UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38472 PERMROCK ROYALTY TRUST (Exact name of registrant as specified in the Amended and Restated Trust Agreement of PermRock ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38472 PERMROCK ROYALTY TRUST (Exact name of registrant as specified in the Amended and Restated Trust Agreement of PermRock Roya ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Washington, D.C. 20549 For the transition period from to Form 10-Q Commission File Number: 001-38472 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 (I.R.S. Employer Identification No.) (855) 588-7839 Argent Trust Company, Trustee (Registrant's telephone number, includi ...

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR Commission File Number: 001-38472 PERMROCK ROYALTY TRUST (Exact name of registrant as specified in its charter) (State or other jurisdiction of inc ...

Form 10-Q (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 001-38472 PERMROCK ROYALTY TRUST (Exact name of registrant as specified in the Amended and Restated Trust Agr ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 001-38472 PERMROCK ROYALTY TRUST (Exact name of registrant as specified in the Amended and Restated Trust Agreemen ...

[PART I. – FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed financial statements for Q1 2022 indicate a significant increase in distributable income, a slight decrease in total assets, and a reduced trust corpus, prepared on a modified cash basis [Condensed Statements of Assets, Liabilities and Trust Corpus](index=6&type=section&id=CONDENSED%20STATEMENTS%20OF%20ASSETS%2C%20LIABILITIES%20AND%20TRUST%20CORPUS) As of March 31, 2022, total assets slightly decreased to **$84.7 million**, primarily due to Net Profits Interest amortization, with liabilities including **$0.86 million** distribution payable and a **$1.0 million** cash reserve Condensed Balance Sheet (in USD) | Account | March 31, 2022 (unaudited) | December 31, 2021 | | :--- | :--- | :--- | | **ASSETS** | | | | Cash and short-term investments | $1,863,635 | $1,849,906 | | Net Profits Interest | $82,854,559 | $83,821,848 | | **TOTAL ASSETS** | **$84,718,194** | **$85,671,754** | | **LIABILITIES AND TRUST CORPUS** | | | | Distribution payable to unitholders | $863,605 | $849,906 | | Cash reserves | $1,000,000 | $1,000,000 | | Trust corpus | $82,854,589 | $83,821,848 | | **TOTAL LIABILITIES AND TRUST CORPUS** | **$84,718,194** | **$85,671,754** | [Condensed Statements of Distributable Income (Unaudited)](index=7&type=section&id=CONDENSED%20STATEMENTS%20OF%20DISTRIBUTABLE%20INCOME%20(UNAUDITED)) For Q1 2022, distributable income surged **141%** to **$2.53 million**, driven by a significant rise in net profits income to **$2.79 million** due to higher commodity prices Distributable Income Comparison (in USD) | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net profits income | $2,787,336 | $1,289,640 | | Total revenue | $2,787,373 | $1,289,702 | | Expenditures – general and administrative | ($260,483) | ($241,274) | | **Distributable income** | **$2,526,890** | **$1,048,425** | | **Distributable income per unit** | **$0.207704** | **$0.086177** | [Condensed Statements of Changes in Trust Corpus (Unaudited)](index=8&type=section&id=CONDENSED%20STATEMENTS%20OF%20CHANGES%20IN%20TRUST%20CORPUS%20(UNAUDITED)) The Trust corpus decreased to **$82.9 million** by Q1 2022, primarily due to a **$0.97 million** non-cash amortization of the Net Profits Interest Changes in Trust Corpus for Q1 2022 (in USD) | Description | Amount | | :--- | :--- | | Trust corpus, beginning of period | $83,821,848 | | Amortization of Net Profits Interest | ($967,259) | | Distributable income | $2,526,890 | | Distributions declared | ($2,526,890) | | **Trust corpus, end of period** | **$82,854,589** | [Notes to Condensed Financial Statements (Unaudited)](index=9&type=section&id=NOTES%20TO%20CONDENSED%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) Key notes describe the Trust's structure, modified cash basis accounting, cash reserve, 2022 capital budget, favorable lawsuit resolution, and the appointment of a successor trustee - The Trust's primary asset is an **80% Net Profits Interest** in oil and natural gas properties operated by Boaz Energy. The Trust is passive and distributes all monthly cash receipts after expenses and reserves[21](index=21&type=chunk)[22](index=22&type=chunk) - The financial statements are prepared on a modified cash basis of accounting, where income is recorded when received and expenses are recorded when paid. This basis is permitted for royalty trusts by the SEC but