<SEC-DOCUMENT>0001571049-16-018798.txt : 20161014
<SEC-HEADER>0001571049-16-018798.hdr.sgml : 20161014
<ACCEPTANCE-DATETIME>20161014130713
ACCESSION NUMBER:		0001571049-16-018798
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20161014
DATE AS OF CHANGE:		20161014
EFFECTIVENESS DATE:		20161014

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAN JUAN BASIN ROYALTY TRUST
		CENTRAL INDEX KEY:			0000319655
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		IRS NUMBER:				756279898
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08032
		FILM NUMBER:		161936620

	BUSINESS ADDRESS:	
		STREET 1:		COMPASS BANK, TRUST DEPARTMENT
		STREET 2:		300 W. 7TH STREET SUITE B
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76102
		BUSINESS PHONE:		8668094553

	MAIL ADDRESS:	
		STREET 1:		COMPASS BANK, TRUST DEPARTMENT
		STREET 2:		300 W. 7TH STREET SUITE B
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76102

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Southwest Bank
		CENTRAL INDEX KEY:			0001682358
		IRS NUMBER:				751105980
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		2200 WEST 7TH STREET, SUITE 210
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76107
		BUSINESS PHONE:		817.298.5587

	MAIL ADDRESS:	
		STREET 1:		2200 WEST 7TH STREET, SUITE 210
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76107
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>t1600643_dfan14a.htm
<DESCRIPTION>SCHEDULE 14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Rule 14a-101)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN PROXY STATEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement pursuant to Section 14(a)
of the<BR>
Securities Exchange Act of 1934</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&uml;</FONT></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">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">x</FONT></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">Check the appropriate box:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Preliminary Proxy Statement</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Confidential, for Use of the Commission Only (as Permitted
by Rule 14a-6(e)(2))</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Definitive Proxy Statement</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">x</FONT></TD><TD STYLE="text-align: justify">Definitive Additional Materials</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Soliciting Material Pursuant to &sect;240.14a-12</TD>
</TR></TABLE>

<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"><FONT STYLE="font-size: 12pt"><B>SAN JUAN
BASIN ROYALTY TRUST</B></FONT><BR>
<B>(Name of Registrant as Specified In Its Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.65pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Southwest
Bank</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>Robert Lansford</B></FONT><BR>
<B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.65pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif">Payment of Filing Fee (Check the
appropriate box):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">x</FONT></TD><TD STYLE="text-align: justify">No fee required.</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Fee computed on table below per Exchange Act Rules 14a-6(i)(4)
and 0-11.</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Title of each class of securities to which transaction
applies:</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Aggregate number of securities to which transaction applies:</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(3)</TD><TD STYLE="text-align: justify">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):</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(4)</TD><TD STYLE="text-align: justify">Proposed maximum aggregate value of transaction:</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(5)</TD><TD STYLE="text-align: justify">Total fee paid:</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Fee paid previously with preliminary materials.</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Check box if any part of the fee is offset as provided
by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous
filing by registration statement number, or the Form or Schedule and the date of its filing.</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Amount Previously Paid:</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Form, Schedule or Registration Statement No.:</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Filing Party:</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(4)</TD><TD STYLE="text-align: justify">Date Filed:</TD>
</TR></TABLE>

