<SEC-DOCUMENT>0001104659-22-082449.txt : 20220725
<SEC-HEADER>0001104659-22-082449.hdr.sgml : 20220725
<ACCEPTANCE-DATETIME>20220725164303
ACCESSION NUMBER:		0001104659-22-082449
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220725
DATE AS OF CHANGE:		20220725

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:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-264551
		FILM NUMBER:		221103858

	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>424B3
<SEQUENCE>1
<FILENAME>tm2221434d1_424b3.htm
<DESCRIPTION>424B3
<TEXT>
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                           <P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Filed pursuant to Rule 424(b)(3)</B></P>

<P STYLE="text-align: right; margin: 0pt"><B>Registration No. 333-264551</B></P>

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

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

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

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">5,756,675 Trust
Units</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2213717d1_424b3img2.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus relates to the offer and resale,
from time to time, by Boaz Energy II, LLC (&ldquo;Boaz Energy&rdquo; or the &ldquo;selling unitholder&rdquo;) and its transferees, pledgees,
donees, assignees or other successors (each also a selling unitholder for purposes of this prospectus) of all of the trust units representing
beneficial interests in PermRock Royalty Trust (the &ldquo;trust&rdquo;) held by the selling unitholder. See &ldquo;Selling Unitholder.&rdquo;
The trust is registering the offer and sale of the trust units to satisfy registration rights granted by it to the selling unitholder.
The trust units may be sold by the selling unitholder from time to time in one or more public or private transactions and at prices related
to prevailing market prices, fixed prices or at negotiated prices. The trust will not receive any of the proceeds of any offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The trust units are equity securities of the trust
and represent undivided beneficial interests in the trust assets. They do not represent any interest in Boaz Energy. Trust unitholders
are entitled to receive monthly distributions of cash from the proceeds that the trust receives from Boaz Energy pursuant to a Net Profits
Interest (as defined herein) in oil and natural gas properties. The trust&rsquo;s ability to pay monthly cash distributions will depend
on its receipt of net profits attributable to the Net Profits Interest, which will depend upon, among other things, volumes produced,
wellhead prices, price differentials, production and development costs, potential reductions or suspensions of production and the amount
and timing of trust administrative expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus provides you with a general description
of the trust units that may be offered by the selling unitholder. A prospectus supplement, containing more specific information about
an offering and the terms thereof, may also be used by the selling unitholder or its agents. A prospectus supplement may also add, update
or change information contained in this prospectus. Any statement made in this prospectus will be modified or superseded by any inconsistent
statement made in a prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The trust units may be sold directly or through
agents, underwriters or dealers, or through a combination of these methods. Please read &ldquo;Plan of Distribution.&rdquo; A prospectus
supplement will list any agents, underwriters or dealers that may be involved and the compensation they will receive. A prospectus supplement
will also show you the total amount of money the selling unitholder will receive from selling the securities being offered, after the
expenses of the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Investing in the trust units involves
risk. You should carefully read this prospectus and any accompanying prospectus supplement, together with the documents incorporated
by reference herein and therein, before you invest in the trust units. Please read &ldquo;<U><A HREF="#b_001">Risk
Factors</A></U>&rdquo; on page 3 of this prospectus.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The trust units are listed on the New York Stock
Exchange (the &ldquo;NYSE&rdquo;) under the symbol &ldquo;PRT.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus.
Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">This prospectus is
dated&nbsp; July 25, 2022</P>

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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; background-color: rgb(204,238,255)">
    <TD STYLE="width: 95%"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GLOSSARY OF TERMS</FONT></A></TD>
    <TD STYLE="text-align: right; width: 5%"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE TRUST</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#b_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#b_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#sha_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF THE TRUST AGREEMENT</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sha_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#sha_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF THE TRUST UNITS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sha_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#sha_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sha_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#sha_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">STATE TAX CONSIDERATIONS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sha_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#sha_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SELLING TRUST UNITHOLDER</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sha_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#sha_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sha_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#sha_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sha_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#sha_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sha_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#sha_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sha_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></A></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain of the trust&rsquo;s reports filed under
the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), are incorporated by reference into this prospectus.
Neither the trust nor Boaz Energy has authorized anyone to provide any information other than that contained or incorporated by reference
into this prospectus or any prospectus supplement or to which they have referred you. The trust and Boaz Energy take no responsibility
for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus and any prospectus
supplement are not an offer to sell or the solicitation of an offer to buy any securities other than the securities to which they relate
and are not an offer to sell or the solicitation of an offer to buy securities in any jurisdiction to any person to whom it is unlawful
to make an offer or solicitation in that jurisdiction. You should not assume that the information contained in this prospectus is accurate
as of any date other than the date on the front cover of this prospectus, or that the information contained in any document incorporated
by reference is accurate as of any date other than the date of the document incorporated by reference, regardless of the time of delivery
of this prospectus or any sale of a security.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_001"></A>Glossary
of Terms</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</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: 20%"><FONT STYLE="font-size: 10pt">average realized sales price</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 78%"><FONT STYLE="font-size: 10pt">The average sales price actually received for the sale of oil and natural gas, as distinguished from the NYMEX or other published prices.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Bbl</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Barrel (of oil).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Boe</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Barrel of oil equivalent.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Btu</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">A British Thermal Unit, a common unit of energy measurement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">completion</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">The installation of permanent equipment for the production of oil or natural gas, or in the case of a dry hole, the reporting of abandonment to the appropriate agency.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">developed oil and natural gas reserves</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Reserves of any category that can be expected to be recovered (i) through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and (ii) through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well.&nbsp;&nbsp;See 17 CFR &sect; 210.4-10(aX6).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">development well</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">A well drilled into a proved oil or natural gas reservoir to the depth of a stratigraphic horizon known to be productive.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">differential</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">The difference between a benchmark price of oil and natural gas, such as the NYMEX crude oil spot, and the wellhead price received.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">distributable income</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">estimated future net revenues</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Computed by applying current oil and natural gas prices (with consideration of price changes only
    to the extent provided by contractual arrangements and allowed by federal regulation) to estimated future production of proved oil
    and natural gas reserves as of the date of the latest balance sheet presented, less estimated future expenditures (based on current
    costs) to be incurred in developing and producing the proved reserves and assuming continuation of existing economic
    conditions.&nbsp;&nbsp;See l7 CFR &sect; 210.4-10(c)(4)(A).&nbsp;&nbsp;&ldquo;Estimated future net revenues&rdquo; are sometimes
    referred to in this prospectus as &ldquo;estimated future net cash flows.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">farm-in or farm-out agreement</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">An agreement under which the owner of a working interest in an oil or natural gas lease typically assigns the working interest or a portion of the working interest to another party who desires to drill on the leased acreage. Generally, the assignee is required to drill one or more wells in order to earn its interest in the acreage. The assignor usually retains a royalty or reversionary interest in the lease. The interest received by an assignee is a &quot;farm-in&quot; while the interest transferred by the assignor is a &quot;farm-out.&quot;</FONT></TD></TR>
  </TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 20%"><FONT STYLE="font-size: 10pt">field</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 78%"><FONT STYLE="font-size: 10pt">An area consisting of either a single reservoir or multiple reservoirs, all grouped on or related to the same individual geological structural feature and/or stratigraphic condition.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">GAAP</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">United States generally accepted accounting principles.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">gross acres or wells</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">The total acres or wells, as the case may be, in which a working interest is owned.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">MBbl</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">One thousand barrels of crude oil or condensate.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">MBoe</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">One thousand barrels of crude oil equivalent.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Mcf</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">One thousand cubic feet (of natural gas).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">MMBoe</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">One million barrels of crude oil equivalent.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">MMBtu</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">One million Btus.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">MMcf</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">One million cubic feet (of natural gas).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">natural gas liquids (NGL)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">net profits</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Gross profits received by Boaz Energy from the sale of production from the Underlying Properties, less applicable costs, as provided in the Conveyance.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">net profits income</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Net profits multiplied by the net profits percentage of 80%, which is paid to the Trust by Boaz Energy.&nbsp;&nbsp;&ldquo;Net profits income&rdquo; is referred to as &ldquo;royalty income&rdquo; for tax reporting purposes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Net Profits Interest</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">net acres or net wells</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">The sum of the fractional working interests owned by a given operator in gross acres or wells, as the case may be.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NGL&#9;</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Natural gas liquids.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">non-operated&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Working interests which are part of the Underlying Properties but are not operated by Boaz Energy.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">NYMEX</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">plugging of abandoned wells</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Activities to remove production equipment and seal off a well at the end of a well's economic life.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">proved developed reserves</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Reserves that can be expected to be recovered through existing wells with existing equipment and operating methods.</FONT></TD></TR>
  </TABLE>

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

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

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<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: 20%"><FONT STYLE="font-size: 10pt">proved reserves</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 78%"><FONT STYLE="font-size: 10pt">Those quantities of oil and natural gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time. The area of the reservoir considered as proved includes (i)&nbsp;the area identified by drilling and limited by fluid contacts, if any, and (ii)&nbsp;adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data. In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons, as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty. Where direct observation from well penetrations has defined a highest known oil, elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty. Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when (i)&nbsp;successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and (ii)&nbsp;the project has been approved for development by all necessary parties and entities, including governmental entities. Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">proved undeveloped reserves (PUDs)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Proved reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">PV-10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">The present value of estimated future net revenues using a discount rate of 10% per annum.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">reasonable certainty</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(i) If deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered or (ii) if probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate. A high degree of confidence exists if the quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and economic data are made to estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease. See 17 CFR &sect; 210.4-10(a)(24).</FONT></TD></TR>
</TABLE>

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<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: 20%"><FONT STYLE="font-size: 10pt">recompletion</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 78%"><FONT STYLE="font-size: 10pt">The completion for production of an existing well bore in another formation from which that well has been previously completed.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">reservoir</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">A porous and permeable underground formation containing a natural accumulation of producible oil and/or natural gas that is confined by impermeable rock or water barriers and is individual and separate from other reservoirs.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">secondary recovery</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">The second stage of hydrocarbon production during which an external fluid such as water or gas is injected into the reservoir through injection wells located in rock that has fluid communication with production wells. The purpose of secondary recovery is to maintain reservoir pressure and to displace hydrocarbons toward the wellbore. The most common secondary recovery techniques are gas injection and waterflooding.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Tcf</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">One trillion cubic feet of natural gas.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Trust units</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Trust units representing beneficial interests in the Trust.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Underlying Properties</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">The interest in certain oil and natural gas properties from which the Net Profits Interest was conveyed by Boaz Energy.&nbsp;&nbsp;The Underlying Properties include working interests in oil and natural gas producing properties located in the Permian Basin in Texas.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">waterflood</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">A method of secondary recovery in which water is injected into the reservoir formation to displace residual oil. The water from injection wells physically sweeps the displaced oil to adjacent production wells.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">working interest</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">workover</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Operations on a producing well to restore or increase production.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>