differs from GAAP[25](index=25&type=chunk)[29](index=29&type=chunk) - The Trustee holds a **$1,000,000** cash reserve for administrative expenses. Separately, as of March 31, 2022, Boaz Energy held back **$6,156** net to the Trust for future capital expenses[37](index=37&type=chunk)[38](index=38&type=chunk) - Boaz Energy's estimated 2022 capital budget for the Underlying Properties is **$7.0 million**, with **$1.4 million** expended as of March 31, 2022[43](index=43&type=chunk) - A lawsuit filed in 2018 against Boaz Energy and the Trust was effectively disposed of in their favor by summary judgment on May 10, 2022[44](index=44&type=chunk) - Subsequent to the quarter end, unitholders approved the appointment of Argent Trust Company as the successor trustee to Simmons Bank[47](index=47&type=chunk) [Trustee's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=Item%202.%20Trustee%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The Trustee's analysis highlights a significant increase in Q1 2022 distributable income, driven by higher commodity prices offsetting decreased production volumes, resulting in a **116%** rise in net profits income [Results of Operations](index=16&type=section&id=Results%20of%20Operations) Q1 2022 net profits income reached **$2.79 million**, primarily due to **73%** higher oil prices and **144%** higher natural gas prices, despite decreased sales volumes and increased operating expenses Computation of Net Profits Income Received by the Trust (in USD) | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | **Total gross profits** | **$7,659,978** | **$5,133,591** | | **Total costs** | **($4,435,808)** | **($3,546,542)** | | Net profits | $3,224,170 | $1,587,049 | | Net profits income (before capital reserve) | $2,579,336 | $1,269,640 | | Capital reserve adjustment | $208,000 | $20,000 | | **Net profits income received by the Trust** | **$2,787,336** | **$1,289,640** | Sales Volumes and Average Prices | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Oil Sales Volume (Bbl) | 90,673 | 106,328 | | Natural Gas Sales Volume (Mcf) | 103,264 | 146,489 | | Average Oil Price (per Bbl) | $76.02 | $44.03 | | Average Natural Gas Price (per Mcf) | $7.14 | $2.93 | - Oil sales volumes decreased by **14.7%** and natural gas volumes decreased by **29.5%** YoY, primarily due to higher pricing and slowed drilling from non-operated properties[68](index=68&type=chunk)[69](index=69&type=chunk) - Costs increased across several categories: Direct operating expenses rose due to well repairs, lease operating expenses increased from higher material costs, and development expenses grew due to costs to return wells to production[72](index=72&type=chunk)[73](index=73&type=chunk)[75](index=75&type=chunk) [Liquidity and Capital Resources](index=19&type=section&id=Liquidity%20and%20Capital%20Resources) The Trust's liquidity stems from Net Profits Interest cash flow, used for distributions and expenses, supported by a **$1.0 million** cash reserve, with a **$7.0 million** 2022 capital budget for underlying properties - The Trust's principal sources of liquidity are cash flow from the Net Profits Interest and cash reserves. Its primary uses are distributions to unitholders and administrative expenses[78](index=78&type=chunk) - The Trustee is authorized to maintain a cash reserve up to **$1.0 million** for administrative expenses, which was fully funded as of March 31, 2022[80](index=80&type=chunk) - Boaz Energy's 2022 capital budget for the Underlying Properties is estimated at **$7.0 million**, with plans for non-operated drilling, waterflood conformance work, and drilling three new operated wells[82](index=82&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=20&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the Trust is exempt from providing quantitative and qualitative disclosures regarding market risk - The Trust is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this Item[88](index=88&type=chunk) [Controls and Procedures](index=20&type=section&id=Item%204.%20Controls%20and%20Procedures) The Trustee concluded that the Trust's disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal controls over financial reporting during the quarter - Based on an evaluation, the Trustee concluded that the Trust's disclosure controls and procedures are effective as of March 31, 2022[89](index=89&type=chunk) - The Trustee's evaluation relies on information provided by Boaz Energy regarding the operations, costs, revenues, and other data related to the Underlying Properties[90](index=90&type=chunk) - There were no changes in the Trust's internal control over financial reporting during the quarter ended March 31, 2022, that have materially affected, or are reasonably likely to materially affect, the controls[91](index=91&type=chunk) [PART II. – OTHER INFORMATION](index=21&type=section&id=PART%20II.