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

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


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<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">Southwest Bank and Robert Lansford (collectively, the &ldquo;Southwest
Bank Participants&rdquo;) have made a definitive filing with the Securities and Exchange Commission of a proxy statement and an
accompanying WHITE proxy card in connection with the solicitation of proxies for a special meeting of the unitholders of San Juan
Basin Royalty Trust.</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">On October 14, 2016, the Southwest Bank Participants issued
the following press release.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Southwest Bank Commences Mailing of Proxy
Materials and Sends Letter to<BR>
Unitholders of San Juan Basin Royalty Trust (SJT)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Urges Unitholders to Remove Compass
Bank and Support Southwest Bank as Successor Trustee at Special Meeting</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Vote the WHITE Proxy Card Today</I></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">FORT WORTH, TEXAS, October 14, 2016&mdash;Southwest Bank and
Robert Lansford (collectively, the &ldquo;<B><I>Southwest Bank Participants</I></B>&rdquo;) today announced that they have sent
the following letter to unitholders of the San Juan Basin Royalty Trust (the &ldquo;<B><I>Trust</I></B>&rdquo; or &ldquo;<B><I>SJT</I></B>&rdquo;)
along with their definitive proxy materials for the special meeting of the Trust&rsquo;s unitholders which were filed yesterday
with the Securities and Exchange Commission. The Trust has not yet announced the date, time and location of the special meeting,
but has set the record date for the special meeting as October 24, 2016. At the special meeting, unitholders of the Trust will
vote on the removal of Compass Bank as trustee of the Trust and the nomination and appointment of Southwest Bank as the successor
trustee.</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">The full text of the letter follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">October 14, 2016</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">Dear San Juan Basin Royalty Trust Unitholder:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are seeking your support to appoint Southwest
Bank as the successor trustee for the San Juan Basin Royalty Trust (the &ldquo;<B><I>Trust</I></B>&rdquo;) at the upcoming special
meeting of the Trust&rsquo;s unitholders (the &ldquo;<B><I>Special Meeting</I></B>&rdquo;). As you may be aware, the Trust has
called the Special Meeting at the request of many of you as unitholders in response to our prior solicitation for requests to call
the Special Meeting so that you may exercise your right to consider whether to remove Compass Bank as the trustee of the Trust
and nominate and appoint Southwest Bank as the successor trustee. We firmly believe that combining the independence and experience
of Southwest Bank with the extensive historical knowledge of the Trust&rsquo;s operations possessed by Southwest Bank&rsquo;s royalty
trust group professionals would be beneficial for the unitholders of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>CHOOSE SOUTHWEST
BANK&mdash;VOTE THE <U>WHITE</U> PROXY CARD TODAY!</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Continuity of Administration and Actual Royalty Trust Management
Experience Valuable</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In November 2015, Southwest Bank announced
that Lee Ann Anderson had joined its royalty trust group following her departure from Compass Bank. Prior to joining Southwest
Bank, Ms. Anderson served as the principal trust officer responsible for the Trust at the Trust&rsquo;s current and predecessor
bank trustees for approximately thirty years and personally interacted with many of you during those three decades. We believe
that Ms. Anderson&rsquo;s significant history and experience with the Trust coupled with that of the tenured staff of Southwest
Bank&rsquo;s royalty trust management group are compelling reasons for you to now desire a change in trusteeship for the Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Changing from Compass Bank to Southwest
Bank as trustee of the Trust actually will be a continuation of the experienced and tested service you have known</B>, as Ms. Anderson
will resume the role of principal trust officer for the Trust and reconnect with the team of legal, accounting and audit consultants
she built over the years. The performance by the organization named as the trustee is ultimately dependent on the knowledge, experience
and performance of the people who actually perform the trustee&rsquo;s duties. Compass Bank&rsquo;s retention of the role as trustee
of the Trust following Ms. Anderson&rsquo;s departure represents the first major change in the management of the Trust in thirty
years.</P>