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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_002"></A>ABOUT
THIS PROSPECTUS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus is part of a registration statement
that the trust has filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) utilizing a &ldquo;shelf&rdquo; registration
process. Under this shelf registration process, the selling unitholder may, from time to time, sell the securities described in this prospectus
in one or more offerings. This prospectus provides you with a general description of the securities that may be offered, from time to
time, by Boaz Energy as the selling unitholder. Each time Boaz Energy sells securities, it may be required to provide you with this prospectus
and, in certain cases, a prospectus supplement containing specific information about the selling unitholder and the terms of the securities
being offered. That prospectus supplement may include additional risk factors or other special considerations applicable to those securities.
Any prospectus supplement may also add, update, or change information in this prospectus. If there is any inconsistency between the information
in this prospectus and any prospectus supplement, you should rely on the information in that prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Additional information, including the trust&rsquo;s
financial statements and the notes thereto, is incorporated in this prospectus by reference to the trust&rsquo;s reports filed with the
SEC. Please read &ldquo;Where You Can Find More Information.&rdquo; You are urged to read this prospectus carefully, including the section
captioned &ldquo;Risk Factors,&rdquo; and the trust&rsquo;s SEC reports in their entirety before investing in the trust units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the context requires otherwise or unless
otherwise noted, all references in this prospectus to the &ldquo;trust,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo;
are to PermRock Royalty Trust.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_003"></A>THE
TRUST</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">PermRock
Royalty Trust is a Delaware statutory trust formed on November&nbsp;22, 2017 under the Delaware Statutory Trust Act pursuant to a
trust agreement dated November&nbsp;22, 2017, as amended and restated on May&nbsp;4, 2018, by and among Boaz Energy, as trustor,
Simmons Bank, as trustee (the &ldquo;trustee&rdquo;), and Wilmington Trust, National Association, as Delaware trustee (the
 &ldquo;Delaware trustee&rdquo;), as further amended on May 4, 2022, following approval by the trust&rsquo;s unitholders at a
special meeting of unitholders on May 4, 2022, to permit a bank or trust company with capital, surplus and undivided profits of at
least $20,000,000 to serve as successor trustee of the trust (such amended and restated trust agreement, as amended to date, the
 &ldquo;trust agreement&rdquo;). The principal offices of the trustee are located at P.O. Box 470727, Fort Worth, Texas 76147, and
its telephone number is (855)&nbsp;588-7839. The affairs of the trust are managed by Simmons Bank, as Trustee. At a special meeting of the trust&rsquo;s unitholders held on May 4, 2022, the unitholders of the trust voted to approve 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 takes effect. 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, including approval by certain other trusts of which
Simmons Bank acts as trustee (or a court) of (i) Argent&rsquo;s appointment as successor trustee and (ii) 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. Boaz Energy has no
ability to manage the operations of the trust, and, to the fullest extent permitted by law, does not owe any fiduciary duties or
liabilities to the trust or the trust unitholders. In addition, Wilmington Trust, National Association is the Delaware trustee of
the trust. The Delaware Trustee has only minimal rights and duties as are necessary to satisfy the requirements of the Delaware
Statutory Trust Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">The trust
was created to acquire and hold a net profits interest (the &ldquo;Net Profits Interest&rdquo;) representing the right to receive 80%
of the net profits from the sale of oil and natural gas production from certain Permian Basin oil and natural gas leasehold acreage (the
 &ldquo;Underlying Properties&rdquo;) for the benefit of the trust unitholders pursuant to the trust agreement. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Underlying Properties consist of long-life
reserves in mature, conventional oil fields with established decline curves. As of December 31, 2021, the Underlying Properties had proved
reserves of 7.6 MMBoe and 60% of the volumes and 62% of PV-10 value were attributable to proved developed reserves. Approximately 92%
of the 7.6 MMBoe of proved reserves, based on PV-10 value, were operated by Boaz Energy. The following table summarizes estimated proved
reserve quantities and PV-10 attributable to the Trust as of December 31, 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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 STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Trust Net Profits Interest</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Oil</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Natural Gas(1)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total(2)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">PV-10(3)(4)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(MBbls)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(MMcf)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(MBoe)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(in thousands)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left">Proved Developed&#9;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,659.1</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,906.6</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,976.8</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">65,334.4</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Proved Undeveloped&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,296.4</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">662.0</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,406.7</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">40,278.4</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total Proved&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,955.5</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,568.6</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,383.5</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">105,613.2</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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<TD STYLE="width: 0.25in">(1)</TD><TD>Reserves for natural gas liquids are included as a component of natural gas reserves.</TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in">(2)</TD><TD>Boe represents an approximate energy equivalent basis such that one Bbl of crude oil equals approximately six Mcf of natural gas.
However, the value of oil and natural gas fluctuate and the value of reserve volumes of oil and natural gas are often substantially different
than the amount implied by the Boe ratio.</TD></TR></TABLE>

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

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

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

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<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(3)</TD>
<TD>PV-10 is a non-GAAP financial measure and represents the present value of estimated future cash inflows from proved crude oil and natural gas reserves, less future development and production costs, discounted at 10% per annum to reflect timing of future cash inflows using the twelve-month unweighted arithmetic average of the first-day-of-the-month commodity prices, after adjustment for differentials in location and quality, for each of the preceding twelve months. PV-10 is derived from the standardized measure of discounted future net cash flows, which is the most directly comparable GAAP financial measure. No difference exists between PV-10 and the standardized measure of discounted future net cash flows for the Net Profits Interest. An estimate of PV-10 is provided because it provides useful information to investors as it is widely used by professional analysts and sophisticated investors when evaluating oil and gas companies. PV-10 is considered relevant and useful for evaluating the relative monetary significance of oil and natural gas reserves. PV-10 and the standardized measure of discounted future net cash flows are  not intended to represent the current market value of the estimated reserves of the Underlying Properties.</TD></TR>
</TABLE>



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

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<TD STYLE="width: 0.25in">(4)</TD><TD>For 2021, $3.598 per MMBtu of natural gas and $66.56 per Bbl of oil were used in determining future net revenue.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">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.</FONT> The trust agreement provides that the trust&rsquo;s business activities are limited
to owning the Net Profits Interest and any activity reasonably related to such ownership, including activities required or permitted by
the terms of the conveyance agreement relating to the Net Profits Interest (the &ldquo;conveyance&rdquo;). As a result, the trust is not
permitted to acquire other oil and natural gas properties or net profits interests or otherwise to engage in activities beyond those necessary
for the conservation and protection of the Net Profits Interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">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&nbsp;business day after the record date</FONT>. The record date will generally be the last business day of each calendar month.
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. For a description of the trust agreement and the trust units, please read &ldquo;Description of the Trust Agreement&rdquo; and
 &ldquo;Description of the Trust Units.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="b_001"></A>RISK
FACTORS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>An investment in the trust units involves risk.
You should carefully consider and evaluate the risks and uncertainties <FONT STYLE="background-color: white">included in, or incorporated
by reference into, this prospectus or any prospectus supplement, including those </FONT>described in &ldquo;Part I&mdash;Item 1A. Risk
Factors&rdquo; of the trust&rsquo;s Form 10-K for the year ended December 31, 2021 (the &ldquo;annual report&rdquo;), as updated by the
additional risks and uncertainties set forth in other filings that the trust makes with the SEC. In addition, you should also carefully
read all of the other information included in this prospectus and the documents the trust has incorporated by reference into this prospectus
in evaluating an investment in the trust units. If any of the described risks actually were to occur, the trust&rsquo;s business, financial
condition or results of operations could be affected materially and adversely. In that case, <FONT STYLE="background-color: white">we
might not be able to pay distributions to our unitholders, </FONT>the trading price of the trust units could decline and you could lose
all or part of your investment.</I></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="b_002"></A>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus and the documents incorporated
by reference herein contain &ldquo;forward-looking statements&rdquo; within the meaning of Section 21E of the Securities Exchange Act
of 1934, as amended (the &ldquo;Exchange Act&rdquo;) and Section 27A of the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;). All statements other than statements of historical fact included or incorporated by reference in this prospectus, including,
without limitation, statements regarding the financial position, business strategy, production and reserve growth and other plans and
objectives for the future operations of the trust are forward-looking statements. Such forward-looking statements may be or may concern,
among other things, Boaz Energy&rsquo;s and the trustee&rsquo;s expectations, beliefs and plans regarding: (i) Boaz Energy&rsquo;s capital
expenditure budget and anticipated expenditures, including waterflood projects and workovers; (ii) Boaz Energy&rsquo;s 2022 outlook, including
expansion of waterflood operations in the Permian Platform, Clearfork and Abo areas and participating in non-operated drilling in the
Permian Platform;(iii) Boaz Energy&rsquo;s plan to drill operated wells in the Permian Clearfork and Permian Platform areas; (iv) estimated
capital required for 2022 operations; (v) amount and timing of cash reserves by the trustee; (vi) drilling activity; (vii) estimated present
value of future cash flows; (viii) characteristics of the Underlying Properties, including estimates regarding oil and gas reserves; (ix)
the impact of a loss of any major customers; (vi) reliance on third parties for facilities and services; (x) the ability of Boaz Energy&rsquo;s
insurance coverage to cover certain claims; (xi) burdens and obligations affecting the Underlying Properties and their impact on the Underlying
Properties and Net Profits Interest; (xii) the quality of Boaz Energy&rsquo;s title to the Underlying Properties; (xiii) the impact of
litigation on the trust and regulatory matters; (xiv) the tax treatment of the Net Profits Interest; (xv) the treatment of the Net Profits
Interest in the event of Boaz Energy&rsquo;s bankruptcy; (xvi) distributions to trust unitholders, including in the event of contingencies;
and (xvii) future cash retentions from distributions. 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. 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. The following
important factors, in addition to those discussed elsewhere in this prospectus or the documents incorporated by reference herein, 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 expressed in such forward-looking statements:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">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: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">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: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">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: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">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: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">risks associated with the drilling and operation of oil and natural gas wells;&#9; &#9;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">the cost of developing the Underlying Properties;&#9;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">the ability to maintain anticipated production levels;&#9;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">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: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">availability and terms of capital to fund capital expenditures;&#9;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">risks associated with Boaz Energy and its ability to transfer operation of the Underlying Properties to third parties without the
approval of trust unitholders;&#9;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the 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;&#9;</TD></TR></TABLE>

