<SEC-DOCUMENT>0001553350-22-000453.txt : 20220516
<SEC-HEADER>0001553350-22-000453.hdr.sgml : 20220516
<ACCEPTANCE-DATETIME>20220516131758
ACCESSION NUMBER:		0001553350-22-000453
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20220331
FILED AS OF DATE:		20220516
DATE AS OF CHANGE:		20220516

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PermRock Royalty Trust
		CENTRAL INDEX KEY:			0001724009
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				826725102
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38472
		FILM NUMBER:		22927357

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 470727
		STREET 2:		ATTN: LEE ANN ANDERSON
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76147
		BUSINESS PHONE:		(855) 588-7839

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 470727
		STREET 2:		ATTN: LEE ANN ANDERSON
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76147
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>prt_10q.htm
<DESCRIPTION>QUARTERLY REPORT
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.25pc solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 1pc 0 0; text-align: center"><B>Form 10-Q</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pc 0 0"><B>(Mark One) </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></TD>
    <TD STYLE="width: 97%; font: 10pt Times New Roman, Times, Serif"><B>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pc 0 0; text-align: center"><B>For the quarterly period ended March 31, 2022</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></TD>
    <TD STYLE="width: 97%; font: 10pt Times New Roman, Times, Serif"><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pc 0 0; text-align: center"><B>For the transition period from </B>________
<B>to </B>________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pc 0 0; text-align: center"><B>Commission File Number: 001-38472</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 1pc 0 0; text-align: center"><B>PERMROCK ROYALTY TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Exact name of registrant as specified in the</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Amended and Restated Trust Agreement of PermRock
Royalty Trust)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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 STYLE="width: 50%; text-align: center"><B>Delaware</B></TD>
    <TD STYLE="width: 50%; text-align: center"><B>82-6725102</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><I>(State or other jurisdiction of<BR>
incorporation or organization)</I></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><I>(I.R.S. Employer<BR>
Identification No.)</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Simmons Bank, Trustee</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>P.O. Box 470727</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>Fort Worth, Texas</B></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><B>76147</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><I>(Address of principal executive offices)</I></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><I>(Zip Code)</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(855) 588-7839</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Registrant&rsquo;s telephone number, including
area code)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pc 0 0; text-align: center"><B>Securities registered pursuant to Section
12(b) of the Act:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Title of each class</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 31%; border-bottom: black 1pt solid">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trading</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>Symbol(s)</B></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 31%; border-bottom: black 1pt solid">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Name of each exchange</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>on which registered</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><B>Units of Beneficial Interest</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><B>PRT</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><B>New York Stock Exchange</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past
90 days. Yes <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT> No <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Indicate by check mark whether the registrant has submitted electronically
every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such
shorter period that the registrant was required to submit such files). Yes <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT>
No <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of
&ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and &ldquo;emerging growth
company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%">Large accelerated filer</TD>
    <TD STYLE="width: 38%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></TD>
    <TD STYLE="width: 25%">Accelerated filer</TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Non-accelerated filer</TD>
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></TD>
    <TD>Smaller reporting company</TD>
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Emerging growth company</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT> No <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">As of May 16, 2022, 12,165,732 trust units representing beneficial interests
in PermRock Royalty Trust were outstanding.</P>

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

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-transform: uppercase; text-align: center">TABLE OF CONTENTS</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 82%">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Page No.</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#glossary">Glossary of Terms</A></TD>
    <TD STYLE="vertical-align: top; text-align: center"><A NAME="a_Aci_Fl2_6969"></A>ii</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><B>PART I. &ndash; FINANCIAL INFORMATION</B></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top"><A HREF="#item_1">Item 1.</A></TD>
    <TD STYLE="vertical-align: top">Financial Statements</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><A NAME="a_Aci_Fl4_31"></A>1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 1.5pc; text-indent: -0.5pc"><A HREF="#statement_bs">CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><A NAME="a_Aci_Fl6_32"></A>2</TD></TR>
  <TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 1.5pc; text-indent: -0.5pc"><A HREF="#statement_op">CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED)</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><A NAME="a_Aci_Fl8_33"></A>3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 1.5pc; text-indent: -0.5pc"><A HREF="#statement_ed">CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS (UNAUDITED)</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><A NAME="a_Aci_Fl10_34"></A>4</TD></TR>
  <TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 1.5pc; text-indent: -0.5pc"><A HREF="#notes">NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><A NAME="a_Aci_Fl12_35"></A>5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top"><A HREF="#item_2">Item 2.</A></TD>
    <TD STYLE="vertical-align: top">Trustee&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><A NAME="a_Aci_Fl14_39"></A>10</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="#item_3">Item 3.</A></TD>
    <TD STYLE="vertical-align: top">Quantitative and Qualitative Disclosures About Market Risk</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><A NAME="a_Aci_Fl16_3135"></A>16</TD></TR>
  <TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top"><A HREF="#item_4">Item 4.</A></TD>
    <TD STYLE="vertical-align: top">Controls and Procedures</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><A NAME="a_Aci_Fl18_3135"></A>16</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><B>PART II. &ndash; OTHER INFORMATION</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top"><A HREF="#item1">Item 1.</A></TD>
    <TD STYLE="vertical-align: top">Legal Proceedings</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><A NAME="a_Aci_Fl20_3136"></A>17</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="#item6">Item 6.</A></TD>
    <TD STYLE="vertical-align: top">Exhibits&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><A NAME="a_Aci_Fl22_3136"></A>17</TD></TR>
  <TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#signature">SIGNATURE</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><A NAME="a_Aci_Fl24_3137"></A>18</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><U><A NAME="glossary"></A><A NAME="a_Toc24627065"></A><A NAME="a_Toc40260079"></A><A NAME="a_Toc54735115"></A>Glossary
of Terms</U></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 STYLE="width: 29%">Bbl</TD>
    <TD STYLE="width: 71%">Barrel (of oil).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Boe</TD>
    <TD>One barrel of crude oil equivalent.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>differential</TD>
    <TD>The difference between a benchmark price of oil and natural gas, such as the NYMEX crude oil spot, and the wellhead price received.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>distributable income</TD>
    <TD>An amount paid to Trust unitholders equal to the net profits income received by the Trust during a given period plus interest, less the expenses and payment of liabilities of the Trust, adjusted by any changes in cash reserves.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>GAAP</TD>
    <TD>United States generally accepted accounting principles.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>MBbl</TD>
    <TD>One thousand barrels of crude oil or condensate.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>MBoe</TD>
    <TD>One thousand barrels of crude oil equivalent.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Mcf</TD>
    <TD>One thousand cubic feet (of natural gas).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>MMcf</TD>
    <TD>One million cubic feet (of natural gas).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>natural gas liquids (NGL)</TD>
    <TD>Those hydrocarbons that are separated from the gas as liquids through the process of absorption, condensation, or other methods in gas processing or cycling plants.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>net acres</TD>
    <TD>The sum of the fractional working interests owned by a given operator in gross acres.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>net profits</TD>
    <TD>Gross profits received by Boaz Energy from the sale of production from the Underlying Properties, less applicable costs, as provided in the Conveyance.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>net profits income</TD>
    <TD>Net profits multiplied by the net profits percentage of 80%, which is paid to the Trust by Boaz Energy. &ldquo;Net profits income&rdquo; is referred to as &ldquo;royalty income&rdquo; for tax reporting purposes.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Net Profits Interest</TD>
    <TD>An interest in an oil and natural gas property measured by net profits from the sale of production, rather than a specific portion of production.&nbsp;&nbsp;An 80% net profits interest was conveyed to the Trust entitling the Trust to receive 80% of the net profits from the Underlying Properties.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>NYMEX</TD>
    <TD>The New York Mercantile Exchange is a commodity futures exchange that quotes prices for transactions which are the prices paid for various commodities, including oil and natural gas, throughout the world.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Trust units</TD>
    <TD>Trust units representing beneficial interests in the Trust.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Underlying Properties</TD>
    <TD>The interest in certain oil and natural gas properties from which the Net Profits Interest was conveyed by Boaz Energy. The
    Underlying Properties include working interests in oil and natural gas producing properties located in the Permian Basin in
    Texas.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>working interest</TD>
    <TD>An operating interest in an oil and natural gas property that provides the owner a specified share of production that is subject to all production expense and development costs.</TD></TR>
  </TABLE>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><A NAME="a_Toc24627066"></A><A NAME="a_Toc40260080"></A><A NAME="a_Toc54735116"></A>PART
I. FINANCIAL INFORMATION</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 4.5pc"><B>ITEM&nbsp;1.</B></TD><TD><B>FINANCIAL STATEMENTS<A NAME="item_1"></A></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The condensed financial statements included herein are presented without
audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;). Certain information
and footnote disclosures normally included in annual financial statements have been condensed or omitted pursuant to such rules and regulations,
and Simmons Bank, as Trustee (the &ldquo;Trustee&rdquo;), believes that the disclosures are adequate to make the information presented
not misleading. These condensed interim financial statements and notes thereto should be read in conjunction with the audited financial
statements and notes thereto included in the Trust&rsquo;s 2021 Annual Report on Form 10-K (&ldquo;2021 Annual Report&rdquo;). In the
opinion of the Trustee, all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the assets,
liabilities and Trust corpus of PermRock Royalty Trust at March 31, 2022 and December 31, 2021, and the distributable income and changes
in Trust corpus for the three-month periods ended March 31, 2022 and March 31, 2021 have been included. Distributable income for such
interim periods is not necessarily indicative of distributable income for the full year.</P>

