA14A
<SEQUENCE>1
<FILENAME>spec_mtg_notice_defa_14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<!-- DFIN ActiveDisclosure (SM) HTML Document - http://www.dfinsolutions.com/ --><!-- Creation Date :2025-11-03T12:46:53.0087+00:00 --><!-- Copyright (c) 2025 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
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  <div class="main-content-container" style="z-index:5;position:relative;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">SCHEDULE 14A</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Proxy Statement Pursuant to Section 14(a) of the Securities <br>Exchange Act of 1934 (Amendment No. </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline solid;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">         </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">)</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Filed by the Registrant [X]<br>Filed by a Party other than the Registrant [ ]</font></p>
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     <td colspan="2" style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Check the appropriate box:</font></p></td>
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     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">[ ]</font></p></td>
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Preliminary Proxy Statement</font></p></td>
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     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">[ ]</font></p></td>
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></p></td>
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     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Definitive Proxy Statement</font></p></td>
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     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Definitive Additional Materials</font></p></td>
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     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Soliciting Material Pursuant to &#167;240.14a-12</font></p></td>
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     <td colspan="3" style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">PERMIAN BASIN ROYALTY TRUST</font></p></td>
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     <td colspan="3" style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:1pt solid #a0a0a0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
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     <td colspan="3" style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(Name of Registrant as Specified In Its Charter)</font></p></td>
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     <td colspan="3" style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
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     <td colspan="3" style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</font></p></td>
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     <td colspan="3" style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Payment of Filing Fee (Check the appropriate box):</font></p></td>
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     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">[X]</font></p></td>
     <td colspan="2" style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">No fee required.</font></p></td>
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     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;" id="ole_link2"><font id="ole_link1"></font><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">[   ]</font></p></td>
     <td colspan="2" style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</font></p></td>
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     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1)</font></p></td>
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Title of each class of securities to which transaction applies:</font></p></td>
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     <td colspan="3" style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:1pt solid #a0a0a0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
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    <tr style="height:11pt;word-break:break-word;white-space:pre-wrap;">
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2)</font></p></td>
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Aggregate number of securities to which transaction applies:</font><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </font></p></td>
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     <td colspan="3" style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:1pt solid #a0a0a0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
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    <tr style="height:11pt;word-break:break-word;white-space:pre-wrap;">
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:top;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3)</font></p></td>
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</font></p></td>
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     <td colspan="3" style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:1pt solid #a0a0a0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
    </tr>
    <tr style="height:11pt;word-break:break-word;white-space:pre-wrap;">
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4)</font></p></td>
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Proposed maximum aggregate value of transaction:</font><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </font></p></td>
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     <td colspan="3" style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:1pt solid #a0a0a0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
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    <tr style="height:11pt;word-break:break-word;white-space:pre-wrap;">
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">5)</font></p></td>
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total fee paid:</font><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </font></p></td>
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     <td style="width:0.45625000000000004in;box-sizing:content-box;"></td>
     <td style="width:0.4548611111111111in;box-sizing:content-box;"></td>
     <td style="width:5.588888888888889in;box-sizing:content-box;"></td>
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    <tr style="height:11pt;word-break:break-word;white-space:pre-wrap;">
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:top;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">[   ]</font></p></td>
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     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1)</font></p></td>
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     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2)</font></p></td>
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     <td colspan="3" style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:1pt solid #a0a0a0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