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

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

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

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<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: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">the effect of existing and future laws and regulatory actions;&#9;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">risks associated with derivative instruments, such as lower than expected production volumes, default of counterparties, and increases
in price differentials;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">the actions of the Organizations of Petroleum Exporting Countries (&ldquo;OPEC&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">conditions in the capital markets;&#9;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">competition from others in the energy industry;&#9;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">uncertainty in whether development projects will be pursued;&#9;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">severe or unseasonable weather that may adversely affect production;&#9;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">adequacy of Boaz Energy&rsquo;s insurance coverage;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">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; &#9;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">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;&#9;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">general economic conditions affecting the Permian Basin;&#9;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">risks associated with title deficiencies that may arise with respect to the Underlying Properties and Boaz Energy&rsquo;s ability
to cure any such defects;&#9;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">actions by Boaz Energy, including those 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: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">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: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 10pt">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: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="background-color: white">certain other factors discussed elsewhere in this prospectus or in our annual report</FONT>.</TD></TR></TABLE>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You should not place undue reliance on these forward-looking
statements. All forward-looking statements speak only as of the date of this prospectus. We do not undertake any obligation to release
publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this prospectus or to reflect
the occurrence of unanticipated events, unless the securities laws require us to do so.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus describes other important factors
that could cause actual results to differ materially from expectations of the trust, including under the heading &ldquo;Risk Factors.&rdquo;
All written and oral forward-looking statements attributable to Boaz Energy, the trust or persons acting on behalf of the trust are expressly
qualified in their entirety by such factors.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="b_003"></A>USE
OF PROCEEDS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The selling unitholder is offering all of
the trust units to be sold pursuant to this prospectus. Accordingly, the trust will not receive any of the proceeds received from
the sale of the trust units. The selling unitholder intends to use the proceeds received from the sale of the trust units for its
general company purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The selling unitholder will bear all costs and
expenses incidental to the preparation and filing of the registration statement of which this prospectus forms a part, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="sha_001"></A>DESCRIPTION
OF THE TRUST AGREEMENT</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following information and the information
included under &ldquo;Description of the Trust Units&rdquo; summarize the material information contained in the trust agreement and the
conveyance. For more detailed provisions concerning the trust and the conveyance, you should read the trust agreement and the conveyance,
which are filed as exhibits to the trust&rsquo;s Current Report on Form 8-K filed with the SEC on May 8, 2018. See &ldquo;Where You Can
Find More Information.&rdquo;</P>

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

<P STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Creation and Organization of the Trust</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The trust was created under Delaware law to acquire
and hold the Net Profits Interest for the benefit of the trust unitholders pursuant to an agreement among Boaz Energy, the trustee and
the Delaware trustee. 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. Except as described below under &ldquo;&mdash;Fees and Expenses of the
Trust&rdquo;, neither Boaz Energy nor any third party operator of the Underlying Properties has any contractual commitment to the trust
to provide additional funding or to conduct further drilling on or to maintain their ownership interest in any of the Underlying Properties.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The trust agreement provides that the trust&rsquo;s
business activities will be limited to owning the Net Profits Interest and any activity reasonably related to such ownership, including
activities required or permitted by the terms of the conveyance related to the Net Profits Interest. As a result, the trust is not permitted
to acquire other oil and natural gas properties or net profits interests or otherwise engage in activities beyond those necessary for
the conservation and protection of the Net Profits Interest.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The beneficial interest in the trust is divided
into 12,165,732 trust units. Each of the trust units represents an equal undivided beneficial interest in the assets of the trust. You
will find additional information concerning the trust units in &ldquo;Description of the Trust Units.&rdquo;</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The affairs of the trust are managed by the trustee.
Boaz Energy has no ability to manage the operations of the trust and, to the fullest extent permitted by law, does not owe any fiduciary
duties or liabilities to the trust or the unitholders. Likewise, the trust has no ability to manage or influence the operation of Boaz
Energy.</P>

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

<P STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Assets of the Trust</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The assets of the trust consist of the Net Profits
Interest and any cash and temporary investments being held for the payment of expenses and liabilities and for distribution to the trust
unitholders.</P>

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

<P STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Duties and Powers of the Trustee</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The duties of the trustee are specified in the
trust agreement and by the laws of the state of Delaware, except as modified by the trust agreement. The trustee&rsquo;s principal duties
consist of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">collecting cash attributable to the Net Profits Interest;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">paying expenses, charges and obligations of the trust from the trust&rsquo;s assets;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">distributing distributable cash to the trust unitholders;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">causing to be prepared and distributed a tax information report for each trust unitholder and causing tax returns on behalf of the
trust to be prepared and filed;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">causing to be prepared and filed reports required to be filed under the Exchange Act and by the rules of any securities exchange or
quotation system on which the trust units are listed or admitted to trading;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">causing to be prepared and filed a reserve report by or for the trust by independent reserve engineers as of December 31 of each year
in accordance with criteria established by the SEC (the &ldquo;annual reserve report&rdquo;);</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">establishing, evaluating and maintaining a system of internal control over financial reporting in compliance with the requirements
of Section 404 of the Sarbanes-Oxley Act of 2002 (&ldquo;Sarbanes-Oxley&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">enforcing the rights under certain agreements entered into in connection with the trust&rsquo;s initial public offering; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">taking any action it deems necessary, desirable or advisable to best achieve the purposes of the trust.</TD></TR></TABLE>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with the formation of the trust,
the trust entered into several agreements with Boaz Energy that impose obligations upon Boaz Energy that are enforceable by the trustee
on behalf of the trust, including a conveyance and a registration rights agreement. The trustee has the power and authority under the
trust agreement to enforce these agreements on behalf of the trust. Additionally, the trustee may from time to time supplement or amend
the conveyance and the registration rights agreement to which the trust is a party without the approval of trust unitholders under the
same circumstances described below as are applicable to the trust agreement. See &ldquo;&mdash;Amendments to the Trust Agreement and Other
Agreements.&rdquo;</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the trustee determines that the cash on hand
and the cash to be received in respect of the Net Profits Interest are, or will be, insufficient to cover the trust&rsquo;s liabilities,
the trustee may cause the trust to borrow funds to pay liabilities of the trust. The trustee may cause the trust to borrow the funds from
any person, including itself or its affiliates. The trustee may also cause the trust to mortgage its assets to secure payment of the indebtedness.
The terms of such indebtedness and security interest, if funds were loaned by the entity serving as trustee or Delaware trustee or an
affiliate thereof, would be similar to the terms which such entity would grant to a similarly situated commercial customer with whom it
did not have a fiduciary relationship, and such entity will be entitled to enforce its rights with respect to any such indebtedness and
security interest as if it were not then serving as trustee or Delaware trustee. If the trustee causes the trust to borrow funds, the
trust unitholders will not receive distributions until the borrowed funds are repaid.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each month, the trustee will pay trust obligations
and expenses and distribute to the trust unitholders the remaining proceeds received from the Net Profits Interest. The cash held by the
trustee as a reserve against future liabilities or for distribution at the next distribution date must be invested in:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">interest-bearing obligations of the United States government;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">money market funds that invest only in United States government securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">repurchase agreements secured by interest-bearing obligations of the United States government;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">other interest bearing accounts in FDIC-insured or national banks, including the trustee, so long as the entire amount in such accounts
is at all times fully insured by the Federal Deposit Insurance Corporation; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the SEI SDIT Treasury II Fund, the Goldman Sachs Financial SquareSM Funds, and other similar funds commonly used by trust departments.</TD></TR></TABLE>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Alternatively, cash held for distribution at the
next distribution date may be held in a non-interest-bearing account.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The trust may not acquire any asset except the
Net Profits Interest, cash and temporary cash investments, and it may not engage in any investment activity except investing cash on hand.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Mergers, Consolidations, Conversions, Asset Sales</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The trust may merge or
consolidate with or convert into one or more limited partnerships, general partnerships, corporations, statutory trusts, common law
trusts, limited liability companies, associations or unincorporated businesses if such transaction is agreed to by the trustee and
by the affirmative vote of the holders of a majority of the trust units present in person or by proxy at a meeting of such holders
where a quorum is present and such transaction is permitted under the Delaware Statutory Trust Act and any other applicable law.</P>

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

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

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Boaz Energy may cause the trustee to (i) sell
all or any part of the trust estate, including all or any portion of the Net Profits Interest or (ii) release any portion of the Net Profits
Interest in connection with the sale, free from and unburdened by the Net Profits Interest, by Boaz Energy and/or its affiliates of a
divided or undivided portion of their interests in the Underlying Properties, if approved by trust unitholders holding at least 75% of
the outstanding trust units, provided that, after December 31, 2022, such a sale or release shall require approval of a majority of the
outstanding trust units if Boaz Energy and its affiliates own less than 25% of the outstanding trust units. The net proceeds of any such
sale or the consideration received in respect of such release, as applicable, shall be distributed to the trust unitholders in the manner
approved by the trust unitholders at such meeting.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, Boaz Energy may, without the consent
of the trust unitholders, require the trust to release the Net Profits Interest associated with any interest in the Underlying Properties
that accounted for no more than 1.0% of the total production from the Underlying Properties in the prior 12 months, provided that Boaz
Energy may not require the release during any 365-day period of portions of the Net Profits Interest having an aggregate fair value to
the trust of greater than $500,000. These releases will be made only in connection with a sale by Boaz Energy of the relevant Underlying
Properties and the trust will receive an amount equal to the fair value (net of sales costs) of the Net Profits Interest released. Boaz
Energy has not identified for sale any of the Underlying Properties.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon dissolution of the trust, the trustee must
sell the Net Profits Interest. No trust unitholder approval is required in this event.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The trustee may require any trust unitholder to
dispose of his trust units if an administrative or judicial proceeding seeks to cancel or forfeit any of the property in which the trust
holds an interest because of the nationality or any other status of that trust unitholder. If a trust unitholder fails to dispose of his
trust units, the trustee has the right to purchase them on behalf of the trust and to borrow funds to make that purchase.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As required by the NYSE, the trustee maintains
a website for filings made by the trust with the SEC.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Amendments to the Trust Agreement and Other Agreements</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Amendment of the trust agreement requires the
affirmative vote of the holders of at least 75% of the outstanding trust units (except with respect to certain matters described below).
However, no amendment may:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">increase the power of the trustee or the Delaware trustee to engage in business or investment activities; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">alter the rights of the trust unitholders as among themselves.</TD></TR></TABLE>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, certain sections of the trust agreement
cannot be amended without the consent of Boaz Energy.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain amendments to the trust agreement and
the other agreements with Boaz Energy to which the trust is a party do not require the vote of the trust unitholders. The trustee and,
with respect to the trust agreement, the Delaware trustee, may, without approval of the trust unitholders, from time to time supplement
or amend the trust agreement and such other agreements, (i) if such supplement or amendment does not have a material adverse effect on
the trust unitholders, (ii) in order to comply with changes in applicable law, or (iii) to effect the intent expressed in the registration
statement on Form S-1 (Registration No. 333-224191) filed by Boaz Energy and the trust with the SEC under the Securities Act in connection
with the trust&rsquo;s initial public offering or the prospectus included therein.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The trustee may agree to
modifications of the terms of the conveyance or to settle disputes involving the conveyance without the consent of any trust
unitholder. Notwithstanding the foregoing, the trustee shall not supplement or amend the conveyance if such supplement or amendment
would change the character of the Net Profits Interest in such a way that the Net Profits Interest becomes a working interest or
that the trust would fail to continue to qualify as a grantor trust for U.S. federal income tax purposes.</P>