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PERMROCK ROYALTY TRUST <A NAME="statement_bs"></A></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><A NAME="a_Toc24627068"></A><A NAME="a_Toc40260082"></A><A NAME="a_Toc54735118"></A>CONDENSED
STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2022<BR> (unaudited)</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <BR>
2021</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-indent: -0.9pc; padding-left: 0.9pc">ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 74%; text-align: left; text-indent: -0.9pc; padding-left: 0.9pc">Cash and short-term investments&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,863,635</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,849,906</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.9pc; padding-left: 0.9pc">Net Profits Interest<SUP>(1)</SUP>&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">82,854,559</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">83,821,848</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -0.9pc; padding-left: 0.9pc">TOTAL ASSETS&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">84,718,194</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">85,671,754</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.9pc; padding-left: 0.9pc">LIABILITIES AND TRUST CORPUS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 0.9pc">Distribution payable to unitholders&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">863,605</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">849,906</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.9pc; padding-left: 0.9pc">Cash reserves<SUP>(2)</SUP>&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.9pc; padding-left: 0.9pc">Trust corpus&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">82,854,589</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">83,821,848</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -0.9pc; padding-left: 0.9pc">TOTAL LIABILITIES AND TRUST CORPUS&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">84,718,194</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">85,671,754</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc">(1)</TD><TD>See Note 2 to condensed financial statements for further discussion of the Net Profits Interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5pc; text-indent: -1.5pc">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 1pc"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc">(2)</TD><TD>The Trustee is authorized to retain cash from distributions received by the Trust in an amount not to exceed $1.0 million to be used
in the event that cash on hand is not sufficient to pay ordinary course administrative expenses and to provide for future liabilities
of the Trust.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes to condensed financial statements
are an integral part of these financial statements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 1pc 1.5pc; text-indent: -1.5pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PERMROCK ROYALTY TRUST <A NAME="statement_op"></A></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><A NAME="a_Toc24627069"></A><A NAME="a_Toc40260083"></A><A NAME="a_Toc54735119"></A>CONDENSED
STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED)</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months<BR> Ended March 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left; text-indent: -0.9pc; padding-left: 0.9pc">Net profits income&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,787,336</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,289,640</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.9pc; padding-left: 0.9pc">Interest income&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">37</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">62</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 21.2pt">Total revenue&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,787,373</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,289,702</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 0.9pc">Expenditures &ndash; general and administrative&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(260,483</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(241,274</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 0.9pc">Interest received but not distributed&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.9pc; padding-left: 0.9pc">Cash reserves (1)&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.9pc; padding-left: 0.9pc">Distributable income&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,526,890</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,048,425</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.9pc; padding-left: 0.9pc">Distributable income per unit (2)&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.207704</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.086177</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5pc; text-indent: -1.5pc">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc">(1)</TD><TD>The Trustee is authorized to retain cash from distributions received by the Trust in an amount not to exceed $1.0 million to be used
in the event that cash on hand is not sufficient to pay ordinary course administrative expenses and to provide for future liabilities
of the Trust.<B><BR>
<BR>
</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc">(2)</TD><TD>Based on 12,165,732 Trust units issued and outstanding as of May 16, 2022.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5pc; text-indent: -1.5pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc; text-align: center; text-indent: 0pc">The accompanying notes to condensed
financial statements are an integral part of these financial statements.</P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PERMROCK ROYALTY TRUST <A NAME="statement_ed"></A></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><A NAME="a_Toc24627070"></A><A NAME="a_Toc40260084"></A><A NAME="a_Toc54735120"></A>CONDENSED
STATEMENTS OF CHANGES IN TRUST CORPUS (UNAUDITED)</P>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months<BR> Ended March 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-indent: -0.9pc; padding-left: 0.9pc">Trust corpus, beginning of period&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">83,821,848</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">87,916,359</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 0.9pc">Amortization of Net Profits Interest&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(967,259</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(881,856</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 0.9pc">Distributable income&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,526,890</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,048,425</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.9pc; padding-left: 0.9pc">Distributions declared&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,526,890</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,048,425</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -0.9pc; padding-left: 0.9pc">Trust corpus, end of period&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">82,854,589</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">87,034,503</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-indent: -0.9pc; padding-left: 0.9pc">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes to condensed financial statements
are an integral part of these financial statements.</P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PERMROCK ROYALTY TRUST</B> <A NAME="notes"></A></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><A NAME="a_Toc24627071"></A><A NAME="a_Toc40260085"></A><A NAME="a_Toc54735121"></A>NOTES
TO CONDENSED FINANCIAL STATEMENTS<BR>
(Unaudited)</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.</B></FONT></TD><TD>Organization of Trust</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">PermRock Royalty Trust (the &ldquo;Trust&rdquo;) is a Delaware statutory
trust formed on November 22, 2017 under the Delaware Statutory Trust Act pursuant to a trust agreement dated November 22, 2017, as amended
and restated on May 4, 2018, by and among Boaz Energy II, LLC (&ldquo;Boaz Energy&rdquo;), as trustor, Simmons Bank, as Trustee (the &ldquo;Trustee&rdquo;),
and Wilmington Trust, National Association, as Delaware Trustee (the &ldquo;Delaware Trustee&rdquo;) (such amended and restated trust
agreement, as amended to date, the &ldquo;Trust Agreement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The Trust was created to acquire and hold the Net Profits Interest
for the benefit of the Trust unitholders. In connection with the closing of the initial public offering of Trust units, on May 4, 2018,
Boaz Energy conveyed the Net Profits Interest to the Trust in exchange for Trust units pursuant to a conveyance agreement between Boaz
Energy, the Trustee and the Delaware Trustee (the &ldquo;Conveyance&rdquo;). The Net Profits Interest represents an interest in the Underlying
Properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The Net Profits Interest entitles the Trust to receive 80% of the
net profits from the sale of oil and natural gas production from the Underlying Properties. The Net Profits Interest is passive in nature
and neither the Trust nor the Trustee has any control over, or responsibility for, costs relating to the operation of the Underlying Properties.
The Trust has and will continue to make monthly cash distributions of all of its monthly cash receipts, after deduction of fees and expenses
for the administration of the Trust and any cash reserves, to holders of its Trust units as of the applicable record date on or before
the 10th business day after the record date. Distributions generally relate to sales from a one-month period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The Trustee may deposit funds awaiting distribution in an account
with an FDIC-insured or national bank, including the Trustee, if the interest paid to the Trust at least equals amounts paid by the Trustee
on similar deposits, and make other short-term investments with the funds distributed to the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">In May 2018, Boaz Energy completed an initial public offering of
6,250,000 of the 12,165,732 total Trust units outstanding, retaining ownership of 5,915,732 Trust units. As of March 31, 2022, Boaz Energy
owned 5,878,332 Trust units of the 12,165,732 Trust units issued and outstanding.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.</B></FONT></TD><TD>Trust Significant Accounting Policies</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc"><A NAME="a_Hlk71892946"></A>a.</TD><TD>Basis of Accounting</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The Trust uses the modified cash basis of accounting to report Trust
receipts of the Net Profits Interest and payments of expenses incurred. The Net Profits Interest represents the right to receive revenues
(primarily oil and natural gas sales), less direct operating expenses, lease operating expenses, severance and ad valorem taxes and development
expenses of the Underlying Properties, multiplied by 80%, less any payments made or plus any payments received in connection with the
settlement of certain hedge contracts. Cash distributions of the Trust are made based on the amount of cash received by the Trust pursuant
to terms of the Conveyance creating the Net Profits Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The financial statements of the Trust, as prepared on a modified
cash basis, reflect the Trust&rsquo;s assets, liabilities, Trust corpus, earnings and distributions as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></FONT></TD><TD>Income from the Net Profits Interest is recorded when distributions are received by the Trust;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Distributions to Trust unitholders are recorded when declared by the Trust;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Trust general and administrative expenses (which includes the Trustee&rsquo;s fees as well as accounting, printing, engineering, legal,
tax advisory and other professional fees) are recorded when paid; cash reserves for Trust expenses may be established by the Trustee for
certain expenditures that would not be recorded as contingent liabilities under United States generally accepted accounting principles
(&ldquo;GAAP&rdquo;);</TD></TR></TABLE>