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


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<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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>We challenge Compass Bank&rsquo;s assertion
that it has the necessary expertise to administer the Trust</U>. While Compass Bank claims credit for its role in administering
the Trust for over ten years, we note that for <B><I>over nine of those ten years</I></B>, the Trust&rsquo;s administration was
handled principally by Ms. Anderson. Compass Bank implies that it has officers or employees with long-term experience with the
Trust. In fact, without Ms. Anderson, Compass Bank has <B><I>no</I></B> current officer and only one employee with over a year
of experience with the Trust, and that employee has served in a clerical support role with no responsibility for making decisions
regarding compliance auditing, litigation or SEC reporting issues on behalf of the Trust. Furthermore, the remaining individuals
with long-term Trust experience indicated by Compass Bank include outside vendors and advisors&mdash;they are not employees of
Compass Bank. Compass Bank has continued to work with some of the team of outside consultants selected by Ms. Anderson. However,
we believe that it is essential that someone with the necessary training and experience be in a position to receive, <U>understand</U>
and apply the advice of those experts in the effective administration of the Trust. Following Ms. Anderson&rsquo;s departure from
Compass Bank, Compass Bank did not replace her with a trust officer with comparable royalty trust management experience or extensive
historical knowledge of the Trust&rsquo;s operations, including the pending Burlington litigation (or any prior litigation with
Burlington) or the regulatory environment applicable to the Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">When the current trust officer for the Trust,
Josh Peterson, was hastily promoted by the Trust to replace Ms. Anderson in September 2015, Mr. Peterson had accumulated only four
days of background training with Ms. Anderson with respect to the Trust. In deposition testimony given in January 2016 in connection
with the Trust&rsquo;s pending litigation with Burlington, <U>Mr. Peterson confirmed that he had little to no experience with</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the management of oil and gas assets or trusts prior to joining Compass Bank in 2014;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>royalty trusts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the accounting guidelines, procedures and best practices applicable to the oil and gas industry, including accounting procedures
applicable to operating agreements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>SEC filing requirements for a publicly-traded entity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the historical operations of the Trust prior to 2015 or any material role in its administration; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the history of the 30-year relationship between the Trust and Burlington.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Ask yourself whether, for the same trustee
fee structure that is in place for Compass Bank, you can be better served by the team at Southwest Bank with its 30-year history
with the Trust bolstered by the opportunity in subsequent years to draw from and build on the experience of additional royalty
trust management personnel who have <U>actual experience</U> as principal trust officers for royalty trusts.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Compass Bank states its belief that &ldquo;experience
and continuity of administration are in the best interests of the unitholders.&rdquo; <B>WE AGREE&mdash;CHOOSE SOUTHWEST BANK BY
VOTING THE <U>WHITE</U> PROXY CARD!</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Anticipated Administrative Cost Savings and Additional Unitholder
Services</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If Southwest Bank is appointed as successor
trustee, Southwest Bank can leverage its experience from the administration of multiple royalty trusts and recognize efficiencies
and valuable advantages in best practices for the Trust from the collaboration with trust administrators for other royalty trusts
in Southwest Bank&rsquo;s portfolio. For example, Southwest Bank has the ability to allocate the costs of a Sarbanes-Oxley and
audit compliance program for its royalty trust accounts across all accounts resulting in cost savings to each account. In addition,
the experience of Southwest Bank&rsquo;s royalty trust group with the unique aspects of royalty trust administration will create
additional opportunities for cost savings by permitting more decisions to be made internally at Southwest Bank without the need
to rely on outside vendors and advisors for recommendations and training.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Specifically, Southwest Bank anticipates
that it can offer the following benefits to the Trust and unitholders if appointed as successor trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Estimated reduction in the Trust&rsquo;s annual administrative costs of at least $200,000 through incorporating the Trust into
the existing structure at Southwest Bank;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Individualized tax reporting for the Trust&rsquo;s beneficial holders by using the vendors and process already established
for other royalty trusts in Southwest Bank&rsquo;s portfolio; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Higher interest rates on the Trust&rsquo;s reserve funds compared to rates historically earned through Compass Bank.</TD></TR></TABLE>