%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=21&type=section&id=Item%201.%20Legal%20Proceedings) A 2018 lawsuit naming the Trust and Boaz Energy as defendants was effectively resolved in their favor by summary judgment, with only attorneys' fees remaining as an issue - The 2018 lawsuit, Thaleia L. Marston, Trustee of the Marston Trust v. Blackbeard Operating, LLC, et.al, which named Boaz Energy and the Trust as defendants, has been effectively resolved[93](index=93&type=chunk) - On May 10, 2022, the court granted motions for summary judgment, disposing of the plaintiff's claims. The only remaining issue is a decision on attorneys' fees for the prevailing parties[93](index=93&type=chunk) [Exhibits](index=21&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents and Sarbanes-Oxley Act certifications - The report lists several exhibits, including corporate governance documents and certifications required by the Sarbanes-Oxley Act[94](index=94&type=chunk)

Trust Operations and Financials - The Trust receives 80% of the net profits from the sale of oil and natural gas production from the Underlying Properties[30]. - The Trust makes monthly cash distributions to holders of its Trust units after deducting fees and expenses[29]. - The Trust will dissolve if annual cash proceeds available for distribution are less than $2.0 million for any two consecutive years[49]. - The Trust's net profits are computed monthly based on the sale of oil and natural gas production[34]. - The Trust is not liable for any operating, capital, or other costs attributable to the Underlying Properties[36]. - The Trust's cash available for distribution could be reduced by expenses from uninsured claims and other liabilities[77]. - Future cash distributions may vary significantly from month to month and could be zero in any given month[80]. - The Trust's only asset is the Net Profits Interest, which entitles it to receive 80% of the net profits from oil and natural gas production from the Underlying Properties[210]. - The Trust's total revenue for 2021 was $8,144,652, compared to $3,188,156 in 2020, reflecting a strong recovery in the market[216]. - The Trust distributed $7,371,061 in 2021, resulting in a distributable income per unit of $0.605881, compared to $0.157014 in 2020[216]. - The net profits income received by the Trust in 2021 was $10,439,020, compared to $8,144,472 in 2020, reflecting a growth of approximately 28.2%[224]. Underlying Properties and Production - The Underlying Properties consist of 35,390 gross (22,997 net) acres in the Permian Basin[31]. - As of December 31, 2021, the Underlying Properties had proved reserves of 7.6 million barrels of oil equivalent (MMBoe), with 60% of the volumes and 62% of the PV-10 value attributable to proved developed reserves[157]. - The Permian Clearfork area has an estimated 2.6 MMBoe of total proved reserves, with 53% classified as proved developed reserves, primarily due to improved commodity prices and restored production post-pandemic[158]. - The Permian Abo area has total proved reserves of 1.3 MMBoe, with 77% classified as proved developed reserves, following the implementation of a waterflood pilot program[159]. - The Permian Shelf area is estimated to have 2.5 MMBoe of total proved reserves, with 42% classified as proved developed reserves[160]. - The Permian Platform area has total proved reserves of 1.2 MMBoe, with 94% classified as proved developed reserves[161]. - The reserves attributable to the Underlying Properties are depleting assets, leading to a decline in production and potential cessation of cash distributions over time[99]. Environmental and Regulatory Compliance - Boaz Energy's oil and natural gas operations are subject to stringent environmental regulations, which may increase operational costs[50]. - The Clean Water Act imposes strict controls on pollutant discharges, and non-compliance can lead to administrative, civil, and criminal penalties, potentially delaying oil and natural gas project developments[57]. - The CAA and state laws require Boaz Energy to obtain air emissions permits, which could increase development costs and delay project timelines due to stringent compliance requirements[59]. - The EPA's regulations on GHG emissions require monitoring and reporting from certain oil and gas facilities, which could lead to increased compliance costs for Boaz