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



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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES
TO CONDENSED FINANCIAL STATEMENTS</P>

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

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

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<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Amortization of the investment in the Net Profits Interest is calculated
on a unit-of-production basis and is charged directly to Trust corpus, and such amortization does not affect distributions from the Trust;
and</P></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Trust&rsquo;s investment in the Net Profits Interest is periodically
assessed to determine whether its aggregate value has been impaired below its total capitalized cost basis. <FONT STYLE="background-color: white">&nbsp;In
general, neither the Trustee nor Boaz Energy view temporarily low prices as an indication of impairment. The markets for crude oil</FONT>
and <FONT STYLE="background-color: white">natural gas have a history of significant price volatility and though prices will occasionally
drop significantly, industry prices over </FONT>the <FONT STYLE="background-color: white">long term will continue to be driven by market
supply and demand. If events and circumstances indicate</FONT> the <FONT STYLE="background-color: white">carrying value may not be recoverable,
</FONT>the <FONT STYLE="background-color: white">Trustee would use the estimated </FONT>undiscounted future net cash flows <FONT STYLE="background-color: white">from</FONT>
the <FONT STYLE="background-color: white">Net Profits Interest to evaluate the recoverability of the Trust assets. If the undiscounted
future net cash flows from the Net Profits Interest are less than the Net Profits Interest </FONT>carrying <FONT STYLE="background-color: white">value,
the Trust would recognize an impairment loss for the difference between the Net Profits Interest carrying value and the</FONT> estimated
fair value <FONT STYLE="background-color: white">of the Net Profits Interest. The determination as to whether the Net Profits Interest
is impaired is based on the best information available to the Trustee at the time of the evaluation, including information provided by
Boaz Energy such as estimates of future production and development and operating expenses</FONT>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The financial statements of the Trust are prepared on a modified
cash basis of accounting, which is considered to be the most meaningful basis of preparation for a royalty trust because monthly distributions
to the Trust unitholders are based on net cash receipts. Although this basis of accounting is permitted for royalty trusts by the SEC,
the financial statements of the Trust differ from financial statements prepared in accordance with GAAP because net profits income is
not accrued in the month of production, expenses are not recognized when incurred and cash reserves may be established for certain contingencies
that would not be recorded in GAAP financial statements. This comprehensive basis of accounting other than GAAP corresponds to the accounting
permitted for royalty trusts by the SEC as specified by Staff Accounting Bulletin Topic 12:E, Financial Statements of Royalty Trusts.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc">b.</TD><TD>Interim Financial Statements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The accompanying unaudited financial statements have been prepared
by the Trust in accordance with the accounting policies stated in the audited financial statements and notes of the Trust thereto included
in the Trust&rsquo;s 2021 Annual Report and reflect all adjustments that are, in the opinion of the Trustee, necessary to state fairly
the information in the Trust&rsquo;s unaudited interim financial statements.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc">c.</TD><TD>Use of Estimates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The preparation of financial statements requires the Trust to make
estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc">d.</TD><TD>Risks and Uncertainties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The Trust&rsquo;s revenue and distributions are substantially dependent
upon the prevailing and future prices for oil and natural gas, each of which depends on numerous factors beyond the Trust&rsquo;s control
such as economic conditions, the global political environment, regulatory developments and competition from other energy sources. Oil
and natural gas prices historically have been volatile and may be subject to significant fluctuations in the future.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES
TO CONDENSED FINANCIAL STATEMENTS</P>

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

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc">e.</TD><TD>Contingencies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Contingencies related to the Underlying Properties that are unfavorably
resolved would generally be expected to result in reductions to cash receipts to the Trust in respect of the Net Profits Interest with
corresponding reductions to cash distributions to Trust unitholders. Please see the discussion of litigation in Note 8 to condensed financial
statements.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.</B></FONT></TD><TD>Income Taxes</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Tax counsel advised the Trust at the time of formation that for
U.S. federal income tax purposes, the Trust is treated as a grantor trust and will not be subject to federal income tax at the trust level.
Trust unitholders will be treated for such purposes as owning a direct interest in the assets of the Trust, and each Trust unitholder
is taxed directly on its pro rata share of the income and any gain, if sold, attributable to the assets of the Trust and is entitled to
claim its pro rata share of deductions and expenses attributable to the assets of the Trust. Each Trust unitholder should consult his
or her own tax advisor regarding income tax requirements, if any, applicable to such unitholder&rsquo;s ownership of Trust units.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.</B></FONT></TD><TD>Cash Reserves</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><A NAME="a_Hlk40069887"></A><A NAME="a_Hlk39834665"></A>Pursuant
to the Trust Agreement, as of May 31, 2019, the Trustee began retaining cash from the distributions the Trust receives to be used by the
Trust in the event that its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses
as they become due. The Trustee is authorized to retain cash reserves (i) in an amount not to exceed $1.0 million at any one time and
(ii) in such amounts as the Trustee in its discretion deems appropriate to pay for future liabilities of the Trust, but not less than
$25,000 per month or more than $100,000 per month. Cash reserves held by the Trustee for administrative expenses totaled $1,000,000 as
of <A NAME="a_Hlk39835460"></A>March 31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Boaz Energy is entitled under the Conveyance to reserve up to $3.0
million from the net profits for certain future taxes and development or operating expenses. <A NAME="a_Hlk38253425"></A><A NAME="a_Hlk53405922"></A><A NAME="a_Hlk53469157"></A><A NAME="a_Hlk46316056"></A>As
of December 31, 2021, the <FONT STYLE="background-color: white">balance of funds</FONT> held back to cover <FONT STYLE="background-color: white">certain
future </FONT>capital <FONT STYLE="background-color: white">expenses</FONT> was $214,157 net to the Trust. <A NAME="a_Hlk102730269"></A>As
of <A NAME="a_Hlk39838892"></A>March 31, 2022, the balance of funds held back to cover future capital expenses was $6,156 net to the Trust.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.</B></FONT></TD><TD>Distributions to Unitholders</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The Trust makes monthly cash distributions of the net amount, if
any, of its monthly cash receipts, after deduction of fees and expenses for the administration of the Trust and cash reserves to holders
of its Trust units as of the applicable record date on or before the 10th business day after the record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Based on 12,165,732 Trust units outstanding at each date listed
below, the per unit distributions during the quarter ended March 31, 2022 were as follows:</P>