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


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<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-indent: 0.5in">Importantly, the Southwest Bank royalty
trust management group already in place and centrally located in the Dallas/Fort Worth metroplex allows for cross-training and
backup administration of all of Southwest Bank&rsquo;s royalty trust accounts. The Compass Bank team is scattered across offices
in Texas (Fort Worth and Houston), Florida and Alabama. <B>We believe that our approach will lead to a more efficient administration
of the Trust as it will permit a more effective transition of the Trust&rsquo;s administration without the need to incur the expense
and distraction of identifying, recruiting, retaining and training appropriately qualified individuals for the Trust&rsquo;s principal
trust officer role or other positions when a replacement becomes necessary.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Royalty Trusts are a Core Business for Southwest Bank</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Southwest Bank has made the commitment to
the administration of royalty trusts as part of its core business and is providing the resources and management that are required
by that commitment. With a dedicated royalty trust group of nine employees with over 160 combined years of experience in administration
of royalty trusts, Southwest Bank currently serves as the trustee for the following seven royalty trusts in the energy sector:
Permian Basin Royalty Trust, Sabine Royalty Trust, Hugoton Royalty Trust, Cross Timbers Royalty Trust, Tidelands Royalty Trust
&ldquo;B&rdquo;, Marine Petroleum Trust and Dominion Resources Black Warrior Trust. Southwest Bank also currently serves as the
disbursing agent for the Westbrook-Thompson Royalty Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In contrast, the Trust is the <B>only</B>
royalty trust for which Compass Bank serves as trustee. We contend that the administration of a single royalty trust is not a core
component of the business of Compass Bank or the global business of its parent entity, the multinational banking group Banco Bilbao
Vizcaya Argentaria, N.A. (&ldquo;<B><I>BBVA</I></B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Southwest Bank offers a depth of experience
and knowledge in the unique administration required by publicly-traded royalty trusts that Compass Bank simply does not have. <B>Compass
Bank&rsquo;s experience in the administration of personal trusts and estates is significantly different from royalty trust administration</B>.
For example, royalty trust administration differs from personal trust and estate administration in that it requires knowledge of
and experience with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>SEC reporting and disclosure requirements as well as the preparation of annual, quarterly and periodic SEC filings and regular
unitholder communications;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Compliance with the Sarbanes-Oxley Act of 2002, including the design, implementation, assessment and certification by the trustee
as to the Trust&rsquo;s disclosure controls and procedures and internal controls over financial reporting;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Tax reporting issues specific to royalty trusts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Stock exchange rules and policies on corporate governance, unitholder communications and unitholder approvals;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Stock transfer agent policies and procedures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Maintenance of a dedicated up-to-date website for the royalty trust; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Accounting guidelines, procedures and best practices applicable to the oil and gas industry, including accounting procedures
applicable to operating agreements.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>We believe that an inexperienced trust
administrator who lacks the background or institutional knowledge of the Trust and the applicable regulatory framework will be
at a disadvantage making decisions that impact the Trust and the unitholders and communicating and negotiating with the operator
to find solutions. </B>Furthermore, a trust administrator without this knowledge is far more likely to be more dependent on the
advice and assistance of outside advisors, <B>which will drive up the Trust&rsquo;s administrative costs.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Southwest Bank&rsquo;s commitment to include
royalty trust administration in its core business and the size of its royalty trust management group will permit the Trust to be
continuously administered by a team of professionals who are cross-trained and experienced in this type of trust administration
for the life of the Trust. <B>With the support of a fully dedicated royalty trust management group, we expect that over time the
Trust would no longer be substantially dependent on the knowledge and efforts of any single individual, including Ms. Anderson.
</B>Such depth of coverage and flexibility is part of Southwest Bank&rsquo;s business model to provide for contingencies before
they happen. In contrast, Compass Bank had no employee with comparable trust management experience to fill Ms. Anderson&rsquo;s
position upon her departure&mdash;instead they promoted an inexperienced person to the role and now make the unsupported claim
that they have been able to offer a higher level of service to the Trust since Ms. Anderson&rsquo;s departure.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Pending Burlington Litigation and the Audit Process</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>We believe that Southwest Bank, if appointed