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

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

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

<P STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Fees and Expenses of the Trust</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because the trust does not conduct an active business
and the trustee has little power to incur obligations, it is expected that the trust will only incur liabilities for routine administrative
expenses, such as the trustee&rsquo;s fees, accounting, engineering, legal, tax advisory and other professional fees and other fees and
expenses applicable to public companies. 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 monthly reports to trust unitholders, tax return and Form 1099 preparation
and distribution, NYSE listing fees, independent auditor fees and registrar and transfer agent fees. Boaz Energy provides certain administrative
services to the trust pursuant to the trust agreement, but does not receive any compensation for the services.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">The trustee
is authorized to retain cash from the distributions the trust receives (i)&nbsp;in an amount not to exceed $1.0&nbsp;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)&nbsp;in such amounts as the trustee in its discretion deems appropriate to
pay for future liabilities of the trust. Boaz Energy provided the trust with a $1.0 million letter of credit that could have been used
by the trust in the event that its cash on hand (including available cash reserves) was not sufficient to pay ordinary course administrative
expenses as they become due. The trustee was required to retain cash from distributions in such amount as the trustee determines but not
less than $25,000 per month or more than $100,000 per month until the administrative expense reserve described in clause&nbsp;(i) equaled
or exceeded $1.0&nbsp;million, at which time the trustee was required to release the letter of credit. On May 2, 2020, the letter of credit
expired as the trustee had retained a total of $1,000,000 in such reserve.</FONT></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Further, Boaz Energy may loan funds to the trust
to pay administrative expenses. If Boaz Energy loans funds to the trust, no further distributions will be made to trust unitholders (except
in respect of any previously determined monthly cash distribution amount) until such amounts borrowed are repaid. Any loan made by Boaz
Energy will be on an unsecured basis, and the terms of such loan will be substantially the same as those which would be obtained in an
arm&rsquo;s-length transaction between Boaz Energy and an unaffiliated third party.</P>

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

<P STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Fiduciary Responsibility and Liability of the
Trustee</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The trustee may not make business or investment
decisions affecting the assets of the trust except to the extent it enforces its rights under the conveyance related to the Net Profits
Interest described above under &ldquo;&mdash; Duties and Powers of the Trustee.&rdquo; Therefore, substantially all of the trustee&rsquo;s
functions under the trust agreement are ministerial in nature. See &ldquo;&mdash;Duties and Powers of the Trustee&rdquo; above. The trust
agreement, however, provides that the trustee may:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">charge for its services as trustee;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">retain funds to pay for future expenses and deposit them with one or more banks or financial institutions (which may include the trustee
to the extent permitted by law);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">lend funds at commercial rates to the trust to pay the trust&rsquo;s expenses; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">seek reimbursement from the trust for its out-of-pocket expenses.</TD></TR></TABLE>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In discharging its duty to trust unitholders,
the trustee may act in its discretion and will be liable to the trust unitholders only for its own fraud, gross negligence or willful
misconduct. The trustee will not be liable for any act or omission of its agents or employees unless the trustee acted with fraud, gross
negligence or willful misconduct in their selection, retention or supervision. The trustee will be indemnified individually or as the
trustee for any liability or cost that it incurs in the administration of the trust, except in cases of fraud, gross negligence or willful
misconduct. The trustee will have a lien on the assets of the trust as security for this indemnification and its compensation earned as
trustee. Trust unitholders are not liable to the trustee for any indemnification. See &ldquo;Description of the Trust Units&mdash;Liability
of Trust Unitholders.&rdquo;</P>

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

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

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The trustee may consult with counsel, accountants,
tax advisors, geologists, engineers and other parties the trustee believes to be qualified as experts on the matters for which advice
is sought. The trustee will be protected in relying or reasonably acting upon the opinion of the expert.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except as expressly set forth in the trust agreement,
neither Boaz Energy, the trustee, the Delaware trustee nor the other indemnified parties have any duties or liabilities, including fiduciary
duties, to the trust or any trust unitholder. The provisions of the trust agreement, to the extent they restrict, eliminate or otherwise
modify the duties and liabilities, including fiduciary duties of these persons otherwise existing at law or in equity, have been agreed
by the trust unitholders to replace such other duties and liabilities of these persons to the fullest extent permitted by law.</P>

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

<P STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Duration of the Trust; Sale of the Net Profits
Interest</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The trust will dissolve upon the earliest to occur
of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the trust, upon the approval of the holders of at least 75% of the outstanding trust units, sells the Net Profits Interest;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the annual cash available for distribution to the trust is less than $2 million for each of any two consecutive years;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the holders of at least 75% of the outstanding trust units vote in favor of dissolution; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the trust is judicially dissolved.</TD></TR></TABLE>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The trustee would then sell all of the trust&rsquo;s
assets, either by private sale or public auction, and, after payment or the making of reasonable provision for payment of all claims and
obligations of the trust, distribute the net proceeds of the sale to the trust unitholders.</P>

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

<P STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Dispute Resolution</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any dispute, controversy or claim that may arise
between Boaz Energy and the trustee relating to the trust will be submitted to binding arbitration before a tribunal of three arbitrators.
This arbitration provision does not apply to claims that the trust unitholders may have under federal securities laws.</P>

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

<P STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Compensation of the Trustee and the Delaware
Trustee</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The trustee&rsquo;s and the Delaware trustee&rsquo;s
annual compensation is paid out of the trust&rsquo;s assets.</P>

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

<P STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Miscellaneous</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The principal offices of the trustee are located
at P.O. Box 470727 Fort Worth, Texas 76147, and its telephone number is (855) 588-7839.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Delaware trustee and the trustee may resign
at any time or be removed with or without cause at any time by the affirmative vote of not less than a majority of the trust units present
in person or by proxy at a meeting of such holders where a quorum is present. Any successor must be a bank or trust company meeting certain
requirements including having combined capital, surplus and undivided profits of at least $20,000,000, in the case of the Delaware trustee,
and $100,000,000, in the case of the trustee.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event of the resignation or removal of
the Delaware trustee or the trustee, (i) with respect to the Delaware trustee, the trustee may appoint a successor Delaware trustee, or
(ii) with respect to either the Delaware trustee or the trustee, the trust unitholders represented at a meeting held in accordance with
the terms of the trust agreement, may appoint a successor trustee. Nominees for appointment may be made by (i) Boaz Energy, (ii) the resigned,
resigning or removed trustee or (iii) any trust unitholder or trust unitholders owning of record at least 10% of the then outstanding
trust units.</P>

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

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

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




<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event that a new trustee
has not been approved within 60 days after a notice of resignation, a vote of trust unitholders removing a trustee or other occurrence
of a vacancy, a successor trustee may be appointed by any state or federal District Court having jurisdiction in New Castle County, Delaware,
upon the application of any trust unitholder owning of record at least 10% of the then outstanding trust units, Boaz Energy or the entity
tendering its resignation or being removed as trustee filed with such court. In the event any such application is filed, such court may
appoint a temporary trustee at any time after such application is filed, which shall, pending the final appointment of a trustee, have
such powers and duties as the court appointing such temporary trustee shall provide in its order of appointment, consistent with the
provisions of the trust agreement.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="sha_002"></A>DESCRIPTION
OF THE TRUST UNITS</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each trust unit is a unit of beneficial interest
in the trust assets and is entitled to receive cash distributions from the trust on a pro rata basis. Each trust unitholder has the same
rights regarding each of his or her trust units as every other trust unitholder has regarding his or her units. The trust units are in
book-entry form only and are not represented by certificates. The trust had 12,165,732 trust units outstanding as of May 16, 2022.</P>

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

<P STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Distributions and Income Computations</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each month, the trustee determines the amount
of funds available for distribution to the trust unitholders. Available funds are the excess cash, if any, received by the trust from
the Net Profits Interest and other sources (such as interest earned on any amounts reserved by the trustee) that month, over the trust&rsquo;s
liabilities for that month. Available funds are reduced by any cash the trustee decides to hold as a reserve against future liabilities.
The holders of trust units as of the applicable record date (generally the last business day of each calendar month) are entitled to monthly
distributions payable on or before the 10th business day after the record date.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise advised by counsel or the Internal
Revenue Service (&ldquo;IRS&rdquo;), the trustee will treat the income and expenses of the trust for each month as belonging to the trust
unitholders of record on the monthly record date. Trust unitholders generally recognize income and expenses for tax purposes in the month
the trust receives or pays those amounts, rather than in the month the trust distributes the cash to which such income or expenses (as
applicable) relate. Minor variances may occur. For example, the trustee could establish a reserve in one month that would not result in
a tax deduction until a later month. See &ldquo;U.S. Federal Income Tax Considerations.&rdquo;</P>

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

<P STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Transfer of Trust Units</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Trust unitholders may transfer their trust units
in accordance with the trust agreement. The trustee will not require either the transferor or transferee to pay a service charge for any
transfer of a trust unit. The trustee may require payment of any tax or other governmental charge imposed for a transfer. The trustee
may treat the owner of any trust unit as shown by its records as the owner of the trust unit. The trustee will not be considered to know
about any claim or demand on a trust unit by any party except the record owner. A person who acquires a trust unit after any monthly record
date will not be entitled to the distribution relating to that monthly record date.</P>

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

<P STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Periodic Reports</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The trustee files all required trust federal and
state income tax and information returns. The trustee prepares and mails or otherwise makes available to trust unitholders annual reports
that trust unitholders need to correctly report their share of the income and deductions of the trust. The trustee also causes to be prepared
and filed reports that are required to be filed under the Exchange Act, and by the rules of any securities exchange or quotation system
on which the trust units are listed or admitted to trading, and also causes the trust to comply with the provisions of Sarbanes-Oxley,
including but not limited to, establishing, evaluating and maintaining a system of internal control over financial reporting in compliance
with the requirements of Section 404 thereof.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each trust unitholder and his or her representatives
may examine, for any proper purpose, during reasonable business hours, the records of the trust and the trustee, subject to such restrictions
as are set forth in the trust agreement.</P>