<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 34%"><B>Record Date</B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 31%"><B>Payment Date</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 32%"><B>Distribution per Unit</B></TD></TR>
  <TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">January 31, 2022</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">February 14, 2022</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">$0.070575</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">February 28, 2022</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">March 14, 2022</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">0.066141</TD></TR>
  <TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">March 31, 2022</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">April 14, 2022</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">0.070988</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt double; text-align: right">$0.207704</TD></TR>
  </TABLE>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES
TO CONDENSED FINANCIAL STATEMENTS</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.</B></FONT></TD><TD>Related Party Transactions</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 0pt; margin-left: 0pt"><I></I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><I>Trustee Administrative Fee</I>. Under the terms of the Trust
Agreement, the Trust pays an annual administrative fee to the Trustee and the Delaware Trustee. The Delaware Trustee&rsquo;s annual fee
is $4,000. For 2022, the Trustee&rsquo;s annual administrative fee is $198,374, which is divided into twelve equal monthly payments throughout
the year. The Trustee&rsquo;s annual administrative fee increased at a rate of 3% per year for the first three years of the Trust&rsquo;s
existence, increased at a rate of 2% this year, will increase at a rate of 2% next year, and then will increase at a rate of 1% per year
until the 20th anniversary of the Trust&rsquo;s formation and then remain flat thereafter. These costs of the Trust, which are included
in administration expenses, are deducted by the Trust before distributions are made to Trust unitholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><I>Agreements with Boaz Energy</I>. On May 4, 2018, the Trust entered
into a registration rights agreement for the benefit of Boaz Energy and certain of its affiliates and transferees, pursuant to which the
Trust agreed to register the offering of the Trust units held by Boaz Energy and certain of its affiliates and permitted transferees upon
request by Boaz Energy. <A NAME="a_Hlk102730380"></A>As of March 31, 2022, Boaz Energy owned 5,878,332 Trust units of the 12,165,732 Trust
units issued and outstanding.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc"><A NAME="a_Hlk71817629"></A><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.</B></FONT></TD><TD>Development Costs</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><A NAME="a_Hlk47614174"></A>Boaz Energy has advised the Trustee
that the estimate for Boaz Energy&rsquo;s 2022 capital budget for the Underlying Properties is $7.0 million, of which approximately $1.4
million had been expended as of March 31, 2022. &nbsp;Based on current oil and gas prices, Boaz anticipates continuing to participate
in Crane and Glasscock Counties, non-operated drilling and waterflood conformance work in Crane, Terry and Stonewall Counties, as well
as drilling three new operated wells in Crane, Coke, and Terry Counties sometime in 2022.&nbsp; The majority of capital spent in 2022
to date has been on non-operated drilling and completion operations in Crane and Glasscock Counties. The $7.0 million estimate is subject
to change based on, among other things, changes in the price of oil and natural gas, including the ongoing impact of the COVID-19 pandemic
on such prices, Boaz Energy&rsquo;s actual capital requirements, the pace of regulatory approvals and the mix of projects.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.</B></FONT></TD><TD>Settlements and Litigation</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">On October 1, 2018, a lawsuit styled
<I>Thaleia L. Marston, Trustee of the Marston Trust v. Blackbeard Operating, LLC</I>, et.al, No. 18-10-24761 &ndash; CVW in the 143rd
District Court in Ward County, Texas (the &ldquo;2018 Litigation&rdquo;) was filed, naming, among others, Boaz Energy and the Trust as
defendants. The plaintiff is a lessor under two leases operated by Blackbeard Operating LLC. The Underlying Properties include the interests
of Boaz Energy in some of the minerals covered by those leases. The litigation sought surface use damages and alleged violations of the
terms of the leases, among other things. The court had set a two-day bench trial to commence May 18, 2022, but on May 10, 2022, the court
granted motions for summary judgment effectively disposing of the plaintiff&rsquo;s claims. At a status conference conducted on May 12,
2022, the plaintiff confirmed the court&rsquo;s rulings disposed of all the plaintiff&rsquo;s claims. The only remaining issue is whether
the court will award attorneys&rsquo; fees to the prevailing parties, and a briefing schedule was set up for guidance on that point.</P>

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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES
TO CONDENSED FINANCIAL STATEMENTS</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.</B></FONT></TD><TD>Subsequent Events</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">On April 19, 2022, the Trust declared a cash distribution of $0.062193
per Trust unit based upon production during the month of February 2022 to record holders as of April 29, 2022. The distribution was paid
on May 13, 2022. The following table shows underlying oil and natural gas sales and average prices during the production month of February
2022 and attributable to the distribution declared on April 19, 2022:</P>