as successor trustee, would be in a strong position to more vigorously pursue claims in the pending lawsuit with Burlington on
behalf of the Trust and the unitholders. </B>It was Ms. Anderson who made the decision for Compass Bank to file the lawsuit against
Burlington in July 2014 on behalf of the Trust, after consulting with the Trust&rsquo;s legal and financial advisors with respect
to the issues in the pending litigation. During her 30 years with the Trust, Ms. Anderson was the principal Trust representative
interacting with Burlington and, when necessary, making claims on behalf of the Trust, including the 1992 litigation and the resulting
1996 settlement agreement, the 2005 arbitration and the current litigation which includes issues discovered during the compliance
audit process developed, implemented and continually supervised by Ms. Anderson following the 1996 settlement agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The compliance audit process is of critical
importance to the Trust. The 1996 settlement with Burlington resulted in the Trust&rsquo;s recovery of approximately $20 million.
Since then, vigorous compliance auditing has resulting in the recovery of millions more. Ms. Anderson has the long-term experience
in understanding and dealing with the complex issues which arise in auditing the operator of the Trust&rsquo;s underlying properties.
Mr. Peterson is learning on the job.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Despite Compass Bank&rsquo;s assertion that
the Trust has several long-term professionals who are &ldquo;intimately familiar with all aspects of administering the Trust,&rdquo;
<U>it was Ms. Anderson whom Burlington contacted in May 2016, seven months <B>after</B> she had joined Southwest Bank, to provide
deposition testimony with respect to issues involved in the litigation, matters related to her participation in the 1996 settlement
agreement negotiations with Burlington and her personal experience with Burlington personnel and representatives during her tenure
as principal trust officer for the Trust.</U> Mr. Peterson, the Trust&rsquo;s current principal trust officer, previously testified
in his January 2016 deposition in the litigation that he had no material role in the Trust&rsquo;s administration prior to his
appointment to replace Ms. Anderson in November 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If appointed as successor trustee, Southwest
Bank has no intention to change the law firms and experts representing the Trust in the pending litigation&mdash;many of whom were
selected by Ms. Anderson while she was at Compass Bank. <B>We maintain that Ms. Anderson&rsquo;s personal knowledge would be extremely
valuable in evaluating and providing input into the process leading up to the trial date.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Reduced Potential for Conflicts of Interest</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Southwest Bank has been an independent community
bank for 50 years. We believe that Southwest Bank, as a qualified independent bank with a reduced potential for conflict of interest,
would be a more suitable trustee for the Trust than a large global bank. We contend that BBVA as a large global bank presents the
potential for more conflicts of interest that could impact the ability of Compass Bank to serve the best interests of the unitholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At times, the trustee of a royalty trust
may be required to pursue legal action on behalf of the royalty trust against the operator of the royalty trust&rsquo;s properties
to resolve a dispute. Conflicts may arise for the trustee if the operator or its affiliates are also significant banking customers
of the trustee or its affiliates. We believe that large producers are more likely to conduct their banking business with large
national or global banks like BBVA Compass than with an independent regional bank such as Southwest Bank. These banking relationships
or opportunities can create a conflict of interest for the trustee which may consider the royalty trust to be less important to
its business and profits.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have already seen evidence of the abandonment
by larger global banks of royalty trust operations inherited through acquisition activity. After serving as trustee of the Trust
since 1994, the large global Bank One, N.A. resigned as trustee of the Trust in 2002 based on its determination that the administration
of royalty trusts was not core to its long-term strategy. Bank One nominated TexasBank, an independent community bank, as successor
trustee for the Trust. TexasBank successfully served as trustee of the Trust until it was acquired by the large regional Compass
Bank in 2006 that in turn was acquired in 2007 by the multinational BBVA based in Madrid, Spain. Since Ms. Anderson remained at
Compass Bank after the BBVA acquisition, the continuity of experience in the trustee role for the Trust was preserved until her
departure from Compass Bank in 2015. Another example of abandonment by larger global banks is Bank of America, N.A., which acquired
U.S. Trust, another royalty trust trustee. Bank of America subsequently determined that administration of royalty trusts was not
part of its core business, and in 2014 Bank of America resigned as the trustee of seven royalty trusts and nominated Southwest
Bank as successor trustee for approval by the respective unitholders. Southwest Bank&rsquo;s appointment was approved by a majority
of the respective unitholders or by the court in each case.</P>