Energy[61]. - The adoption of international and federal regulations on GHG emissions could materially affect Boaz Energy's business and financial condition due to increased compliance costs[65]. - Hydraulic fracturing is currently exempt from certain federal regulations, but potential new federal restrictions could lead to increased costs and operational delays for Boaz Energy[67]. - State regulations on hydraulic fracturing may impose more stringent permitting and disclosure requirements, potentially affecting Boaz Energy's operations[68]. - The Endangered Species Act may restrict Boaz Energy's operations if new species are listed as endangered, leading to increased costs and operational limitations[70]. - Compliance with OSHA and other health and safety regulations is mandatory, impacting operational practices and costs for Boaz Energy[72]. - The Trust may incur significant costs due to compliance with environmental laws and regulations, which could reduce cash available for distribution to unitholders[132]. - Changes in environmental regulations could lead to increased operational costs and affect the profitability of the Underlying Properties[139]. Market and Economic Factors - Oil and natural gas prices are volatile, and lower prices could reduce cash distributions to Trust unitholders[76]. - The ability of OPEC and other oil exporting nations to maintain production levels significantly impacts oil and natural gas prices[84]. - The COVID-19 pandemic has adversely affected operators of the Underlying Properties, impacting cash available for distribution[81]. - An increase in the differential between the price realized for oil or natural gas and benchmark prices could reduce profits and cash distributions to the Trust[103]. - Higher production and development costs without corresponding revenue increases will decrease cash available for distribution to Trust unitholders[104]. - The Trust's market price may not accurately represent the value of its assets due to the depleting nature of its underlying resources[127]. - The Trust is classified as an "emerging growth company," allowing it to avoid certain disclosure requirements for up to five fiscal years[129]. - The trading price of the Trust units may not reflect the actual value of the Net Profits Interest, as it is influenced by external factors such as oil and natural gas prices[127]. Operational Risks - Boaz Energy's operations are subject to numerous risks that could delay drilling or production schedules, impacting future distributions to Trust unitholders[88]. - The amount of cash available for distribution by the Trust is influenced by access to gathering, transportation, and processing facilities, with limitations potentially leading to production shutdowns[90]. - The concentration of all Underlying Properties in the Permian Basin makes the Trust vulnerable to geographic-specific risks[75]. - The bankruptcy of Boaz Energy or any third-party operator could disrupt operations and decrease distributions to Trust unitholders[98]. - The marketing of oil and natural gas production is heavily reliant on the capacity and availability of transportation and processing facilities, with potential bottlenecks affecting production[92]. - Maintenance projects on the Underlying Properties may affect the quantity of proved reserves that can be economically produced, impacting future cash distributions[101]. - The Trust is passive and has no ability to influence Boaz Energy's operations, which could lead to conflicts of interest[114]. Financial Performance - Boaz Energy's net profits income for 2021 was $8,144,472, a significant increase from $3,183,622 in 2020, primarily due to higher oil and natural gas prices[216]. - Total gross profits for 2021 reached $29,916,761, an increase from $25,435,625 in 2020, representing a growth of approximately 9.7%[224]. - Net profits for 2021 were reported at $12,040,699, up from $10,448,286 in 2020, indicating a year-over-year increase of about 15.2%[224]. - Total operating expenses per Boe increased to $15.58 in 2021 from $11.60 in 2020[191]. - Development expenses for 2021 were $6,842,669, significantly higher than $4,600,043 in 2020, marking an increase of about 48.7%[224]. - General and administrative expenditures decreased to $773,591 in 2021 from $877,952 in 2020, indicating improved cost management[218]. - The average realized sales price for oil in 2021 was $60.13 per Bbl, while natural gas averaged $4.31 per Mcf[189]. - Oil sales volumes decreased to 385,359 Bbl in 2021 from 461,558 Bbl in 2020, while natural gas sales volumes also declined to 501,689 Mcf from 572,552 Mcf[223].