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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Underlying Sales Volumes</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Average Price</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Oil<BR>
(Bbls)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Gas<BR>
(Mcf)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Oil<BR>
(per&nbsp;Bbl)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Gas<BR>
(per Mcf)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom; width: 42%">February</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%; text-align: right">28,084</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: right">33,647</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">$</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: right">89.71</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">$</TD>
    <TD STYLE="vertical-align: top; width: 8%; text-align: right">7.03</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pc"><A NAME="a_Toc24627072"></A><A NAME="a_Toc40260086"></A><A NAME="a_Toc54735122"></A><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pc"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0pc"><FONT STYLE="font-weight: normal">The Trust issued
a press release on April 6, 2022 announcing the adjournment of the Special Meeting of unitholders (the &ldquo;Special Meeting&rdquo;),
which commenced on April 5, 2022 as scheduled but was adjourned to permit the solicitation of additional proxies in favor of the proposals.
The Special Meeting was adjourned to allow the unitholders additional time to vote on the proposals described in the Trust&rsquo;s definitive
proxy statement filed by the Trust with the Securities Exchange Commission on February 9, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0pc"><FONT STYLE="font-weight: normal; background-color: white">On
May 5, 2022, the Trust announced that, at a special meeting of the Trust&rsquo;s unitholders held May&nbsp;4, 2022, the unitholders of
the Trust voted to approve the proposals set forth in the Trust&rsquo;s definitive proxy statement, including the appointment of Argent
Trust Company, a Tennessee chartered trust company (&ldquo;Argent&rdquo;), as successor trustee to serve as trustee of the Trust once
the resignation of Simmons Bank, the current Trustee of the Trust, takes effect and approval of related amendments to the Trust Agreement
of the Trust. The effective date of the Trustee&rsquo;s resignation will depend on the satisfaction or waiver of the conditions set forth
in the Trustee&rsquo;s notice of resignation and the Trust&rsquo;s definitive proxy statement, including approval by certain other trusts
of which Simmons Bank acts as trustee (or a court) of (i)&nbsp;Argent&rsquo;s appointment as successor trustee and (ii)&nbsp;any amendments
of the Trust Agreement of the Trust and indentures of the other trusts (whether by unitholder approval or a court) necessary to permit
Argent to serve as successor trustee.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pc"><FONT STYLE="font-weight: normal"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pc"><FONT STYLE="font-weight: normal"></FONT></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 4.5pc"><B>ITEM 2.</B></TD><TD><B>TRUSTEE&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS<A NAME="item_2"></A></B></TD></TR></TABLE>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc"><P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">Introduction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The following discussion and analysis is intended to help the reader
understand the Trust&rsquo;s financial condition, results of operations, liquidity and capital resources. This discussion and analysis
should be read in conjunction with the Trust&rsquo;s unaudited condensed financial statements and the accompanying notes included in this
Quarterly Report on Form 10-Q (&ldquo;Quarterly Report&rdquo;) and the Trust&rsquo;s audited financial statements and the accompanying
notes included in the Trust&rsquo;s 2021 Annual Report.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">Cautionary Statement Regarding Forward Looking Statements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Certain information included in this Quarterly Report contains,
and other materials filed or to be filed by the Trust with the SEC (as well as information included in oral statements or other written
statements made or to be made by the Trust) may contain or include, forward-looking statements within the meaning of Section 21E of the
Exchange Act and Section 27A of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). Such forward-looking statements
generally are accompanied by words such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;predict,&rdquo;
&ldquo;project,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;goal,&rdquo; &ldquo;should,&rdquo; &ldquo;assume,&rdquo; &ldquo;believe,&rdquo;
&ldquo;plan,&rdquo; &ldquo;intend,&rdquo; or other words that convey the uncertainty of future events or outcomes. All statements other
than statements of historical fact included in this Quarterly Report are forward-looking statements, including without limitation statements
under this &ldquo;Trustee&rsquo;s Discussion and Analysis of Financial Conditions and Results of Operations&rdquo; and all statements
regarding Boaz Energy and Simmons Bank&rsquo;s (as Trustee of the Trust) expectations, beliefs and plans regarding the following: (i)
Boaz Energy&rsquo;s capital projects, timing and estimated costs, and the resulting impact of those activities on the computation of the
Net Profits Interest; (ii) outside operators&rsquo; capital projects and the resulting impact of those activities on the Net Profits Interest;
(iii) implementation or continued use of waterflood projects and workovers and the location of waterflood projects and workovers; (iv)
Boaz Energy&rsquo;s estimated capital expenditures; (v) the timing of capital expenditures and capital reserve amounts; (vi) the expected
timing of litigation proceedings; (vii) the impact of current litigation matters on the Trust; (viii) Boaz Energy&rsquo;s staffing levels
or future reductions in staffing on the Underlying Properties; (ix) shut in of wells on the Underlying Properties; (x) the effects of
COVID-19 and disputes over production levels; and (xi) distributions to Trust unitholders. Such statements are based on certain assumptions
of the Trustee, and certain assumptions of information provided to the Trust by Boaz Energy, the owner of the Underlying Properties; are
based on an assessment of, and are subject to, a variety of factors deemed relevant by the Trustee and Boaz Energy; and involve risks
and uncertainties. Certain factors could affect the future results of the energy industry in general, and Boaz Energy and the Trust in
particular, and could cause actual results to differ materially from those projected in such forward-looking statements. Those factors
include, without limitation, the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the effect of changes in commodity prices or alternative fuel prices;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the effect of public health concerns such as the coronavirus disease (COVID-19) and any government response thereto;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>political and economic conditions in or affecting other oil and natural gas producing regions or countries;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>uncertainties in estimating production and oil and natural gas reserves of the Underlying Properties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>risks associated with the drilling and operation of oil and natural gas wells;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the cost of developing the Underlying Properties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the ability to maintain anticipated production levels;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the amount of future direct operating expenses, development expenses and other capital expenditures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>availability and terms of capital to fund capital expenditures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>risks associated with Boaz Energy and its ability to transfer operation of the Underlying Properties to third parties without the
approval of Trust unitholders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the performance of such third parties contracted by Boaz Energy and their ability or willingness to provide sufficient facilities
and services to Boaz Energy on commercially reasonable terms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the effect of existing and future laws and regulatory actions;</TD></TR></TABLE>

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





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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The actions of the Organizations of Petroleum Exporting Countries (&#8220;OPEC&#8221;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>conditions in the capital markets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>competition from others in the energy industry;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>uncertainty in whether development projects will be pursued;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>severe or unseasonable weather that may adversely affect production;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>adequacy of Boaz Energy&#8217;s insurance coverage;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>costs to comply with current and future governmental regulation of the oil and natural gas industry, including environmental, health
and safety laws and regulations, and regulations with respect to hydraulic fracturing and the disposal of produced water;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the effect of existing and future laws and regulatory actions, including real estate, bankruptcy and tax legislation and the ability
to accurately interpret the impact of such laws;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>general economic conditions affecting the Permian Basin;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>risks associated with title deficiencies that may arise with respect to the Underlying Properties and Boaz Energy&#8217;s ability
to cure any such defects;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>actions by Boaz Energy, including such that result in conflicts of interest, that adversely affect the Trust;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the ability to successfully estimate the impact of litigation matters, and certain accounting and tax matters;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the cost of inflation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the risk factors discussed in Item 1A of Part II of this Quarterly Report and in Part I of the Trust&#8217;s 2021 Annual Report.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">You should not place undue reliance on any forward-looking statements.
All forward-looking statements speak as of the date of this Quarterly Report. The Trust does not undertake any obligation to release publicly
any revisions to the forward-looking statements to reflect events or circumstances after the date of this Quarterly Report or to reflect
the occurrence of unanticipated events, unless required by applicable law.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">Boaz Energy Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">As a holder of a net profits interest, the Trust relies on Boaz
Energy for information regarding Boaz Energy and its affiliates; the Underlying Properties, including the operations, acreage, well and
completion count, working interests, production volumes, sales revenues, capital expenditures, operating expenses, reserves, drilling
plans, drilling results and leasehold terms related to the Underlying Properties; and factors and circumstances that have or may affect
the foregoing.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">Overview</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">PermRock Royalty Trust, a Delaware statutory trust formed in November
2017 by Boaz Energy, completed its initial public offering in May 2018. The Trust&rsquo;s main asset and source of income is the Net Profits
Interest, which entitles the Trust to receive 80% of the net profits from oil and natural gas production from the Underlying Properties.
The Net Profits Interest is passive in nature and neither the Trust nor the Trustee has any management control over or responsibility
for costs relating to the operation of the Underlying Properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The Trust is required to make monthly cash distributions of substantially
all of its monthly cash receipts, after deduction of fees and expenses for the administration of the Trust and any cash reserves, to holders
of its Trust units as of the applicable record date on or before the 10th business day after the record date. The Net Profits Interest
is entitled to a share of the profits from and after January 1, 2018 attributable to production occurring on or after such date. The Trust
is not subject to any pre-set termination provisions based on a maximum volume of oil or natural gas to be produced or the passage of
time. The amount of Trust revenues and cash distributions to Trust unitholders depends on, among other things:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>volumes produced;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>wellhead prices;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>price differentials;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>production and development costs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>potential reductions or suspensions of production; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pc"></TD><TD STYLE="width: 3pc"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the amount and timing of Trust administrative expenses.</TD></TR></TABLE>

