PERMIAN BASIN ROYALTY TRUST ANNOUNCES JULY CASH DISTRIBUTION

Distribution Announcement - Argent Trust Company declared a cash distribution of $0.070169 per unit for the Permian Basin Royalty Trust, payable on August 14, 2024, to unit holders of record on July 31, 2024 [2] - The distribution includes proceeds from June amounting to$2,177,289 but does not include current month proceeds from Waddell Ranch properties [2][10] Production and Revenue Details - Production for Texas Royalty Properties was 15,751 barrels of oil and 6,626 Mcf of gas, with the Trust's allocated portion being 14,033 barrels of oil and 5,905 Mcf of gas [11] - Average prices were $80.60 per barrel for oil and$10.48 per Mcf for gas, reflecting production and pricing from previous months [11] - Revenues for Texas Royalty Properties totaled $1,338,989, with taxes deducted amounting to$145,263, resulting in a net profit of $1,193,726 for July [11] Comparison with Previous Month - The current month's distribution slightly decreased from the previous month due to lower proceeds from Waddell Ranch properties and reduced oil and gas prices and production [9] - Prior month production figures were 16,053 barrels of oil and 6,912 Mcf of gas, with average prices of$82.22 per barrel for oil and $10.63 per Mcf for gas [12] Legal Matters - The Trustee is seeking to recover over$15 million in damages due to alleged improper deductions from royalty payments, with ongoing audits revealing exceptions to certain expenses [7] - A lawsuit has been initiated against Blackbeard Operating, LLC, with a preliminary trial date set for April 21, 2025 [14]