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

<P STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Liability of Trust Unitholders</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Delaware Statutory Trust Act, trust
unitholders are entitled to the same limitation of personal liability extended to stockholders of private corporations for profit under
the General Corporation Law of the State of Delaware. No assurance can be given, however, that the courts in jurisdictions outside of
Delaware will give effect to such limitation.</P>

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

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

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




<P STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Voting Rights of Trust Unitholders</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The trustee or trust unitholders owning at least
10% of the outstanding trust units may call meetings of trust unitholders. The trust is responsible for all costs associated with calling
a meeting of trust unitholders, unless (i) such meeting is called by the trust unitholders in which case the trust unitholders are responsible
for all costs associated with calling such meeting of trust unitholders or (ii) such meeting is called for the purpose of approving the
sale or release of the Net Profits Interest at Boaz Energy&rsquo;s request as described below, in which case the trust will be responsible
for 80% of all costs associated with calling such meeting of trust unitholders and Boaz Energy will be responsible for 20% of such costs.
Meetings must be held in such location as is designated by the trustee in the notice of such meeting. The trustee must send notice of
the time and place of the meeting and the matters to be acted upon to all of the trust unitholders at least 20 days and not more than
60 days before the meeting. Trust unitholders representing a majority of trust units outstanding must be present or represented to have
a quorum. Each trust unitholder is entitled to one vote for each trust unit owned. Abstentions and broker non-votes shall not be deemed
to be a vote cast.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise required by the trust agreement,
a matter may be approved or disapproved by the affirmative vote of a majority of the trust units present in person or by proxy at a meeting
where there is a quorum. This is true even if a majority of the total trust units did not approve it. The affirmative vote of the holders
of at least 75% of the outstanding trust units is required to:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">amend the trust agreement (except as described under &ldquo;Description of the Trust Agreement&mdash;Amendments to the Trust Agreement
and Other Agreements&rdquo;).</TD></TR></TABLE>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain amendments to the trust agreement may
be made by the trustee without approval of the trust unitholders. See &ldquo;Description of the Trust Agreement&mdash; Amendments to the
Trust Agreement and Other Agreements.&rdquo;</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Boaz Energy may cause the trustee to (i) sell
all or any part of the trust estate, including all or any portion of the Net Profits Interest or (ii) release any portion of the Net Profits
Interest in connection with the sale, free from and unburdened by the Net Profits Interest, by Boaz Energy and/or its affiliates of a
divided or undivided portion of their interests in the Underlying Properties, if approved by trust unitholders holding at least 75% of
the outstanding trust units, provided that, after December 31, 2022, such a sale or release shall require approval of a majority of the
outstanding trust units if Boaz Energy and its affiliates own less than 25% of the outstanding trust units. The net proceeds of any such
sale or the consideration received in respect of such release, as applicable, shall be distributed to the trust unitholders in the manner
approved by the trust unitholders at such meeting.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, Boaz Energy may, without the consent
of the trust unitholders, require the trust to release the Net Profits Interest associated with any interest in the Underlying Properties
that accounted for no more than 1.0% of the total production from the Underlying Properties in the prior 12 months, provided that Boaz
Energy may not require the release during any 365-day period of portions of the Net Profits Interest having an aggregate fair value to
the trust of greater than $500,000.</P>

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

<P STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Comparison of Trust Units and Common Stock</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Trust unitholders have more limited voting rights
than those of stockholders of most public corporations. For example, there is no requirement for annual meetings of trust unitholders
or for annual or other periodic re-election of the trustee.</P>

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

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

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You should also be aware of the following ways
in which an investment in trust units is different from an investment in common stock of a corporation.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 28%; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center; width: 2%"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 34%"><B>Trust Units &nbsp;</B></TD>
    <TD STYLE="text-align: center; width: 2%"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 34%"><B>Common Stock &nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left"><I>Voting</I></TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">The trust agreement provides voting rights to trust unitholders to remove and replace the trustee and to approve or disapprove amendments to the trust agreement and certain major trust transactions.</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">Unless otherwise provided in the certificate of incorporation, the corporate statutes provide voting rights to stockholders to elect directors and to approve or disapprove amendments to the certificate of incorporation and certain major corporate transactions.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left"><I>Income Tax</I></TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">The trust is not subject to income tax; trust unitholders are subject to income tax on their pro rata share of trust income, gain, loss and deduction.</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">Corporations are taxed on their income and their stockholders are generally taxed on dividends.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left"><I>Distributions</I></TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">Substantially all of the cash receipts of the trust are required to be distributed to trust unitholders.</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">Unless otherwise provided in the certificate of incorporation, stockholders are entitled to receive dividends solely at the discretion of the board of directors.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left"><I>Business and Assets</I></TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">The business of the trust is limited to specific assets with a finite economic life.</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">Unless otherwise provided in the certificate of incorporation, a corporation conducts an active business for an unlimited term and can reinvest its earnings and raise additional capital to expand.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left"><I>Fiduciary Duties</I></TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">The trust agreement generally eliminated state law fiduciary duties to the fullest extent permitted by law and provides that the trustee shall not be liable to the trust unitholders for any of its acts or omissions absent its own fraud, gross negligence or willful misconduct.</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">Officers and directors have a fiduciary duty of loyalty to the corporation and its stockholders and a duty to exercise due care in the management and administration of a corporation&rsquo;s affairs.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left"><I>Governance and Management</I></TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">The trust has no employees, board of directors or audit committee. The affairs of the trust are managed by the trustee. The sponsor has no ability to manage the administration of the trust and will not owe any fiduciary duties or liabilities to the trust or the unitholders. Similarly, the trust and the trustee have no control over or responsibility for costs related to the operation of the Underlying Properties.</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">A corporation has employees, a board of directors and often an audit committee. The affairs of a corporation are managed by the directors and officers, who owe fiduciary duties to the corporation.</TD></TR>
</TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0in">Registration Rights</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On May 4, 2018, the trust and Boaz Energy entered
into a registration rights agreement in connection with Boaz Energy&rsquo;s contribution to the trust of the Net Profits Interest. In
the registration rights agreement, the trust agreed, for the benefit of Boaz Energy and its affiliates, including NGP Energy Capital Management,
and their respective transferees (the &ldquo;holders&rdquo;), to register the trust units they hold.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The holders have the right to require the trust
to file no more than five registration statements in aggregate.</P>

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




<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with the preparation and filing
of any registration statement, Boaz Energy will bear all costs and expenses incidental to any registration statement, excluding certain
internal expenses of the trust, which will be borne by the trust. Any underwriting discounts and commissions will be borne by the seller
of the trust units.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="sha_003"></A>U.S.
FEDERAL INCOME TAX CONSIDERATIONS</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a discussion of the material
U.S. federal income tax considerations that may be relevant to prospective trust unitholders and, unless otherwise noted, expresses the
opinion of Haynes and Boone, LLP insofar as it relates to matters of U.S. federal income tax law. This section is based upon current provisions
of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), existing and proposed Treasury regulations promulgated under
the Code (the &ldquo;Treasury Regulations&rdquo;) and current administrative rulings and court decisions, all of which are subject to
change or different interpretation at any time, possibly with retroactive effect. Subsequent changes in such authorities may cause the
U.S. federal income tax consequences to vary substantially from the consequences described below.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following discussion does not address all
U.S. federal income tax matters affecting the trust or trust unitholders and is limited to trust unitholders who hold the trust units
as &ldquo;capital assets&rdquo; (generally, property held for investment). All references to &ldquo;trust unitholders&rdquo; (including
U.S. trust unitholders and non-U.S. trust unitholders, in each case, as defined below) are to beneficial owners of the trust units. This
summary does not address the effect of the U.S. federal estate or gift tax laws or the tax considerations arising under the law of any
state (except as provided in the limited summary below under &ldquo;State Tax Considerations&rdquo;), local or non-U.S. jurisdiction.
Moreover, the discussion has only limited application to trust unitholders subject to special tax treatment such as, without limitation:
banks, insurance companies or other financial institutions; trust unitholders subject to the alternative minimum tax; tax-exempt organizations;
dealers in securities or commodities; regulated investment companies; real estate investment trusts; traders in securities that elect
to use a mark-to-market method of accounting for their securities holdings; non-U.S. trust unitholders that are &ldquo;controlled foreign
corporations&rdquo; or &ldquo;passive foreign investment companies&rdquo;; persons that are S-corporations, partnerships or other pass-through
entities; persons that at any time own more than 5% of the aggregate fair market value of the trust units; expatriates and certain former
citizens or long-term residents of the United States; U.S. trust unitholders whose functional currency is not the U.S. dollar; persons
who hold the trust units as a position in a hedging transaction, &ldquo;straddle,&rdquo; &ldquo;conversion transaction&rdquo; or other
risk reduction transaction; or persons deemed to sell the trust units under the constructive sale provisions of the Code.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Prospective investors are urged to consult
their own tax advisors as to the particular tax consequences to them of the ownership and disposition of an investment in trust units,
including the applicability of any U.S. federal income, federal estate or gift tax, state, local and foreign tax laws, changes in applicable
tax laws and any pending or proposed legislation.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As used herein, the term &ldquo;U.S. trust unitholder&rdquo;
means a beneficial owner of trust units that for U.S. federal income tax purposes is:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">an individual who is a citizen of the United States or a resident thereof for U.S. federal income tax purposes;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">a corporation, or an entity treated as a corporation, that was created or organized in or under the laws of the United States, a state
thereof or the District of Columbia;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">an estate the income of which is subject to U.S. federal income taxation regardless of its source; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">a trust (i) the administration of which is subject to the primary supervision of a U.S. court and that has one or more U.S. persons
that have the authority to control all substantial decisions of such trust or (ii) that has a valid election in effect under applicable
Treasury Regulations to be treated as a U.S. person.</TD></TR></TABLE>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The term &ldquo;non-U.S. trust unitholder&rdquo;
means any beneficial owner of a trust unit that is not a U.S. trust unitholder.</P>