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     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3)</font></p></td>
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     <td colspan="3" style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:1pt solid #a0a0a0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
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     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
     <td style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4)</font></p></td>
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     <td colspan="3" style="padding-top:0.042in;padding-left:0.042in;vertical-align:middle;padding-bottom:0.042in;padding-right:0.042in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
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   </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:1pt solid #a0a0a0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p></div>
  <div style="z-index:2;flex-direction:column;display:flex;padding-bottom:0.5in;min-height:1in;justify-content:flex-end;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;margin-left:0;margin-right:0;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;margin-left:0;margin-right:0;"><font style="white-space:pre-wrap;font-size:7pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p></div>
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  <div style="z-index:2;min-height:1in;position:relative;"></div>
  <div class="main-content-container" style="z-index:5;position:relative;"><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:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">PERMIAN BASIN ROYALTY TRUST<br>c/o Argent Trust Company, Trustee</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">3838 Oak Lawn Ave., Suite 1720</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Dallas, Texas 75219</font></p><p 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Roman;font-kerning:none;min-width:fit-content;">NOTICE OF SPECIAL MEETING OF UNIT HOLDERS</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To Be Held December 16, 2025</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:4pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">_______________________</font></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">PLEASE TAKE NOTICE THAT a special meeting (the &#x201c;Special Meeting&#x201d;) of unit holders (&#x201c;Unit Holders&#x201d;) of the Permian Basin Royalty Trust (the &#x201c;Trust&#x201d;), an express trust formed under the laws of the State of Texas and governed by the terms of the Royalty Trust Indenture of Permian Basin Royalty Trust dated November 1, 1980, as amended and restated on June 20, 2014, and as further amended May 4, 2022 (the &#x201c;Trust Indenture&#x201d;), has been called by the trustee of the Trust as required by Section 8.02 of the Trust Indenture at the request of SoftVest Advisors, LLC (&#x201c;SoftVest Advisors&#x201d;) and other Unit Holders of the Trust collectively owning not less than 15% of the outstanding Trust units.</font></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Special Meeting will be held in person at 4200 South Hulen Street, Suite 217, Fort Worth, Texas 76109 and virtually via webcast at </font><font><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">www.virtualshareholdermeeting.com/PBT2025SM</font></font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> on December 16, 2025, at 1:00 p.m., Central time, to consider and vote on the following matters being proposed by SoftVest Advisors:</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="margin-left:3.333%;text-indent:-3.448%;padding-left:3.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">(1)  a non-binding proposal for SoftVest Advisors or another appropriate party to take appropriate actions as beneficiaries of the Trust to effect the judicial reformation or modification 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 (such proposal, the &#x201c;Indenture Reformation Proposal&#x201d;); and</font></p><p style="margin-left:3.333%;text-indent:-3.448%;padding-left:3.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">(2)  an adjournment of the Special Meeting, if necessary or appropriate, to permit solicitation of additional proxies in favor of the Indenture Reformation Proposal (the &#x201c;Adjournment Proposal&#x201d;).</font></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The close of business on November 11, 2025 (the &#x201c;Record Date&#x201d;), has been fixed as the record date for the determination of Unit Holders entitled to receive notice of, and to vote at, the Special Meeting and any adjournment thereof. Only holders of record of units of beneficial interest of the Trust (&#x201c;Units&#x201d;) at the close of business on the Record Date are entitled to notice of, and to vote at, the Special Meeting. A list of Unit Holders entitled to vote at the Special Meeting will be available for inspection by any Unit Holder for any purpose germane to the Special Meeting during ordinary business hours for the ten days preceding the Special Meeting at the Trustee&#x2019;s offices at 3838 Oak Lawn Ave., Suite 1720, Dallas, Texas 75219, and also at the Special Meeting.</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">None of the Trust, the Trustee, or its officers or directors, are soliciting proxies in connection with the Special Meeting and are not participants in any solicitation of proxies by SoftVest and/or any other Unit Holders in connection with the Special Meeting. The Trustee and the Trust are making this communication as required by the Trust Indenture and do not intend to file a proxy statement with respect to the Special Meeting.</font></p><p style="margin-left:40%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">By Order of Argent Trust Company,</font></p><p style="margin-left:40%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Trustee of the Permian Basin Royalty Trust</font></p><p style="margin-left:40%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:40%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Nancy Willis</font></p><p style="margin-left:40%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Director of Royalty Trust Services</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:33.333%;text-indent:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Dallas, Texas</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:33.333%;text-indent:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">November 3, 2025</font></p></div>
  <div style="z-index:2;flex-direction:column;display:flex;padding-bottom:0.5in;min-height:1in;justify-content:flex-end;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;margin-left:0;margin-right:0;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;margin-left:0;margin-right:0;"><font style="white-space:pre-wrap;font-size:7pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p></div>
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