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 001-38472 PERMROCK ROYALTY TRUST (Exact name of registrant as specified in the Amended and Restated Trust Agr ...

Financial Performance - Distributable income for the three months ended June 30, 2021, was $1.96 million, compared to $0 for the same period in 2020, indicating a significant increase[18] - Distributable income per unit for the six months ended June 30, 2021, was $0.247, up from $0.098 in the same period of 2020, reflecting a growth of approximately 151%[18] - Total revenue for the six months ended June 30, 2021, was $3.47 million, compared to $2.14 million for the same period in 2020, representing a growth of approximately 62%[18] - For the three months ended June 30, 2021, net profits income received by the Trust was $2,175,292, a significant increase from $376,992 for the same period in the prior year, primarily due to higher prices and volumes[62] - For the six months ended June 30, 2021, net profits income received by the Trust was $3,464,931, an increase of 63% compared to $2,131,247 for the same period in the prior year, primarily due to higher oil and gas prices[67] - Distributable income for the six months ended June 30, 2021 was $3,008,639, or $0.247304 per Trust unit, compared to $1,195,064, or $0.098232 per Trust unit for the same period in 2020[68] Assets and Cash Reserves - Total assets decreased from $89.1 million as of December 31, 2020, to $87.6 million as of June 30, 2021, representing a decline of approximately 1.7%[17] - The Trust's cash and short-term investments increased from $1.18 million at the end of 2020 to $1.74 million by June 30, 2021, a rise of about 47%[17] - The Trust retained cash reserves of $1.0 million as of June 30, 2021, unchanged from December 31, 2020[15] - Total cash reserves were $1,000,000 as of June 30, 2021, unchanged from December 31, 2020, with no cash reserves retained during the six months ended June 30, 2021 compared to $400,000 in the prior year period[70] Distributions - The distribution payable to unitholders rose significantly from $181,474 as of December 31, 2020, to $738,345 as of June 30, 2021, marking an increase of approximately 307%[17] - The Trust made monthly cash distributions totaling $0.161129 per unit for the quarter ended June 30, 2021, with individual distributions of $0.044638, $0.055801, and $0.060690 for April, May, and June respectively[5] - The Trust declared a cash distribution of $0.060425 per Trust unit based on production during May 2021, with underlying oil sales volumes of 33,277 Bbls and gas sales volumes of 40,794 Mcf[88] Operational Metrics - Oil sales volumes decreased by 32,088 Bbls (25%) for the three months ended June 30, 2021 compared to the same period in 2020, and by 61,252 Bbls (23%) for the six months ended June 30, 2021[74] - Natural gas sales volumes decreased by 11,293 Mcf (8%) for the three months ended June 30, 2021, and by 15,199 Mcf (5%) for the six months ended June 30, 2021, primarily due to lower demand during the COVID-19 pandemic[75] - The average realized oil price per Bbl increased to $59.67 for the three months ended June 30, 2021, compared to $31.81 in the prior year period[76] - The average realized natural gas price per Mcf increased to $4.01 for the three months ended June 30, 2021, compared to $0.79 in the prior year period[77] Risks and External Factors - The Trust's revenue and distributions are significantly influenced by oil and natural gas prices, which have shown volatility due to various external factors, including the COVID-19 pandemic[38] - The Trust's operations are subject to various risks, including changes in commodity prices and the impact of COVID-19 on oil and gas prices[54] Capital Expenditures - Boaz Energy's estimated capital budget for the Underlying Properties in 2021 is $5.5 million, with approximately $1.9 million expended as of June 30, 2021[48] - As of June 30, 2021, Boaz Energy had reserved $242,157 net to the Trust for future capital expenses[83] Internal Controls and Legal Matters - The Trust's disclosure controls and procedures were evaluated as effective as of June 30, 2021[93] - There were no changes in the Trust's internal control over financial reporting that materially affected the reporting[95] - A lawsuit involving the Trust and Boaz Energy is ongoing, with no anticipated material impact on the Trust[98] - The court has set a hearing for October 1, 2021, regarding pending motions in the litigation[98]