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

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

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a partnership (including any entity or arrangement
treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of trust units, the tax treatment of a partner in
the partnership will depend upon the status of the partner and the activities of the partnership. A trust unitholder that is a partnership,
and the partners in such partnership, should consult their own tax advisors about the U.S. federal income tax consequences of purchasing,
owning, and disposing of trust units.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Classification and Taxation of the Trust</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the opinion of Haynes and Boone, LLP, based
on the provisions of the Code and Treasury Regulations applicable to grantor trusts, for U.S. federal income tax purposes, the trust will
be treated as a grantor trust and not as an unincorporated business entity. As a grantor trust, the trust will not be subject to tax at
the trust level. Rather, the grantors, who in this case are the trust unitholders, will be considered to own the trust&rsquo;s assets
and receive the trust&rsquo;s income and will be directly taxable thereon as though no trust were in existence.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No ruling has been or will be requested from the
IRS with respect to the U.S. federal income tax treatment of the trust, including a ruling as to the status of the trust as a grantor
trust or as a partnership for U.S. federal income tax purposes. Thus, no assurance can be provided that the opinions and statements set
forth in this discussion of U.S. federal income tax consequences would be sustained by a court if contested by the IRS.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The remainder of the discussion below assumes
that the trust will be classified as a grantor trust for U.S. federal income tax purposes.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Reporting Requirements for Widely-Held Fixed Investment Trusts</I></B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under Treasury Regulations, the trust is classified
as a widely-held fixed investment trust. Those Treasury Regulations require the sharing of tax information among trustees and intermediaries
that hold a trust interest on behalf of or for the account of a beneficial owner or any representative or agent of a trust interest holder
of fixed investment trusts that are classified as widely-held fixed investment trusts. These reporting requirements provide for the dissemination
of trust tax information by the trustee to intermediaries who are ultimately responsible for reporting the investor-specific information
through Form 1099 to the trust unitholders and the IRS. Every trustee or intermediary that is required to file a Form 1099 for a trust
unitholder must furnish to the trust unitholder a written tax information statement that is in support of the amounts as reported on the
applicable Form 1099. Any generic tax information provided by the trustee of the trust is intended to be used only to assist trust unitholders
in the preparation of their federal and state income tax returns.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Direct Taxation of Trust Unitholders</I></B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because the trust is treated as a grantor trust
for U.S. federal income tax purposes, trust unitholders are treated for such purposes as owning a direct interest in the assets of the
trust. Each trust unitholder is taxed directly on its pro rata share of the income and gain attributable to the assets of the trust and
is entitled to claim its pro rata share of the deductions and expenses attributable to the assets of the trust (subject to certain limitations
discussed below). Information returns are filed as required by the widely-held fixed investment trust rules, reporting to the trust unitholders
all items of income, gain, loss, deduction and credit, which are allocated based on record ownership on the monthly record dates and must
be included in the tax returns of the trust unitholders. Income, gain, loss, deduction and credits attributable to the assets of the trust
are taken into account by trust unitholders consistent with their method of accounting and without regard to the taxable year or accounting
method employed by the trust.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Following the end of each
month, the trustee determines the amount of funds available as of the end of such month for distribution to the trust unitholders
and makes distributions of available funds, if any, to the trust unitholders on or before the 10th business day after the record
date, which is generally the last business day of each calendar month. In certain circumstances, however, a trust unitholder will
not receive a distribution of cash attributable to the income from a given month. For example, if the trustee establishes a reserve
or borrows money to satisfy liabilities of the trust, income associated with the cash used to establish that reserve or to repay
that loan must be reported by the trust unitholder, even though that cash is not distributed to it.</P>

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

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

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As described above, the trust allocates items
of income, gain, loss, deductions and credits to trust unitholders based on record ownership on the monthly record dates. It is possible
that the IRS could disagree with this allocation method and could assert that income and deductions of the trust should be determined
and allocated on a daily or prorated basis, which could require adjustments to the tax returns of the trust unitholders affected by the
issue and result in an increase in the administrative expense of the trust in subsequent periods.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tax Classification of the Net Profits Interest</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the opinion of Haynes and Boone, LLP for U.S.
federal income tax purposes, the Net Profits Interest will be treated as a mineral royalty interest to the extent, at the time of its
creation, the Net Profits Interest was reasonably expected to have an economic life that corresponds substantially to the economic life
of the mineral property or properties burdened thereby. Payments out of production that are received in respect of a mineral interest
that constitutes a royalty interest for U.S. federal income tax purposes are taxable under current law as ordinary income subject to an
allowance for cost or percentage depletion in respect of such income.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Based on the annual reserve report, representations
made by Boaz Energy regarding the expected economic life of the Underlying Properties and the expected duration of the Net Profits Interest,
the Net Profits Interest will be treated as a continuing, non-operating economic interest in the nature of a royalty payable out of production
from the mineral interests it burdens. Boaz Energy and the trust will continue to treat the Net Profits Interest as a mineral royalty
interest for U.S. federal income tax purposes.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tax Consequences to U.S. Trust Unitholders</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Royalty Income and Depletion</I></B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The payments out of production that are received
by the trust in respect of the Net Profits Interest should be treated as ordinary income. Trust unitholders should be entitled to deductions
for the greater of either cost depletion or (if allowable) percentage depletion with respect to such income. Although the Code requires
each trust unitholder to compute its own depletion allowance and maintain records of its share of the adjusted tax basis of the Underlying
Properties for depletion and other purposes, the trust furnishes each of the trust unitholders with information relating to this computation
for U.S. federal income tax purposes. Each trust unitholder, however, remains responsible for calculating its own depletion allowance
and maintaining records of its share of the adjusted tax basis of the Underlying Properties for depletion and other purposes.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Percentage depletion is generally available with
respect to trust unitholders who qualify under the independent producer exemption contained in Section 613A(c) of the Code. For this purpose,
an independent producer is a person not directly or indirectly involved in the retail sale of oil, natural gas or derivative products
or the operation of a major refinery. In general, percentage depletion is calculated as an amount equal to 15% (and, in the case of marginal
production, potentially a higher percentage) of the trust unitholder&rsquo;s gross income from the depletable property for the taxable
year. The percentage depletion deduction with respect to any property is limited to 100% of the taxable income of the trust unitholder
from the property for each taxable year, computed without the depletion allowance. A trust unitholder that qualifies as an independent
producer may deduct percentage depletion only to the extent the trust unitholder&rsquo;s average daily production of domestic crude oil,
or the natural gas equivalent, does not exceed 1,000 barrels. This depletable amount may be allocated between oil and natural gas production,
with 6,000 cubic feet of domestic natural gas production regarded as equivalent to one barrel of crude oil. The 1,000 barrel limitation
must be allocated among the independent producer and controlled or related persons and family members in proportion to the respective
production by such persons during the period in question.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to the
foregoing limitations, the percentage depletion deduction otherwise available is limited to 65% of a trust unitholder&rsquo;s total
taxable income from all sources for the year, computed without the depletion allowance or certain loss carrybacks. Any percentage
depletion deduction disallowed because of the 65% limitation may be deducted in the following taxable year if the percentage
depletion deduction for such year plus the deduction carryover does not exceed 65% of the trust unitholder&rsquo;s total taxable
income for that year. The carryover period resulting from the 65% net income limitation is unlimited.</P>

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

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

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unlike cost depletion, percentage depletion is
not limited to the adjusted tax basis of the property, although, like cost depletion, it reduces the adjusted tax basis, but not below
zero.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Trust unitholders that do not qualify under the
independent producer exemption are generally restricted to depletion deductions based on cost depletion. Cost depletion deductions are
calculated by (i) dividing the trust unitholder&rsquo;s allocable share of the adjusted tax basis in the underlying mineral property by
the number of mineral units (barrels of oil and thousand cubic feet of natural gas) remaining as of the beginning of the taxable year
and (ii) multiplying the result by the number of mineral units sold within the taxable year. The total amount of deductions based on cost
depletion cannot exceed the trust unitholder&rsquo;s share of the total adjusted tax basis in the property.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The foregoing discussion of depletion deductions
does not purport to be a complete analysis of the complex legislation and Treasury Regulations relating to the availability and calculation
of depletion deductions by the trust unitholders. Further, because depletion is required to be computed separately by each trust unitholder
and not by the trust, no assurance can be given, and counsel is unable to express any opinion, with respect to the availability or extent
of percentage depletion deductions to the trust unitholders for any taxable year. The trust encourages each prospective trust unitholder
to consult its tax advisor to determine whether percentage depletion would be available to it.</P>

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

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

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under current law, the highest marginal U.S. federal
income tax rate applicable to ordinary income of individuals is 37% (which is expected to rise to 39.6% for 2026 and subsequent years)
and the highest marginal U.S. federal income tax rate applicable to long-term capital gains (generally, capital gains on property held
for investment for more than 12 months) of individuals is 20%.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, a 3.8% Medicare contribution tax
is imposed on certain investment income earned by individuals (generally, U.S. citizens and residents) and certain estates and trusts.
For these purposes, investment income generally includes certain income derived from investments such as the trust units and gain realized
by a trust unitholder from a sale of trust units. In the case of an individual, the tax is imposed on the lesser of (i) the trust unitholder&rsquo;s
net income from all investments and (ii) the amount by which the trust unitholder&rsquo;s modified adjusted gross income exceeds $250,000
(if the trust unitholder is married and filing jointly or a surviving spouse), $125,000 (if the trust unitholder is married and filing
separately) or $200,000 (in any other case). In the case of an estate or trust, the tax is imposed on the lesser of (i) undistributed
net investment income or (ii) the excess adjusted gross income over the dollar amount at which the highest income tax bracket applicable
to an estate or trust begins.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Disposition of Trust Units</I></B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For U.S. federal income tax purposes, a sale of
trust units will be treated as a sale by the trust unitholder of interests in the assets of the trust. Generally, a trust unitholder will
recognize gain or loss on a sale or other taxable disposition of trust units equal to the difference between the amount realized and the
trust unitholder&rsquo;s adjusted tax basis in the trust units sold. A trust unitholder&rsquo;s adjusted tax basis in its trust units
will be equal to the trust unitholder&rsquo;s original purchase price for the trust units, reduced, but not below zero, by deductions
for depletion claimed by the trust unitholder. Except to the extent of the depletion recapture amount explained below, gain or loss on
the sale of trust units by a trust unitholder who is an individual will generally be capital gain, and will be long-term capital gain,
which is generally subject to tax at preferential rates, if the trust units have been held for more than twelve months. The deductibility
of capital losses is limited.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the sale or other
taxable disposition of trust units, a trust unitholder will be treated as having sold its share of the Net Profits Interest and must
treat as ordinary income the depletion recapture amount, which is an amount equal to the lesser of (i) the gain on such sale or
other taxable disposition and (ii) the sum of the prior depletion deductions taken with respect to the trust units, but not in
excess of the initial tax basis of the trust units. In addition, the IRS could take the position that a portion of the sale proceeds
is ordinary income to the extent of any undistributed accrued income that was allocable to the trust units at the time of sale.</P>