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



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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Boaz Energy typically receives payment for oil production 30 to
60 days after it is produced and for natural gas production 60 to 90 days after it is produced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><A NAME="a_Hlk103052175"></A><I>Properties</I>. The Underlying Properties
consist of four operating areas in the Permian Basin in Texas, aggregating 35,390 gross (22,997 net) acres. The Permian Clearfork area
consists of 2,434 net acres on the Central Basin Platform of the Permian Basin in Hockley and Terry Counties, Texas. The Permian Abo area
consists of 1,667 net acres on the Central Basin Platform of the Permian Basin in Terry and Cochran Counties, Texas. The Permian Shelf
area consists of 14,727 net acres on the Eastern Shelf of the Permian Basin in Glasscock, Schleicher, Stonewall and Coke Counties, Texas.
The Permian Platform area consists of 4,169 net acres on the Central Basin Platform of the Permian Basin in Ward, Crane, Terry and Ector
Counties, Texas.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">Outlook</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Boaz Energy has advised the Trustee that the estimate for Boaz Energy&rsquo;s
2022 capital budget for the Underlying Properties is $7.0 million, of which approximately $1.4 million had been expended as of March 31,
2022. &nbsp;Based on current oil and gas prices, Boaz anticipates continuing to participate in Crane and Glasscock Counties, non-operated
drilling and waterflood conformance work in Crane, Terry and Stonewall Counties, as well as drilling three new operated wells in Crane,
Coke, and Terry Counties sometime in 2022.&nbsp; The majority of capital spent in 2022 to date has been on non-operated drilling and completion
operations in Crane and Glasscock Counties. The $7.0 million estimate is subject to change based on, among other things, changes in the
price of oil and natural gas, including the ongoing impact of the COVID-19 pandemic on such prices, Boaz Energy&rsquo;s actual capital
requirements, the pace of regulatory approvals and the mix of projects.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">RESULTS OF OPERATIONS</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">Distributable Income</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">Three Months Ended March 31, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">For the three months ended March 31, 2022, net profits income received
by the Trust was $2,787,336 compared to $1,289,640 for the same period of the prior year. This increase in net profits income was primarily
due to an increase in oil and gas revenue resulting from higher oil and gas prices in the current period. See &ldquo;Computation of Income
from the Net Profits Interest Received by the Trust&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">After considering interest income of $37 and general and administrative
expenditures of $260,483, distributable income for the three months ended March 31, 2022 was $2,526,890, or $0.207704 per Trust unit.
For the three months ended March 31, 2021, total distributable income was $1,048,425, or $0.086177 per unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><A NAME="a_Hlk39149336"></A>Interest income decreased for the quarter
ended March 31, 2022 as compared to the prior year, due to lower interest rates. General and administrative expenditures increased by
$19,209 for the three months ended March 31, 2022 as compared to the prior year, primarily due to differences in timing of the receipt
and payment of certain expenses by the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Pursuant to the Trust Agreement, as of May 31, 2019, the Trustee
is authorized to retain cash reserves for administrative expenses. The Trustee did not retain any additional cash reserves during the
three months ended March 31, 2022 or March 31, 2021. During the three months ended March 31, 2022 and March 31, 2021, total cash reserves
were $1,000,000.</P>