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


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<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-indent: 0.5in">In addition, while we are <B><U>not</U></B>
aware of any actual current conflicts that exist with respect to Southwest Bank or any of its directors or executive officers through
Southwest Bank&rsquo;s role as successor trustee for the Trust, we <B><U>are</U></B> aware that Charles McMahen, one of the members
of the board of directors of Compass Bank&rsquo;s direct parent, BBVA Compass, is also a member of the board of directors of the
general partner of Enterprise Products Partners LP. According to the Trust&rsquo;s most recent Form 10-K filed with the SEC, Burlington
as the operator of the Trust&rsquo;s underlying properties has entered into contracts with Enterprise Field Services, LLC, a subsidiary
of Enterprise Products, and one other mid-steam company for the gathering and processing of virtually all of the gas produced by
the Trust&rsquo;s underlying properties. In addition, Enterprise Products reports in its own SEC filings that it owns 100% of the
Chaco gas processing facility in New Mexico where the gas is processed. We believe that Mr. McMahen&rsquo;s position with Enterprise
Products creates an increased potential for a conflict of interest for BBVA and Compass Bank as the revenues received from Enterprise
Products and its subsidiaries under the contract will impact the amounts received by the Trust&rsquo;s unitholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>You deserve better</B>. Despite what
Compass Bank will try to tell you, the Southwest Bank royalty trust management group has far more actual experience with royalty
trust management, far more actual knowledge of the Trust&rsquo;s historical operations and its relationship with Burlington, no
conflicts of interest and the opportunity to create meaningful cost-savings in the Trust&rsquo;s administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><B>VOTE THE <U>WHITE</U> PROXY
CARD TODAY &ldquo;<U>FOR</U>&rdquo; THE REMOVAL OF COMPASS BANK<BR>
AS TRUSTEE OF THE TRUST AND THE NOMINATION AND APPOINTMENT OF<BR>
SOUTHWEST BANK AS SUCCESSOR TRUSTEE!</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is a pivotal moment for the Trust.
Your vote is important. If you have any questions, or need assistance with your vote, please contact our proxy solicitor, Okapi
Partners, at (212) 297-0720 or toll-free at (877) 279-2311 or by email at <U>info@okapipartners.com</U>. Thank you in advance
for your support.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vernon Bryant</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><I>Chairman and Chief Executive Officer</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><I>Southwest Bank</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Robert Lansford</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>About Southwest Bank</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">Proudly serving North Texas for 50 years, Southwest Bank is
the largest locally owned, independent bank in Tarrant County. In addition to full-service banking centers in Fort Worth, Dallas,
Arlington, Burleson, Grapevine, Mansfield and Saginaw, Southwest Bank maintains mortgage offices in Fort Worth, Dallas and Austin
and a royalty trust management office in Dallas. Southwest Bank values its customers and believes in building loyal, lasting relationships
through personalized service, honesty and integrity. For more information, visit <U>www.SouthwestBank.com</U>. Member FDIC.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><U>Contacts</U></B>:</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-size: 10pt">Lee Ann Anderson</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-size: 10pt">Okapi Partners</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Senior Vice President and Senior Trust Administrator</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Patrick McHugh/Charles Garske/Lydia Mulyk</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Southwest Bank</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(212) 297-0720</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(817) 298-5587</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(877) 279-2311 (Toll-Free)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Participants in the Solicitation</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">Each of Southwest Bank and Robert Lansford (the &ldquo;<B><I>Southwest
Bank Participants</I></B>&rdquo;) are participants in the solicitation of proxies in connection with the Special Meeting of the
Unitholders of the Trust (the &ldquo;<B><I>Special Meeting</I></B>&rdquo;). Information regarding the Southwest Bank Participants
and a description of their direct and indirect interests, by security holdings or otherwise, to the extent applicable, is available
in the definitive proxy statement filed by the Southwest Bank Participants with the Securities and Exchange Commission the (&ldquo;<B><I>SEC</I></B>&rdquo;)
on October 13, 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Additional Information</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: left">On October 13, 2016, the Southwest Bank Participants filed
with the SEC a definitive proxy statement and an accompanying <B><U>WHITE</U></B> proxy card to be used to solicit proxies in
connection with the Special Meeting (the &ldquo;<B><I>SWB Special Meeting Proxy Statement</I></B>&rdquo;). UNITHOLDERS ARE URGED
TO READ THE SWB SPECIAL MEETING PROXY STATEMENT AND, WHEN THEY BECOME AVAILABLE, OTHER DOCUMENTS RELATED TO THE SOLICITATION OF
UNITHOLDERS FOR USE AT THE SPECIAL MEETING BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING THE PROXY SOLICITATION. The
SWB Special Meeting Proxy Statement is, and all other related documents when filed by the Southwest Bank Participants with the
SEC will be, available at no charge on the SEC&rsquo;s web site at <U>www.sec.gov</U>. Unitholders may also obtain a copy of the
SWB Special Meeting Proxy Statement, without charge, by contacting the Southwest Bank Participants&rsquo; proxy solicitor, Okapi
Partners, at its toll-free number: (877) 279-2311 or at info@okapipartners.com.</P>

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


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