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

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

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

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

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Distributions of trust income generally will not
be subject to backup withholding unless the trust unitholder is an individual or other noncorporate entity that fails to comply with specified
reporting procedures.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Tax Treatment Upon Sale of the Net Profits Interest</I></B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The sale of the Net Profits Interest by the trust
at or shortly after the date of dissolution of the trust will generally give rise to long-term capital gain or loss to the trust unitholders
for U.S. federal income tax purposes, except that any gain will be taxed at ordinary income rates to the extent of depletion deductions
that reduced the trust unitholder&rsquo;s adjusted basis in the Net Profits Interest.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Trust Administrative Expenses </I></B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Expenses of the trust will include administrative
expenses of the trustee. Certain miscellaneous itemized deductions are currently not deductible. Although these expenses will become deductible
beginning in 2026, they may then be subject to general limitations on deductibility. Administrative expenses attributable to the trust
units are miscellaneous itemized deductions that generally will have to be aggregated with an individual unitholder&rsquo;s other miscellaneous
itemized deductions to determine the excess over 2% of adjusted gross income. In addition, the amount of otherwise allowable itemized
deductions for an individual unitholder whose adjusted gross income exceeds a specified amount for a taxable year will be reduced by the
lesser of (i) 3% of the unitholder&rsquo;s adjusted gross income over a specified amount, and (ii) 80% of the amount of itemized deductions
that are otherwise allowable for such year. It is anticipated that the amount of such administrative expenses will not be significant
in relation to the trust&rsquo;s income.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tax Consequences to Non-U.S. Trust Unitholders</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a summary of certain material
U.S. federal income tax consequences that will apply to non-U.S. trust unitholders. Non-U.S. trust unitholders should consult their independent
tax advisors to determine the U.S. federal, state, local and foreign tax consequences that may be relevant to them.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Payments with Respect to the Trust Units</I></B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A non-U.S. trust unitholder may be subject to
federal withholding tax on its share of gross royalty income from the Net Profits Interest. Subject to the withholding requirements under
FATCA (defined below), such income will be subject to U.S. federal withholding tax at a 30% rate unless (i) the non-U.S. trust unitholder
is eligible for a lower rate under an applicable income tax treaty or (ii) the income is effectively connected with the non-U.S. trust
unitholder&rsquo;s conduct of a trade or business in the United States, and (iii) in either case, the non-U.S. trust unitholder provides
appropriate certification. A non-U.S. trust unitholder generally can meet the certification requirement by providing an IRS Form W-8BEN
or W-8BEN-E (with respect to a claim of treaty benefits) or an IRS W-8ECI (with respect to the non-U.S. trust unitholder&rsquo;s conduct
of a U.S. trade or business) to the applicable withholding agent.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a non-U.S. trust unitholder is engaged in a
trade or business in the United States, and if payments on or gain realized on a sale or other disposition of a trust unit are effectively
connected with the conduct of this trade or business, the non-U.S. trust unitholder, although exempt from U.S. withholding tax if the
appropriate certification is furnished, will generally be taxed in the same manner as a U.S. trust unitholder (see &ldquo;&mdash; Tax
Consequences to U.S. Trust Unitholders&rdquo; above). Any such non-U.S. trust unitholder should consult its own tax advisers with respect
to the tax consequences of the ownership of the trust units, including the possible imposition of a 30% branch profits tax in the case
of a non-U.S. trust unitholder that is classified for U.S. federal income tax purposes as a corporation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Sale or Other Taxable Disposition of Trust Units</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Net Profits Interest will be treated as
a &ldquo;United States real property interest&rdquo; for U.S. federal income tax purposes. However, subject to the discussions below
under &ldquo;&mdash; Backup Withholding Tax and Information Reporting&rdquo; and &ldquo;&mdash; Additional Withholding Requirements
under FATCA,&rdquo; as long as the trust units are regularly traded on an established securities market, gain realized on the sale
or other taxable disposition of a trust unit by a non-U.S. trust unitholder will be subject to U.S. federal income tax only if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the gain is otherwise effectively connected with a trade or business conducted by the non-U.S. trust unitholder in the United States
(and, in the case of an applicable tax treaty, is attributable to a permanent establishment or fixed base maintained in the United States
by the non-U.S. trust unitholder);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the non-U.S. trust unitholder is an individual who is present in the United States for at least 183 days in the year of the sale or
other taxable disposition; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the non-U.S. trust unitholder owns currently, or owned at certain earlier times, directly, or by applying certain attribution rules,
more than 5% of the trust units.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Gain realized by a non-U.S. trust unitholder upon
the sale or other taxable disposition by the trust of all or any part of the Net Profits Interest will be subject to U.S. federal income
tax, and distributions to the non-U.S. trust unitholder will be subject to withholding of U.S. federal income tax, currently at the rate
of 21%, to the extent distributions are attributable to such gains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Backup Withholding Tax and Information Reporting</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Payments to non-U.S. trust unitholders and amounts
withheld from such payments, if any, generally will be required to be reported to the IRS and to the non-U.S. trust unitholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A non-U.S. trust unitholder may be subject to
backup withholding tax, currently at a rate of 24%, with respect to payments from the trust and the proceeds from dispositions of trust
units, unless such non-U.S. trust unitholder complies with certain certification requirements (usually satisfied by providing a duly completed
IRS Form W-8BEN or W-8BEN-E) or otherwise establishes an exemption. Backup withholding is not an additional tax. Any amounts withheld
under the backup withholding rules will be allowed as a refund or a credit against a non-U.S. trust unitholder&rsquo;s U.S. federal income
tax liability, provided certain required information is provided to the IRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tax Consequences to Tax Exempt Organizations</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Employee benefit plans and most other organizations
exempt from U.S. federal income tax, including individual retirement accounts and other retirement plans, are subject to U.S. federal
income tax on unrelated business taxable income. Because the trust&rsquo;s income is not expected to be unrelated business taxable income,
such a tax-exempt organization is not expected to be taxed on income generated by ownership of trust units so long as neither the property
held by the trust nor the trust units are treated as &ldquo;debt-financed property&rdquo; within the meaning of Section 514(b) of the
Code. In general, trust property would be debt-financed property if the trust incurs debt to acquire the property or otherwise incurs
or maintains a debt that would not have been incurred or maintained if the property had not been acquired. A trust unit would be debt-financed
property if the trust unitholder incurs debt to acquire the trust unit or otherwise incurs or maintains a debt that would not have been
incurred or maintained if the trust unit had not been acquired.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Withholding Requirements under FATCA</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Sections 1471 through 1474 of the Code, and
the Treasury Regulations and administrative guidance issued thereunder (&ldquo;FATCA&rdquo;), impose a 30% withholding tax on
 &ldquo;withholdable payments&rdquo; (as defined in the Code), including fixed or determinable annual or periodic gains, profits and
income with respect to trust units (&ldquo;FDAP Income&rdquo;) if paid to a &ldquo;foreign financial institution&rdquo; or a
 &ldquo;non-financial foreign entity&rdquo; (in each case, as specifically defined in the Code) (including, in some cases, when such
foreign financial institution or non-financial foreign entity is acting as an intermediary), unless: (i) in the case of a foreign
financial institution, such institution enters into an agreement with the U.S. government to withhold on certain payments, and to
collect and provide to the U.S. tax authorities substantial information regarding U.S. account holders of such institution (which
includes certain equity and debt holders of such institution, as well as certain account holders that are non-U.S. entities with
U.S. owners); (ii) in the case of a non-financial foreign entity, such entity certifies that it does not have any &ldquo;substantial
United States owners&rdquo; (as defined in the Code) or provides the applicable withholding agent with a certification identifying
the direct and indirect substantial United States owners of the entity (in either case, generally on an IRS Form W-8BEN-E); or (iii)
the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules and provides
appropriate documentation (such as an IRS Form W-8BEN-E). Foreign financial institutions located in jurisdictions that have an
intergovernmental agreement with the United States governing these rules may be subject to different rules.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">While withholdable payments include the payment
of gross proceeds from a disposition of trust units (&ldquo;Gross Proceeds&rdquo;), proposed Treasury Regulations provide that such payments
of Gross Proceeds (other than amounts treated as FDAP Income) do not constitute withholdable payments. Taxpayers may rely generally on
these proposed Treasury Regulations until they are revoked or final Treasury Regulations are issued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under certain circumstances, a non-U.S. trust
unitholder might be eligible for refunds or credits of such FATCA taxes. Non-U.S. trust unitholders are encouraged to consult their own
tax advisors regarding the effects of FATCA on an investment in trust units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">PROSPECTIVE INVESTORS IN TRUST UNITS ARE STRONGLY
ENCOURAGED TO CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE TAX CONSEQUENCES TO THEM OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF THE
TRUST UNITS IN LIGHT OF THEIR OWN PARTICULAR CIRCUMSTANCES, INCLUDING THE TAX CONSEQUENCES UNDER STATE, LOCAL, FOREIGN AND OTHER TAX LAWS
AND THE POSSIBLE EFFECTS OF CHANGES IN U.S. FEDERAL INCOME OR OTHER TAX LAWS.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="sha_004"></A>STATE
TAX CONSIDERATIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a brief summary of certain information
regarding state income taxes and other state tax matters affecting individuals who are trust unitholders. No opinion of counsel has been
requested or received with respect to the state tax consequences of an investment in trust units. The Net Profits Interest owned by the
trust burdens specified oil and natural gas properties located in the state of Texas. Texas currently does not impose a personal income
tax on individuals. However, Texas does impose a franchise tax at a rate of 0.75% on gross revenues less certain deductions, as specifically
set forth in the Texas franchise tax statutes. Entities subject to tax generally include trusts unless otherwise exempt. Trusts that receive
at least 90% of their U.S. federal gross income from designated passive sources, including royalties from mineral properties and other
income from other non-operating mineral interests, and do not receive more than 10% of their income from operating an active trade or
business, generally are exempt from the Texas franchise tax statutes as &ldquo;passive entities.&rdquo; While the trust is intended to
be exempt from Texas franchise tax at the trust level as a passive entity, each trust unitholder that is considered a taxable entity under
the Texas franchise tax would generally be required to include its portion of trust net income in its own Texas franchise tax computation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each trust unitholder should consult its own tax
advisor regarding state tax requirements, if any, applicable to such person&rsquo;s ownership of trust units.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="sha_005"></A>SELLING
TRUST UNITHOLDER</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus relates to the offer and sale
from time to time of up to 5,756,675 trust units by the unitholder identified in the table below, who we refer to in this prospectus as
the &ldquo;selling unitholder&rdquo; and its transferees, pledgees, donees, assignees or other successors (each also a selling unitholder
for purposes of this prospectus). The selling unitholder identified below may currently hold or acquire at any time trust units in addition
to those registered hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The selling unitholder acquired its trust units
on May 4, 2018 in connection with the initial public offering of the trust units. The trust is registering the trust units described below
pursuant to a registration rights agreement entered into between the trust and Boaz Energy in connection with the trust&rsquo;s initial
public offering. See &ldquo;Description of the Trust Units&mdash;Registration Rights.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The selling unitholder may sell all, some or none
of the trust units covered by this prospectus. Please read &ldquo;Plan of Distribution.&rdquo; No such sales may occur unless the registration
statement of which this prospectus forms a part is effective at the time the selling unitholder offers or sells such trust units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The selling unitholder will bear all costs and
expenses incidental to the preparation and filing of the registration statement of which this prospectus forms a part, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table provides information regarding
the selling unitholder&rsquo;s ownership of the trust units. <FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">For
purposes of the table below, the information regarding trust units owned after the offering assumes the sale of all trust units offered
by the selling unitholder and that the selling unitholder does not acquire any additional trust units. </FONT>Boaz Energy is not a broker-dealer
registered under Section 15 of the Exchange Act, or an affiliate of a broker-dealer registered under Section 15 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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 STYLE="font-size: 10pt"><B>&nbsp;</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><B>Ownership
    of Trust Units Before<BR>
    Offering</B></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Number of <BR>
    Trust Units</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><B>Ownership
    of Trust Units After<BR>
    Offering</B></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><B>Selling Trust Unitholder</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><B>Number</B></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><B>Percentage</B></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><B>Being Offered</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><B>Number</B></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><B>Percentage</B></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.15in; padding-left: 0.15in">Boaz Energy II, LLC&#9;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">5,756,675</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">47.3</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 5.75pt">5,756,675</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>