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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Based on 12,165,732 Trust units outstanding at each date listed
below, the per unit distributions during the three months ended March 31, 2022 were as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Record Date</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Payment Date</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Distribution per Unit</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">January 31, 2022</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">February 14, 2022</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">$0.070575</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">February 28, 2022</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">March 14, 2022</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">0.066141</TD></TR>
  <TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">March 31, 2022</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">April 14, 2022</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">0.070988</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt double; text-align: right">$0.207704 </TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 1pc 0">Computation of Income from the Net Profits Interest Received by
the Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The Net Profits Interest entitles the Trust to receive 80% of the
net profits attributable to Boaz Energy&rsquo;s interest from the sale of oil and natural gas production from the Underlying Properties.
The Trust&rsquo;s income from the Net Profits Interest consists of monthly net profits attributable to income from the Underlying Properties.
Because of the interval between the time of production and receipt of net profits income by the Trust, the Trust recognizes production
during the month in which the related net profits income is paid to the Trust. Net profits income for the three months ended March 31,
2022, was based on production during the months of November 2021 through January 2022. The table below outlines the computation of income
from the Net Profits Interest received by the Trust for the three months ended March 31, 2022 and March 31, 2021:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended<BR> March 31, 2022</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended<BR> March 31, 2021</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 0.9pc">Underlying Properties sales volumes<SUP>(1)</SUP>:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 74%; text-align: left; text-indent: -0.9pc; padding-left: 1.5pc">Oil (Bbl)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">90,673</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">106,328</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.9pc; padding-left: 1.5pc">Natural gas (Mcf)<SUP>(2)</SUP>&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">103,264</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">146,489</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 2.1pc">Total sales (Boe)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,691</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,743</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.9pc; padding-left: 0.9pc">Average realized sales price:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-indent: -0.9pc; padding-left: 1.5pc">Oil (per Bbl)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">76.02</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">44.03</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 1.5pc">Natural gas (per Mcf)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.93</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 0.9pc">Calculation of net profits:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 0.9pc">Gross profits:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 1.5pc">Oil sales&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,893,016</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,682,464</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 1.5pc">Natural gas sales&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">737,547</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">428,955</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.9pc; padding-left: 1.5pc">Other revenue&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29,415</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,173</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 2.1pc">Total gross profits&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,659,978</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,133,591</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-indent: -0.9pc; padding-left: 0.9pc">Costs:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 1.5pc">Direct operating expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">797,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">390,598</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 1.5pc">Lease operating expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,547,101</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,392,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 1.5pc">Severance and ad valorem taxes&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">302,502</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">433,308</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 1.5pc">Development expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,363,119</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">860,619</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.9pc; padding-left: 1.5pc">Other expenses&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">425,946</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">469,517</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 2.1pc">Total costs&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(4,435,808</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(3,546,542</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 0.9pc">Net profits&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,224,170</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,587,049</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 0.9pc">Percentage allocable to Net Profits Interest&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.9pc; padding-left: 0.9pc">Net profits income (before capital reserve)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,579,336</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,269,640</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-indent: -0.9pc; padding-left: 0.9pc">Capital reserve<SUP>(3)</SUP>&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">208,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.9pc; padding-left: 0.9pc">Net Profits Interest audit fee&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.9pc; padding-left: 0.9pc">Net profits income received by the Trust&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,787,336</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,289,640</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5pc; text-indent: -1.5pc">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc">(1)</TD><TD>Quarterly sales volumes are typically reported for a three-month period, and therefore sales volumes for the three months ended March
31, 2022 reflect production volumes for November 2021 through January 2022.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc">(2)</TD><TD>Sales volumes for natural gas include NGLs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pc 1.5pc; text-indent: -1.5pc">&nbsp;</P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5pc">(3)</TD><TD>Boaz Energy is entitled under the Conveyance to reserve up to $3.0 million from the net profits for certain future taxes and <A NAME="a_Hlk24446286"></A>expenses.
For the three months ended March 31, 2022, the reserve was reduced by $208,000 net to the Trust.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Important factors used in calculating the Trust&rsquo;s net profits
income include the volumes of oil and natural gas produced from the Underlying Properties and the realized prices received for the sale
of those minerals, including oil and natural gas liquids, as well as direct operating expenses, lease operating expenses, severance and
ad valorem taxes, development and other expenses and capital reserves.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">Sales Volumes</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><A NAME="a_Hlk40274552"></A>Oil sales volumes decreased by 15,655
Bbls (14.7%) for the three months ended March 31, 2022 as compared to the same period in 2021 primarily due to higher pricing and <A NAME="a_Hlk47342037"></A>slowed
drilling from non-operated properties.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">Natural Gas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Natural gas sales volumes decreased by 43,225 Mcf (29.5%) for the
three months ended March 31, 2022 as compared to the prior year period. Boaz Energy reports this decrease was primarily because of higher
pricing and slowed drilling from non-operated properties.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">Sales Prices</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">Oil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The average realized oil price per Bbl increased for the three months
ended March 31, 2022 as compared to the prior year period primarily related to increases in industry prices.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">Natural Gas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The average realized natural gas price per Mcf increased for the
three months ended March 31, 2022 as compared to the prior year period related to increases in industry prices.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">Costs</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 1pc"><A NAME="a_Hlk71812274"></A>Direct Operating Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Direct operating expenses increased for the three months ended March
31, 2022 <FONT STYLE="background-color: white">as compared to the prior year period primarily because of costs to repair wells and return
them to production.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><I>Lease Operating Expenses<BR>
<BR>
</I><FONT STYLE="background-color: white">Lease operating expenses </FONT>increased for the three months ended March 31, 2022 as compared
to the prior year period because of higher industry cost of materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><I>Severance and ad Valorem Taxes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="background-color: white">Severance and ad valorem taxes
</FONT>decreased <FONT STYLE="background-color: white">for the three months ended </FONT>March 31, 2022 <FONT STYLE="background-color: white">as
compared to the prior year period<A NAME="a_Hlk48043175"></A> </FONT>as the result of a refund of prior year over-accruals of ad valorem
expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><I>Development Expenses Related to the Underlying Properties</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="background-color: white">Development expenses related
to the Underlying Properties </FONT><A NAME="a_Hlk56161725"></A>increased <FONT STYLE="background-color: white">for the three months ended
</FONT>March 31, 2022 <FONT STYLE="background-color: white">as compared to the prior year period</FONT> because <FONT STYLE="background-color: white">of
</FONT>additional costs in Schleicher County to return wells to production.</P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><I>&nbsp;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Other expenses <FONT STYLE="background-color: white">decreased for
the </FONT>three <FONT STYLE="background-color: white">months ended </FONT><A NAME="a_Hlk79156779"></A>March 31, 2022 <FONT STYLE="background-color: white">as
compared to the prior year period, primarily due to </FONT>Boaz Energy&rsquo;s application of amounts previously held back to cover capital
expenditures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">As of March 31, 2022, Boaz had reserved $6,156 net to the Trust
for future capital expenses, a decrease of $208,000 for the three months then ended.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">LIQUIDITY AND CAPITAL RESOURCES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The Trust&rsquo;s principal sources of liquidity and capital are
cash flow generated from the Net Profits Interest, the amounts held by the Trustee as cash reserves to pay future liabilities, and borrowings,
if any to fund administrative expenses. The Trust&rsquo;s primary uses of cash are distributions to Trust unitholders, payment of Trust
administrative expenses, including, if applicable, any reserves established by the Trustee for future liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Administrative expenses include the Trustee and Delaware Trustee
fees, accounting, engineering, legal, tax advisory and other professional fees, and tax reporting and distribution expenses. The Trust
is also responsible for paying other expenses incurred as a result of being a publicly traded entity, including costs associated with
annual, quarterly and current reports to the SEC, New York Stock Exchange listing fees, independent auditor fees and registrar and transfer
agent fees. If the Trustee determines that cash on hand and cash to be received in respect of the Net Profits Interest are, or will be,
insufficient to cover the Trust&rsquo;s liabilities and expenses, the Trustee may cause the Trust to borrow funds to pay liabilities of
the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">As authorized under the Trust Agreement, the Trustee is authorized
to retain cash from the distributions the Trust receives (i) in an amount not to exceed $1.0 million at any one time to be used by the
Trust in the event that its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses
as they become due and (ii) in such amounts as the Trustee in its discretion deems appropriate to pay for future liabilities of the Trust,
but not less than $25,000 or more than $100,000 per month. Cash reserves previously retained and currently held by the Trustee <A NAME="a_Hlk38254363"></A>for
future administrative expenses total $1,000,000 as of March 31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><A NAME="a_Hlk103268089"></A>On May 4, 2018, the Trust entered into
a registration rights agreement for the benefit of Boaz Energy and certain of its affiliates and transferees, pursuant to which the Trust
agreed to register the offering of the Trust units held by Boaz Energy and certain of its affiliates and permitted transferees upon request
by Boaz Energy. As of March 31, 2022, Boaz Energy owned 5,878,332 Trust units of the 12,165,732 Trust units issued and outstanding. The
Trust filed a Registration Statement on Form S-3 on April 28, 2022 (the &ldquo;Registration Statement&rdquo;) seeking the registration
of 5,801,675 Trust units held by Boaz Energy. The SEC confirmed the effectiveness of the Registration Statement on May 9, 2022. The Trust
will not receive any of the proceeds received from the sale of the Trust units. The selling unitholder will bear all costs and expenses
incidental to the preparation and filing of the Registration Statement, excluding certain internal expenses of the Trust, which will be
borne by the Trust, and any underwriting discounts and commissions, which will be borne by the selling unitholder as the seller of the
Trust units.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">Boaz Energy Capital Expenditure Budget</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><A NAME="a_Hlk54787158"></A><A NAME="a_Hlk40174067"></A>Boaz Energy
has advised the Trustee that the estimate for Boaz Energy&rsquo;s 2022 capital budget for the Underlying Properties is $7.0 million, of
which approximately $1.4 million had been expended as of March 31, 2022. &nbsp;Based on current oil and gas prices, Boaz anticipates continuing
to participate in Crane and Glasscock Counties, non-operated drilling and waterflood conformance work in Crane, Terry and Stonewall Counties,
as well as drilling three new operated wells in Crane, Coke, and Terry Counties sometime in 2022.&nbsp; The majority of capital spent
in 2022 to date has been on non-operated drilling and completion operations in Crane and Glasscock Counties. The $7.0 million estimate
is subject to change based on, among other things, changes in the price of oil and natural gas, including the ongoing impact of the COVID-19
pandemic on such prices, Boaz Energy&rsquo;s actual capital requirements, the pace of regulatory approvals and the mix of projects.</P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Distributions Declared After Quarter End</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">On April 19, 2022, the Trust declared a cash distribution of $0.062193
per Trust unit based upon production during the month of February 2022 to record holders as of April 29, 2022. The distribution was paid
on May 13, 2022. The following table shows underlying oil and natural gas sales and average prices during the production month of February
2022 and attributable to the distribution declared on April 19, 2022:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Underlying Sales Volumes</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Average Price</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Oil<BR>
(Bbls)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Gas<BR>
(Mcf)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Oil<BR>
(per&nbsp;Bbl)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Gas<BR>
(per Mcf)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom; width: 42%">February</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%; text-align: right">28,084</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: right">33,647</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">$</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: right">89.71</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">$</TD>
    <TD STYLE="vertical-align: top; width: 8%; text-align: right">7.03</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">Off-Balance Sheet Arrangements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">As of March 31, 2022, the Trust had no off-balance sheet
arrangements.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">New Accounting Pronouncements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">As the Trust&rsquo;s financial statements are prepared on the modified
cash basis, most accounting pronouncements are not applicable to the Trust&rsquo;s financial statements. No new accounting pronouncements
have been adopted or issued that would impact the financial statements of the Trust.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 1pc">Critical Accounting Policies and Estimates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Refer to Note 2 to the unaudited condensed financial statements
contained in this Quarterly Report and the Trust&rsquo;s 2021 Annual Report on Form 10-K, including the audited financial statements of
the Trust and notes thereto included therein, for a description of the Trust&rsquo;s accounting policies and use of estimates.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 4.5pc"><B>ITEM 3.</B></TD><TD><B>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</B><A NAME="item_3"></A></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The Trust is a smaller reporting company as defined by Rule 12b-2
of the Exchange Act and is not required to provide the information required under this Item.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 4.5pc"><B>ITEM 4.</B></TD><TD><B>CONTROLS AND PROCEDURES</B><A NAME="item_4"></A></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The Trustee conducted an evaluation of the effectiveness of the
Trust&rsquo;s disclosure controls and procedures pursuant to Exchange Act Rules 13a-15(a) and 15d-15(a) as of the end of the period covered
by this Quarterly Report. Based on this evaluation, the Trustee has concluded that the disclosure controls and procedures of the Trust
are effective as of March 31, 2022, that the information required to be disclosed by the Trust in its reports filed or submitted under
the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC,
and such information is accumulated and communicated, as appropriate to allow timely decisions regarding required disclosure. In its evaluation
of disclosure controls and procedures, the Trustee has relied, to the extent considered reasonable, on information provided by Boaz Energy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Due to the nature of the Trust as a passive entity and in light
of the contractual arrangements pursuant to which the Trust was created, including the provisions of the Trust Agreement and the Conveyance,
the Trustee&rsquo;s disclosure controls and procedures related to the Trust necessarily rely on (A) information provided by Boaz Energy,
including information relating to results of operations, the costs and revenues attributable to the Trust&rsquo;s interests under the
Conveyance and other operating and historical data, plans for future operating and capital expenditures, reserve information, information
relating to projected production, and other information relating to the status and results of operations of the Underlying Properties,
and (B) conclusions and reports regarding reserves by the Trust&rsquo;s independent reserve engineers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">During the quarter ended March 31, 2022 there were no changes in
the Trust&rsquo;s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect,
the Trustee&rsquo;s internal control over financial reporting. The Trustee notes for purposes of clarification that it has no authority
over, has not evaluated and makes no statement concerning, the internal control over financial reporting of Boaz Energy.</P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><A NAME="a_Toc24627075"></A><A NAME="a_Toc40260089"></A><A NAME="a_Toc54735125"></A>PART
II. OTHER INFORMATION</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 4.5pc"><A NAME="a_Toc54735127"></A><B>ITEM 1.</B></TD><TD><B>LEGAL PROCEEDINGS</B><A NAME="item1"></A></TD></TR></TABLE>