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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="sha_006"></A>PLAN
OF DISTRIBUTION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The trust is registering trust units to permit
the resale of those trust units by Boaz Energy or any other selling unitholder from time to time after the date of this prospectus. The
trust will not receive any of the proceeds from the sale by a selling unitholder of the trust units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The trust units may be sold from time to time to purchasers:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>directly by Boaz Energy and its successors, which includes its transferees, pledgees, assigns or donees or their successors; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through underwriters, broker-dealers or agents who may receive compensation in the form of discounts, concessions or commissions from
Boaz Energy or the purchasers of the trust units.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Boaz Energy and any underwriters, broker-dealers
or agents who participate in the distribution of the trust units may be deemed to be &ldquo;underwriters&rdquo; within the meaning of
the Securities Act. As a result, any profits on the sale of the trust units by Boaz Energy and any discounts, commissions or concessions
received by any such underwriters, broker-dealers or agents may be deemed to be underwriting discounts, and &ldquo;underwriters&rdquo;
within the meaning of the Securities Act will be subject to prospectus delivery requirements of the Securities Act. If Boaz Energy is
deemed to be an underwriter, it may be subject to certain statutory liabilities, including, without limitation, liabilities under Sections
11, 12 and 17 of the Securities Act and Rule 10b-5 under the Exchange Act. If the trust units are sold through underwriters, broker-dealers
or agents, the selling unitholder will be responsible for underwriting discounts or commissions or agent&rsquo;s commissions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The trust units may be sold in one or more transactions at:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>prevailing market prices at the time of sale;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>varying prices determined at the time of sale; or</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These sales may be effected:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>on any national securities exchange or quotation service on which the trust units may be listed or quoted at the time of the sale;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>otherwise than on such exchanges or services or in the over-the-counter market;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through the writing and exercise of options, whether such options are listed on an options exchange or otherwise;</TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through any other method permitted pursuant to applicable law.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These transactions may include block transactions
or crosses. Crosses are transactions in which the same broker acts as an agent on both sides of the trade.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with the sales of the trust units
or otherwise, Boaz Energy may enter into hedging transactions with broker-dealers or other financial institutions. These broker-dealers
or other financial institutions may in turn engage in short sales of the trust units in the course of hedging their positions. Boaz Energy
may also sell the trust units short and deliver trust units to close out short positions, or loan or pledge trust units to broker-dealers
that, in turn, may sell the trust units.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Broker-dealers engaged by Boaz Energy may arrange
for other broker-dealers to participate in sales. Broker-dealers may receive commissions or discounts from Boaz Energy (or, if any broker-dealer
acts as agent for the purchaser of trust units, from the purchaser) in amounts to be negotiated. Boaz Energy does not expect these commissions
and discounts to exceed what is customary in the types of transactions involved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Boaz Energy may from time to time pledge or grant
a security interest in some or all of the trust units owned by it and, if it defaults in the performance of its secured obligations, the
pledgees or secured parties may offer and sell the trust units from time to time under this prospectus, or under an amendment to this
prospectus under Rule 424(b)(3) or other applicable rule under or provision of the Securities Act amending the list of selling unitholders
to include the pledgee, transferee or other successors in interest as selling unitholders under this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Boaz Energy has informed the trust that there
are currently no plans, arrangements or understandings between Boaz Energy and any underwriter, broker-dealer or agent regarding the sale
of the trust units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because the Financial Industry Regulatory Authority
(&ldquo;FINRA&rdquo;) views our trust units as interests in a direct participation program, any offering of trust units under the registration
statement of which this prospectus forms a part will be made in compliance with Rule 2310 of the FINRA Rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At the time a particular offering is made, a prospectus
supplement will be distributed, if required, which will set forth the aggregate amount and type of securities being offered, the price
at which the securities are being sold and other material terms of the offering, including the name or names of any underwriters, broker-dealers
or agents, any discounts, commissions and other terms constituting compensation from the selling unitholder and any discounts, commissions
or concessions allowed or reallowed to be paid to broker-dealers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The trust cannot be certain that Boaz Energy will
sell any or all of the trust units pursuant to this prospectus. Further, the trust cannot assure you that Boaz Energy will not transfer,
devise or gift the trust units by other means not described in this prospectus. In addition, trust units covered by this prospectus that
qualify for sale pursuant to Rule 144 of the Securities Act may be sold under Rule 144 rather than under this prospectus. The trust units
may be sold in some states only through registered or licensed brokers or dealers. In addition, in some states the trust units may not
be sold unless they have been registered or qualify for sale or an exemption from registration, or a qualification is available and complied
with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Boaz Energy and any other person participating
in the sale of the trust units will be subject to the Exchange Act. The Exchange Act rules include, without limitation, Regulation M,
which may limit the timing of purchases and sales of any of the trust units by Boaz Energy and any other such person. In addition, Regulation
M may restrict the ability of any person engaged in the distribution of the trust units and the ability of any person or entity to engage
in market-making activities with respect to the trust units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Boaz Energy will bear all costs and expenses incidental
to the preparation and filing of the registration statement of which this prospectus forms a part, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="sha_007"></A>LEGAL
MATTERS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Richards, Layton &amp; Finger, P.A., as special
Delaware counsel to the trust, will give a legal opinion as to the validity of the trust units. Haynes and Boone, LLP, Houston, Texas,
counsel to Boaz Energy, will give opinions as to certain other matters relating to the offering, including the tax opinion described in
the section of this prospectus captioned &ldquo;U.S. Federal Income Tax Considerations.&rdquo; Any underwriter or agent will be advised
about other issues relating to any offering by its own legal counsel.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="sha_008"></A>EXPERTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain information included or incorporated by
reference in this prospectus regarding the estimated quantities of reserves of the Underlying Properties and the Net Profits Interest
owned by the trust, the future net revenues from those reserves and their present value is based on estimates of the reserves and present
values prepared by or derived from estimates prepared by Cawley, Gillespie &amp; Associates, Inc., independent petroleum engineers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">The financial
statements of the trust incorporated in this prospectus by reference to the trust&rsquo;s Annual Report on Form 10-K for the year ended
December&nbsp;31, 2021 have been so incorporated in reliance on the report of Weaver and Tidwell, L.L.P., an independent registered public
accounting firm, given on the authority of said firm as experts in auditing and accounting.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="sha_009"></A>WHERE
YOU CAN FIND MORE INFORMATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The trust is subject to the informational requirements
of the Exchange Act, and, therefore, it files annual, quarterly and current reports and other information with the SEC. These filings
are available to the public through the SEC&rsquo;s website at <I>www.sec.gov</I>. <FONT STYLE="background-color: white">You may also
access the information the trust files electronically with the SEC through its website at&nbsp;<I>www.permrock.com</I></FONT>. <FONT STYLE="background-color: white">The
trust has not incorporated by reference into this prospectus the information included on, or linked from, its website, and you should
not consider it to be a part of this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The SEC allows the trust to &ldquo;incorporate
by reference&rdquo; information that it files with the SEC, which means that the trust can disclose important information to you by referring
you to documents previously filed with the SEC. The trust incorporates by reference the documents listed below and any future filings
it makes with the SEC under Section 13(a), 13(f), 14 or 15(d) of the Exchange Act (excluding any information furnished pursuant to Item
2.02 or Item 7.01 on any current report on Form 8-K) after the date of the initial registration statement and prior to the effectiveness
of the registration statement, and after the date of the prospectus and before the completion of the offering of trust units under this
prospectus:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/1724009/000155335022000273/permrock_10k.htm" STYLE="-sec-extract: exhibit">our Annual Report on Form 10-K for the year ended December 31, 2021;</A></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><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/1724009/000155335022000453/prt_10q.htm" STYLE="-sec-extract: exhibit">our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022;</A></TD></TR>
                                                                                                                                                                                                                                                                                                                                 </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/1724009/000119312522097595/d311861d8k.htm" STYLE="-sec-extract: exhibit">our
                                                                                                               Current Reports on Form 8-K filed on April 6, 2022</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/1724009/000119312522143266/d354126d8k.htm" STYLE="-sec-extract: exhibit">May 6, 2022</A>; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/1724009/000155335020000267/permrock_ex4z1.htm" STYLE="-sec-extract: exhibit">the description of the trust units, which is contained in Exhibit 4.1 of our Annual Report on Form 10-K for the year ended December 31, 2021, and any subsequent amendments or reports filed for the purpose of updating such description.</A></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any statement contained herein, or in a document
incorporated or deemed to be incorporated by reference herein, shall be deemed to be modified or superseded for purposes of this prospectus
to the extent that a statement contained herein or in any subsequently filed document that also is or is deemed to be incorporated by
reference herein, modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute a part of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may request a copy of the trust&rsquo;s filings
with the SEC from the trust at no cost by writing or by telephoning the following address or telephone number:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">c/o Simmons Bank, as Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white">P.O. Box
470727</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white">Fort Worth,
Texas 76147</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Attn: Ron E. Hooper</P>

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

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

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

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