<P STYLE="font: 10pt/8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><A NAME="a_Hlk103269028"></A>On October 1, 2018, a lawsuit styled
<I>Thaleia L. Marston, Trustee of the Marston Trust v. Blackbeard Operating, LLC</I>, et.al, No. 18-10-24761 &ndash; CVW in the 143rd
District Court in Ward County, Texas (the &ldquo;2018 Litigation&rdquo;) was filed, naming, among others, Boaz Energy and the Trust as
defendants. The plaintiff is a lessor under two leases operated by Blackbeard Operating LLC. The Underlying Properties include the interests
of Boaz Energy in some of the minerals covered by those leases. The litigation sought surface use damages and alleged violations of the
terms of the leases, among other things. The court had set a two-day bench trial to commence May 18, 2022, but on May 10, 2022, the court
granted motions for summary judgment effectively disposing of the plaintiff&rsquo;s claims. At a status conference conducted on May 12,
2022, the plaintiff confirmed the court&rsquo;s rulings disposed of all the plaintiff&rsquo;s claims. The only remaining issue is whether
the court will award attorneys&rsquo; fees to the prevailing parties, and a briefing schedule was set up for guidance on that point.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 4.5pc"><B>ITEM 6.</B></TD><TD><B>EXHIBITS<A NAME="item6"></A> </B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 4%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center; border-bottom: Black 0.5pt solid"><B>Exhibit
    No.</B></P></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 95%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 0.5pt solid"><B>Description</B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>3.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1724009/000104746918002626/a2235230zex-3_3.htm" STYLE="-sec-extract: exhibit">Certificate of Trust of PermRock Royalty Trust</A> (incorporated by reference to Exhibit 3.3 to Registration Statement on Form S-1 (SEC File No. 333-224191) filed on April 6, 2018).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>3.2</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1724009/000110465918031315/a18-13048_1ex3d1.htm" STYLE="-sec-extract: exhibit">Amended and Restated Trust Agreement of PermRock Royalty Trust, dated May 4, 2018, among Boaz Energy II, LLC, Wilmington Trust, National Association, as Delaware Trustee of PermRock Royalty Trust, and Simmons Bank, as Trustee of PermRock Royalty Trust</A> (incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K (SEC File No. 001-38472) filed on May 8, 2018). </TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>3.3</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1724009/000119312522143266/d354126dex41.htm" STYLE="-sec-extract: exhibit">Amendment No. 1 to the Amended and Restated Trust Agreement of PermRock Royalty Trust, dated May 4, 2022</A> (incorporated by
    reference to exhibit 4.1 to Current Report on Form 8-K (SEC File No 001-38472) filed on May 6, 2022).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>31.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="prt_ex31z1.htm">Section 302 Certification.</A>* </TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>32.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="prt_ex32z1.htm">Section 906 Certification.</A>*</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The exhibits marked with the asterisk symbol (*) are filed or furnished
with this Quarterly Report on Form 10-Q.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 64%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 31%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">PERMROCK ROYALTY TRUST</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>Simmons Bank, as Trustee</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ RON E. HOOPER</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Ron E. Hooper</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><I>SVP Royalty Trust Management</I></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Date: May 16, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The registrant, PermRock Royalty Trust, has no principal executive
officer, principal financial officer, board of directors or persons performing similar functions. Accordingly, no additional signatures
are available, and none have been provided. In signing the report above, the Trustee does not imply that it has performed any such function
or that any such function exists pursuant to the terms of the Trust Agreement under which it serves.</P>

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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; background-color: white"><A NAME="a_Hlk7119421"></A><A NAME="a_Hlk16317220"></A></P>

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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>prt_ex31z1.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; background-color: white"><A NAME="a_Hlk7119421"></A><A NAME="a_Hlk16317220"></A><B>EXHIBIT
31.1</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pc 0 0; background-color: white"><A NAME="a_Hlk519690368"></A>I, Ron E. Hooper, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pc 0 0; background-color: white">1. I have reviewed this Quarterly Report
on Form&nbsp;10-Q&nbsp;of PermRock Royalty Trust (the &ldquo;registrant&rdquo;), for which Simmons Bank, acts as Trustee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pc 0 0; background-color: white">2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pc 0 0; background-color: white">3. Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
distributable income and changes in trust corpus of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pc 0 0; background-color: white">4. I am responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and&nbsp;15d-15(e))&nbsp;and internal
control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f)&nbsp;and&nbsp;15d-15(f)),&nbsp;or for causing such controls
and procedures to be established and maintained, for the registrant and have:</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%">a)</TD>
    <TD STYLE="vertical-align: top">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;</TD></TR>
  </TABLE>
<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%">b)</TD>
    <TD STYLE="vertical-align: top">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes;</TD></TR>
  </TABLE>
<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%">c)</TD>
    <TD STYLE="vertical-align: top">evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</TD></TR>
  </TABLE>
<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%">d)</TD>
    <TD STYLE="vertical-align: top">disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><BR>
5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s auditors:</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%">a)</TD>
    <TD STYLE="vertical-align: top">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information; and</TD></TR>
  </TABLE>
<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%">b)</TD>
    <TD STYLE="vertical-align: top">any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pc 0 0; background-color: white">In giving the certifications in paragraphs
4 and 5 above, I have relied to the extent I consider reasonable on information provided to me by Boaz Energy II, LLC.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Date: May 16, 2022</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">By:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="border-bottom: black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">/s/ RON E. HOOPER</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Ron E. Hooper,</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><I>SVP Royalty Trust Management</I></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Simmons Bank</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; background-color: white"><B>&nbsp;</B></P>



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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>3
<FILENAME>prt_ex32z1.htm
<DESCRIPTION>CERTIFICATION
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; background-color: white"><B>EXHIBIT 32.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pc 0 0; background-color: white">In connection with the Quarterly Report
of PermRock Royalty Trust (the &ldquo;Trust&rdquo;) on Form&nbsp;10-Q&nbsp;for the quarterly period ended March 31, 2022, as filed
with the Securities and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;), the undersigned, not in its individual capacity
but solely as the trustee of the Trust, certifies pursuant to 18 U.S.C. 1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley
Act of 2002, that to its knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pc 0 0; text-indent: 24.5pt; background-color: white">(1) The Report fully
complies with the requirements of Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pc 0 0; text-indent: 24.5pt; background-color: white">(2) The information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">SIMMONS BANK, TRUSTEE FOR PERMROCK ROYALTY TRUST</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Date: May 16, 2022</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">By:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="border-bottom: black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">/s/ RON E. HOOPER</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Ron E. Hooper,</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><I>SVP Royalty Trust Management</I></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Simmons Bank</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pc 0 0; background-color: white">A signed original of this written statement
required by Section&nbsp;906 has been provided to PermRock Royalty Trust and will be retained by PermRock Royalty Trust and furnished
to the Securities and Exchange Commission or its Staff upon request.</P>

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

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

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





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